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Income Tax - Case Laws

Showing 61 to 80 of 102370 Records

  • 2018 (2) TMI 1369 - ITAT AHMEDABAD

    Penalty levied u/s.271(1)(c) - unexplained investment from undisclosed sources - Held that - We find ourselves in agreement plea raised on behalf of the assessee that sufficient ambiguity exist in the interpretation of cancellation agreement from Kuoni Travels India Pvt. Ltd. Therefore, benefit of doubt should be given to the assessee and discretion for non imposing the penalty should be exercised in favour of the assessee. Similarly as regard pe....... + More

  • 2018 (2) TMI 1368 - ITAT KOLKATA

    Addition on share of goodwill received by the assessee on his retirement from the partnership firm - Held that - There was no transfer of any asset or goodwill by the assessee on his retirement to the partnership firm. The amount received by the assessee as full and final settlement on dissolution of firm could not give rise to any capital gain chargeable to tax as there was no transfer of any capital asset. See case of Ajay Kumar Doshi 2015 (12)....... + More

  • 2018 (2) TMI 1367 - ITAT CHENNAI

    Addition u/s 41(1)- AO found that it was a trading liability and subsequently, the assessee changed his stand claiming it was a gift - Held that - Assessing Officer has not examined all the documentary evidences filed by the assessee. In view of this factual aspect, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer. - Disallowance u/s 14A - Held that - The assessee claims that the investme....... + More

  • 2018 (2) TMI 1366 - ITAT AMRITSAR

    Denying registration to the assessee trust u/s. 12AA - order passed without observing the due process of law - Held that - As the law itself clearly provides that any order refusing registration, as the impugned order, could only follow a reasonable opportunity of hearing (to the applicant trust or institution). - This hearing, firstly, is to be before the competent authority, and cannot be delegated, even as clarified by the Hon ble jurisdiction....... + More

  • 2018 (2) TMI 1365 - ITAT JAIPUR

    Validity of reopening assessment - unexplained investment - survey u/s 133A - no books of accounts were found at the business premises of the assesses - Held that - It is not a matter of case of dispute about the quantum of investment or the source of investment but the assessee has neither maintain the books of accounts or accounts of the construction of the shopping complex nor has filed the return of income for the assessment year under consid....... + More

  • 2018 (2) TMI 1364 - ITAT CHENNAI

    Disallowance of interest paid to the close relatives - reason to distinguish the rate of interest between close relative and third party - on loan borrowed from third parties the assessee paid interest at the rate of 12 but only to the close relatives, the assessee has paid interest at the rate of 18 - Held that - There was no reason for paying higher rate of interest to the close relatives. The contention of the assessee is that the interest cha....... + More

  • 2018 (2) TMI 1363 - ITAT DELHI

    Scope of assessment u/s 153A - addition on material gathered during the search - Held that - We reiterate that if the Income Tax Department had any material information in its possession received from any external source and in wake of such an information search u/s 132 has been carried out and nothing incriminating has been found having live-link nexus with the said information already in hand, then the Revenue has other courses open to implicat....... + More

  • 2018 (2) TMI 1362 - ITAT KOLKATA

    Estimation of income - profit 8 as done by CIT-A OR made by the Ld. AO at 40 - Held that - Assessee has stated that the contract activity was carried out for the first time during the year under appeal and hence, no past history of the same was available with the Income Tax Department. In these circumstances, the only recourse available to the revenue is to take shelter from the provision of Section 44AD of the Act which enables the revenue to br....... + More

  • 2018 (2) TMI 1361 - ITAT KOLKATA

    Penalty u/s 271(1)(c) - undisclosed income not declared in the original return - specification of charge against assessee - defective notice - Held that - The show cause notice issued in the present case u/s 274 of the Act does not specify the charge against the assessee as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income. The show cause notice u/s 274 of the Act does not strike out the inapprop....... + More

  • 2018 (2) TMI 1360 - ITAT HYDERABAD

    Maintainability of appeal - payment of admitted tax - whether admitted tax includes interest? - Held that - The explanation of assessed tax as per the provisions of Section 140(1B) does not include the component of interest at all. The Provisions of Sub-section 1B also specifically says that interest payable u/s. 234B shall be computed on an amount equal to the assessed tax or as the case may be on the amount by which the advance tax paid falls s....... + More

  • 2018 (2) TMI 1359 - ITAT KOLKATA

    Allowance of unsubstantiated amount of commission - addition on account of non-confirmation from the parties - Held that - All the necessary details were filed by assessee in the course of assessment proceedings as well as remand proceedings but no defect of whatsoever has been pointed out by AO. It was also pertinent to note that PAN of AEMS was available before AO but no verification was done with the AO having jurisdiction over AEMS - at the t....... + More

  • 2018 (2) TMI 1358 - ITAT KOLKATA

    Withdrawing/cancelling a registration u/s. 12AA(3) - proof of charitable activities - activities of assessee are not genuine - bogus donation receipts - Held that - Identical facts & circumstances this Tribunal has decided the identical issue in favour of the assessee in the case of Vishwaroopa Charity Trust Vs. CIT (Exemption) 2017 (10) TMI 418 - ITAT KOLKATA as held that there is no evidence brought on record to show any connection between ....... + More

  • 2018 (2) TMI 1357 - ITAT MUMBAI

    Unexplained cash credits u/s 68 - genuineness of gift receipt - Held that - The documentary evidence placed on record by the assessee in his attempt to substantiate the genuineness of the gift transaction under consideration does not inspire any confidence - the assessee had not only failed to discharge the onus as stood cast upon him, but rather, a perusal of the facts clearly reveals that the explanation tendered by him was clearly a result of ....... + More

  • 2018 (2) TMI 1356 - ITAT KOLKATA

    Revision u/s 263 - taxabilty of sum received by the assessee for services rendered outside India - AO accepted without any verification, the claim of the assessee that payment received was not taxable in India - P.E. in India - Held that - along with the computation of total income, as annexure to the computation/statement of income the assessee has given the details of nature of payment, invoice no., invoice date, gross fees and tax both in US a....... + More

  • 2018 (2) TMI 1352 - DELHI HIGH COURT

    RTI - information sought for related to allegations of corruption - verification of the affidavits filed by the Members of Parliament (MPs) and Members of Legislative Assembly (MLAs) disclosing their assets to the Election Commission - whether the information sought for by the respondent is excluded from the purview of the Act? - Held that - It is clear from the above that only such information which would (i) impede the process of investigation;....... + More


    Additions for Advance against depreciation (AAD) - MAT - Book profit u/s 115JB - whether is income received in advance , thus making the said income subject to Charge under Chapter-II, as business income under Chapter-IV-D read with sub clause (i) of sub-Section 24 of Section 2 of the Income Tax Act? - Held that - In our view, the matter is covered in favour of the respondent assessee by the judgment in the assessee s case National Hydroelectric ....... + More

  • 2018 (2) TMI 1350 - KARNATAKA HIGH COURT

    Reopening of assessment - non-service of Statutory Notice under Section 148 of the Act and non- grant of adequate opportunity to raise the objections - Held that - It cannot be believed that the proceedings initiated right in the Month of March 2016 followed by various notices throughout the period, on 29.03.2016, 02.06.2017, 12.07.2017, 11.10.2017 and 16.10.2017 followed by letter dated 07.11.2017, all have not been issued or served upon the pet....... + More

  • 2018 (2) TMI 1349 - DELHI HIGH COURT

    Extension of time to pay the third installment on the undisclosed income under the Income Declaration Scheme Rules, 2016 - reasons given by the petitioner in her letters seeking extension of time - Held that - The ground taken by the petitioner, that she is 70 years of age and suffering from ill health which had become a hurdle in her day-to-day work, cannot be a ground to seek an extension of time. Assertion that the petitioner merely forgot to ....... + More

  • 2018 (2) TMI 1348 - KARNATAKA HIGH COURT

    Addition on account of accrued interest on loans which are classified as Non-performing Assets - Held that - The issue involved in this appeal is no more res integra in view of the decision of the Co-ordinate Bench of this Court in the case of Commissioner of Income-Tax and another Vs. Canfin Homes Limited (2011 (8) TMI 178 - KARNATAKA HIGH COURT) as that when an asset becomes non-performing, it ceases to yield income and once a particular asset ....... + More

  • 2018 (2) TMI 1347 - UTTARAKHAND HIGH COURT

    Exemption u/s 10(23C)(iv) denied - proof of charitable activities - Petitioner society was running 08 school buses to ferry the students - case of the petitioner society was rejected primarily on the ground that the assessee could not produce any evidence that buses were being used for the school only - Held that - It is evident from a combine reading of Memorandum of Association that the Society has been primarily established to impart education....... + More

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