2018 (8) TMI 866
Additions u/s 68 - allotment of share capital - It is stated that when liability has been created equal to amount of assets transferred and shares allotted in settlement of this liability, there can be no addition under Section 68 of the said Act as unexplained cash credit - tribunal further held that, value of shares allotted to individuals would amount to unexplained cash credit - Held that - Additions confirmed by the tribunal deleted - Decide....... + More
2018 (8) TMI 865
Settlement of case - power of commission u/s 254F to rectify an order - levy of interest liability u/s 234B which was not levied in the original order - Section 245F(1) of the 1961 Act confers on the Settlement Commission all powers which are vested in an Income Tax Authority under the 1961 Act. The Settlement Commission, therefore, has power to rectify an order. The powers under Section 154 of the 1961 Act can be exercised by the Settlement Comm....... + More
2018 (8) TMI 864
Exemption/ deduction u/s 54 - Purchase of land with superstructure - After demolishing the existing superstructure, the appellant assessee constructed a residential house - assessee submitted that the new residential property had been constructed within a period of three years from the date of sale of the old property. He argued that construction of a property cannot be done without land underneath it and, therefore, the cost of construction of t....... + More
2018 (8) TMI 863
Transfer pricing - exclusion of comparable - ITAT adopted the 15% as RPT Filter as against 25% RPT filtered applied by the TPO - International Transaction of the Assessee with its associated enterprises - Held that - unless the finding of the Tribunal is found ex facie perverse, the Appeal u/s. 260-A of the Act, is not maintainable. - Decided against the revenue........ + More
2018 (8) TMI 862
Prosecution proceedings u/s 276C(1) and 277 - pre-charge evidence - willful attempt to evade tax - false statement in verification having been made in the returns and false statement of accounts delivered. - HC dismissed the petition by holding that, there are no special circumstances made out in the case at hand for the revisional court s view to be disturbed........ + More
2018 (8) TMI 861
Nature of expenditure - capital or revenue - repair and maintenance expenditure - addition of income on account of minimum guaranteed quantities by users of assessee s storage facility - Held that - Both the issues answered against the revenue and in in favor of assessee........ + More
2018 (8) TMI 860
Additions u/s 68 - majority of the deposits received from the public and the agents - onus to prove source of funds - Held that - Merely because there was a permission granted under the Companies Act to accept deposits from the public, it does not necessarily follow that the deposits shown are really those received from the members of the public or from the agents. Section 68 is a provision which seeks to ensure that the income received by an ass....... + More
2018 (8) TMI 859
Rectification of an error u/s 154 - The order was passed after scrutiny u/s 143(3) - AO revised assessment order and recalculated the indexed cost of acquisition applying the provisions of Section 48(iii) of the Income Tax Act - ITAT deleted the rectification order passed u/s 154 - Held that - As rightly observed, powers under Section 154 of the Income Tax Act can be exercised only when the mistake, which is sought to be rectified is an obvious m....... + More
2018 (8) TMI 858
Depreciation u/s 32 - depreciation on the non-complete fee - depreciation on brand equity - Held that - the issue involved in this appeal is covered by the decision of this Court in Commissioner of Income Tax, Chennai Vs. M/s. Radaan Media Works India Ltd., Chennai 2017 (8) TMI 662 - MADRAS HIGH COURT - Decided against the revenue........ + More
2018 (8) TMI 857
Disallowance of expenditure u/s 14A read with Rule 8D - assessee has made investments, which has resulted tax free income to the assessee - Held that - Hon ble Court have laid down that if there be funds available; both interest free, overdrafts and loans taken, then a presumption would arise that investment would be out of interest free funds generated or available with the company. The ld.DRP has failed to take note of the ratio laid down in th....... + More
2018 (8) TMI 856
Taxability of income of the appellant - permanent establishment ( PE ) in India - Royalty - supply of software - taxability of entire receipts from supply of software under section 44D read with section 115(l)(b)(A) of the Act - attribution of profit - Held that - since it has already been held in the hands of Reliance Communications 2018 (4) TMI 80 - ITAT MUMBAI by the elaborate order referred above that the payment made by it was not royalty in....... + More
2018 (8) TMI 855
Exigibility of tax of the profits of the assessee from the operation of ships in international traffic - Article-22 of DTAA - the phrase other than the profits from the operation of the ships in international traffic occurring in Article-7 - Double Taxation Avoidance Agreement between India and Switzerland ( Tax Treaty ) - Held that - the issue involved in revenue s appeal is squarely covered in favour of the assessee by a series of the decision ....... + More
2018 (8) TMI 854
Reopening of assessment - Taxability of deemed interest income on deposits - DTAA between India and Singapore - it is claimed that, operations of the said banking company had been wound up in December 2003 - further, the amount on which interest was earned was in the nature of a fixed deposit and not a loan prescribed as per Article 11(2)(a) of the India-Singapore DTAA . - Held that - once the reopening has been held to be invalid and the revenue....... + More
2018 (8) TMI 853
Accrual of income in India - managed hosting services - Royalty and / or Fees for Included Services under section 9(i)(vi) / (vii) - India- USA Double Taxation Avoidance Agreement ( DTAA ). - CIT(A) observed that, the income earned by the Appellant from customers for providing managed hosting services constituted consideration for use or right to use equipment. - Held that - A payment cannot be said to be consideration for use of scientific equip....... + More
2018 (8) TMI 852
Dependent Agent Permanent Establishment in India - Article 5 of the India-USA Double Tax Avoidance Agreement ( DTAA ) - AO levied tax on the total income of DPIFI (after allowing a deduction of 5% of income for expenses) at the rate of 40% plus applicable surcharge and cess) visa- vis a rate of 15% on gross basis as per Article 12 of the India-USA DTAA pertaining to Royalty and Fees for Included Services. - Held that - DRP has noted that, Jubilan....... + More
2018 (8) TMI 851
Disallowance of deduction u/s 36(1)(va) - Provident Fund and Employees State Insurance (FP & ESI) contribution - failure to deposit before the due date of return - Held that - where assessee did not deposit employees contribution to employees account in relevant fund before due date prescribed in Explanation to section 36(1)(va), no deduction would be admissible even though he deposits same before due date under section 43B. - Additions confi....... + More
2018 (8) TMI 850
Taxability of Interest paid by the branch (PE) in India to its parent foreign bank in Japan - Deduction of interest so paid as expenditure - India-Japan Double Taxation Avoidance Agreement (DTAA) - A.O held a conviction that as the source of the interest income earned by the head office was the latters branch office in India, thus the same as per Sec. 9(1)(v)(c) of the Act having deemed to have accrued or arisen in India, was therefore taxable in....... + More
2018 (8) TMI 849
Claim of expenditure u/s 37(1) - medical insurance premium paid for the family members of the employees of the company - wholly and exclusively for the purposes of business of the assessee - Even otherwise since the employees had not offered what amounted to be perquisites in their hands u/s. 17(2)(iv), he was of the view that these were not business expenses qualifying for deduction u/s. 37(1) - Held that - The record reveals that the assessee h....... + More
2018 (8) TMI 848
Disallowance of pooja / function expenses - Held that - this is a recurring dispute between the assessee and the Department from past several assessment years and the Tribunal has decided this issue in favour of the assessee in all the preceding assessment years. - Claim of expenditure allowed - Decided in favor of assessee. - Deduction of exemptions paid towards consultancy charges for advise on civil construction - Held that - This is a recurri....... + More
2018 (8) TMI 847
Income from house property - Deemed rental income - vacant flat - The Appellant submits that since the property has not been let out and the Appellant has not derived any benefit therefrom during the year the AO ought to have granted vacancy allowance under section 23(2) and compute the Annual Value at NIL - Held that - the assessee has claimed that the said flat had remained vacant throughout the year despite assessee s reasonable effort to let ....... + More
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