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Income Tax - Case Laws

Showing 81 to 100 of 102249 Records

  • 2018 (2) TMI 1082 - ITAT MUMBAI

    DCIT-9 (3) (2) , Mumbai Versus M/s. Garden Court Distilleries Pvt. Ltd. And Vice-Versa

    Disallowance made under Rule 8D2(ii) r.w.s. 14A - sufficiency of own funds - Held that - AS the assessee has demonstrated that the interest paid was totally for sugar trading business or for loans on Plant & Machinery and no interest was paid for investment in assets which earned exempt income and also since the assessee is having its own funds many times more than the investments made, no disallowance is required to be made under Rule 8D2(ii....... + More

  • 2018 (2) TMI 1081 - ITAT DELHI

    Ramesh Chand Goel Versus ITO, Ward-39 (4) , New Delhi And Vice-Versa

    Disallowance of commission paid - Held that - For the present year it is undisputed that commission paid by the assessee is 12.28 of revenue whereas, in Assessment Year 2008-09 the coordinate bench has accepted 12.73 of the commission of the turnover as reasonable. Therefore, we do not find any reason to confirm the disallowance. In the present case also the assessee has submitted the details of commission paid. It is not the case of the AO that ....... + More

  • 2018 (2) TMI 1080 - ITAT KOLKATA

    Nav Nirman Kosh Versus Commissioner of Income-tax (Exemption) , Kolkata

    Registration granted u/s. 12A cancelled - proof of charitable activities - assessee received donation in lieu of cash from M/s. Herbicure - Held that - Registration granted u/s. 12AA of the Act cannot be cancelled without infraction of law as contemplated u/s. 12AA(3) of the Act. As per the requirement of section 12AA(3) of the Act, the Ld. CIT(E) has to be satisfied that the activities of the trust or institution are ingenuine or are not being c....... + More


    Pr. Commissioner of Income Tax-I, Ludhiana Versus Baldev Singh, Proprietor of M/s Nankana Sahib Road Lines

    Validity of reopening of assessment - A.O. power to review in the absence of any fresh tangible material - eligible reason to believe - disallowance u/s 40(a)(ia) for non-compliance of the provisions of section 194(c) Held that - Assessing Officer raised a specific query regarding the nature of the assessee s business and the same was answered in writing by the assessee. The nature of the transaction was spelt out in detail. On the basis thereof ....... + More


    The Pr. Commissioner of Income Tax, Rohtak Versus Ram Kumar Duhan

    Addition on account of investment from undisclosed source - assessee was unable to furnish any sustainable documentary evidence with regard to his contention of being a farmer and that the purchase consideration was out of his agricultural income though his returns did not reflect any agricultural income - ITAT deleted the addition - Held that - Land in the name of the assessee and Shri Niwas Thakur was shown in the audited balance sheet of the C....... + More

  • 2018 (2) TMI 980 - DELHI HIGH COURT

    Pr. Commissioner of Income Tax-6 Versus Nokia Solutions & Network India Pvt Ltd (Formerly Known As, Nokia Siemens Network Pvt Ltd)

    Assessment against non existent company - validity of reopening of assessment - Held that - It is evident from the narration of facts that in the first instance the assessment was conducted in the name of a non existing entity. The DRP to whom the matter was directed by the first remand of the ITAT, was not directed to, in turn, require the AO to better the original incurable illegality and here the DRP clearly did that. The fact that the matter ....... + More

  • 2018 (2) TMI 979 - RAJASTHAN HIGH COURT

    Pr. Commissioner of Income Tax, Udaipur Versus Shri Shanti Lal Jain, Prop. M/s Meenakshi Property Dealer, Udaipur

    Penalty u/s 271(1)(c) - concealment of income on the amount offered in the returns filed under section 153 (A) - undisclosed income - Held that - We find that all the three conditions in the present case have been fulfilled because after the search and seizure, the assessee had admitted in his statement that income has been derived from the land deals in the present case and thereafter, he filed returns in pursuance of the notice issued to him un....... + More

  • 2018 (2) TMI 978 - ITAT MUMBAI

    ACIT, Circle - 21 (2) , Mumbai Versus Shri Michelle N. Sanghvi

    Treatment to Capital gain on sale of flat - STCG v/s LTCG - period of holding - possession held for more than 36 months - CIT-A treated as LTCG - Held that - Interest in the property is created the moment the agreement to purchase is entered into in favour of the assessee accompanying with part payment. The date of possession is not material for deciding the period of holding by the assessee for the purpose whether the gain is long term or short ....... + More

  • 2018 (2) TMI 977 - ITAT MUMBAI

    M/s. Kores (India) Ltd. Versus ACIT, Central Circle - 41, Mumbai

    Reopening of assessment - three items of income have escaped assessment - validity of reasons to believe - Held that - A perusal of the reasons to believe reveals that the records on the basis of reasons for re-opening were recorded were available before the AO even at the time of original assessment proceedings as is apparent from the statement of computation of total income placed at page 1 of the paper book and also fortified by the discussion....... + More

  • 2018 (2) TMI 976 - ITAT MUMBAI

    Sh. Bimal V. Pala (legal heir of late Smt. Ranjana Vrajlal Pala) C/o HH Parme r & Co. Versus Principal CIT, Mumbai

    Rectification of mistake - mistake apparent from records - determination of the residential status of the assessee for period under consideration - Unit Trust of India ( which is claimed to be government documents by the assessee) application forms/ receipts filed by the assessee w.r.t. subscription of US 64 securities issued by UTI in July 1995 which were subscribed by the assessee wherein the assessee declared herself to be Non Resident in the ....... + More

  • 2018 (2) TMI 975 - ITAT PUNE

    Spicer India Private Limited, (Formerly known as Spicer India Limited) Versus The Assistant Commissioner of Income Tax, Circle-10, Pune

    Disallowance of management services fees - Held that - Management service fee paid by assessee to Asia Investment Pvt. Ltd is allowable. As decided in assessee s own case 2017 (4) TMI 908 - ITAT PUNE where there is nexus between the expenditure incurred and the purpose of business, then the revenue cannot put itself in the arm chair of the businessman to decide how much of the expenditure is reasonable.The expenditure incurred by the assessee on ....... + More

  • 2018 (2) TMI 974 - ITAT PUNE

    The Asst. Commissioner of Income Tax, Central Circle, Kolhapur Versus D.M. Corporation Pvt. Ltd.

    Penalty u/s 271AAA - assessee offered additional income during search - Held that - Penalty under section 271AAA of the Act can be levied only for the specified previous year which is clearly defined by Explanation (b) to section and is limited to the said assessment years only. - In the present case, search on the premises of assessee was carried out on 25.08.2011 and hence, the year of search is assessment year 2012-13. The years which are in a....... + More

  • 2018 (2) TMI 973 - ITAT PUNE

    Mangesh A. Tupe Versus The Income Tax Officer, Ward 11 (1) , Pune

    Computation of LTCG - invoking of the provisions of section 50C - Identification of property - Held that - A perusal of description of properties clearly indicate that the survey numbers giving description of property in development agreement dated 17-01-2004 are different from survey numbers of land which are subject matter of agreement dated 19-01-2004. Even the total area of land is different in both the agreements. Both the authorities below ....... + More

  • 2018 (2) TMI 972 - ITAT KOLKATA

    Deputy Commissioner of Income-tax, Circle-2 (2) , Kolkata Versus Manish Agarwala

    Penalty imposed u/s. 271AAB - income from commodity profit has been found during search u/s. 132 of the Act which is not reflected in the regular books of account - AO has accepted that during search the assessee has admitted u/s. 132(4) the income from speculative trading - Held that - Since the assessee is not engaged in business or profession, he does not require to maintain the books of account as per sec. 44AA or sec. 44AA(2) of the Act, the....... + More

  • 2018 (2) TMI 971 - ITAT MUMBAI

    United Home Entertainment Private Limited Versus The Dy. Commissioner of Income Tax- (International taxation) - 4 (3) (1) , Mumbai And Vice-Versa

    TDS u/s 195 - withholding of tax - nature of payments made to Intelsat Global Sales & Marketing Ltd., UK on account of Transponder fee in terms of an agreement dated 29/12/2010 - Held that - Relying on the judgment in the case of one of the payee, i.e. Intelsat Corporation US 2012 (9) TMI 1081 - DELHI HIGH COURT we conclude that the assessee is not obligated to deduct tax at source on payments made for transponder services. Thus, on this aspe....... + More

  • 2018 (2) TMI 970 - ITAT JAIPUR

    M/s. Lunawat Gems Corporation Versus The DCIT, Circle-2, Jaipur

    Validity of reopening of assessment - addition u/s 69C - bogus purchases - Held that - The assessee had shown purchases from the above company of Shri Praveen Kumar Jain amounting to ₹ 20,96,965/-. The AO on examination of the records found that no actual purchases were made from these parties but their names were only used to inflate the business expenses and thereby reducing the income chargeable to tax. According to the AO, it is establi....... + More

  • 2018 (2) TMI 969 - ITAT MUMBAI

    DCIT (IT) 2 (1) (1) , Mumbai Versus M/s. Credit Suisse AG

    Income accrued in India - Referral fees received by the assessee from Credit Suisse Securities (India) Pvt. Limited - constitute Fees for Technical services - Held that - Merely because the fee was payable by the Indian Company to CSDB after execution of the work of the referred client is no ground to determine the nature of the payment. In this context, the Authority for Advance Rulings in the case of Cushman & Wakefield(S) Pte. Ltd., (2008 ....... + More

  • 2018 (2) TMI 968 - ITAT AHMEDABAD

    The DCIT, Cir. 2 (1) (2) , Ahmedabad Versus Komal Amin Exports Pvt. Ltd.

    TDS u/s 195 - payment made to non-residents towards the services rendered by them - non deduction of tds - existence of PE in India - income accrual in India - Held that - The provision of section 5(2)(b) r.w.s. 9(1)(i) of I.T. Act are not applicable as the payee has not earned any income in India as the services by the foreign agents have been rendered outside India without having any PE or business connection in India.The Hon ble Apex Court in ....... + More

  • 2018 (2) TMI 967 - ITAT CHANDIGARH

    Income Tax Officer, Ward-2, Gobindgarh Versus Suresh Kumar HUF, C/o M/s Radhika Steel Industries

    Rejection of books of accounts - additions made on account of unaccounted investment and unaccounted profits - variation of consumption of electricity was more than 15 - CIT-A deleted the addition - Held that - We find, in group of cases with the lead case being Singla Concast Pvt. Ltd. (2017 (4) TMI 1310 - ITAT CHANDIGARH) has accepted that in view of norms outlined by the committee, there was no reason to reject the book results shown by the as....... + More

  • 2018 (2) TMI 966 - ITAT COCHIN

    M/s. Kerala Cricket Association Versus The Dy. Commissioner of Income-tax (Exemption) , Thiruvananthapuram

    Revision u/s 263 - as per CIT-A assessee was not eligible for deduction u/s 11 and 12 of the I.T.Act and the status of the assessee should be treated as an A.O.P. - Held that - The Cochin Bench of the Tribunal had held in assessee s own case for assessment year 2010- 2011 2018 (2) TMI 857 - ITAT COCHIN that activities of the assessee are charitable in nature and was not hit by the proviso to section 2(15) of the I.T.Act, and consequently, the ass....... + More

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