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  • 2018 (10) TMI 856

    Penalty u/s 271(1)(c) - addition for bogus purchase - Held that - The instant appeal before us relates to penalty levied on the alleged addition of ₹ 21,64,100/-. The basis of calculating the penalty is the alleged addition. As Co-ordinate bench has deleted the addition to the extent of 75% of the alleged bogus purchases and the remaining addition is only at ₹ 5,41,025. We are of the considered view that the alleged penalty of ₹....... + More

  • 2018 (10) TMI 855

    Addition on account of share capital/premium received - unexplained share Premium Received by the assessee - unexplained unsecured loans received by the assessee - Held that - After pointing out all these defects, CIT(A) directed the AO to file its remand report. On perusal of the remand report, we find that none of the above defects, stand meet out in the remand report. AO has only referred to some ITI report stating that none of the four compan....... + More

  • 2018 (10) TMI 854

    Disallowance on account of Repair and Maintenance expenses - nature of expenses - revenue or capital - Held that - We find that assessee has incurred expenditure on repairs and renovation in its existing premises. 76 existing make-up rooms have been repaired and renovated. From this it is evident that no new asset has come into existence. The existing make-up rooms have been renovated. The authorities below have found that the repairs are substan....... + More

  • 2018 (10) TMI 853

    Allowability of deduction u/s 80P - denial of claim by CIT-A solely on the ground that the assessee had not made a claim in the original or in the revised return of income - Held that - The reasoning of the CIT(A) cannot be appreciated in the light of law laid down by several High Courts wherein it was held that there is no embargo on the powers of the CIT(A) to entertain the legal claim which the assessee is entitled to. As in the case of CIT vs....... + More

  • 2018 (10) TMI 852

    Entitled to the benefit of section 10(37) - nature of land - acquisition of the urban agricultural land as a compulsory acquisition - Held that - The assessee s 70 cents of land at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition proceedings were taken under the Land Acquisition Act, the final price was fixed upon negotiated sale agreement. - A....... + More

  • 2018 (10) TMI 851

    Revision u/s 263 BY CIT-A - addition u/s 68 - disallowance on account of cessation & remission of liability u/s 41(1) - Held that - In the present case, the AO had made the additions of 10% of the creditors for the reason that the assessee could not produce the creditors although a request was made by the assessee to issue the commission to the respective AO s having the jurisdiction over those creditors or issue the summons u/s 131(1) of the....... + More

  • 2018 (10) TMI 850

    Disallowance u/s 14A in computation of book profit u/s 115JB - Held that - Hon ble Supreme Court rendered in Apollo Tyres Ltd. Vs. CIT 2002 (5) TMI 5 - SUPREME COURT which held that the Assessing Officer did not have the jurisdiction to go behind the....... + More

  • 2018 (10) TMI 849

    Eligibility for netting the interest received from the interest expenditure incurred by the assessee - Net interest income included in the income of the assessee - Held that - The total interest has been received from the booking to the date of cancellation by the HUF of ₹ 20,71,233/- which is eligible for deduction for the payment of interest of ₹ 34,32,926/- as per section 57 of the Act because this interest has been received out of....... + More

  • 2018 (10) TMI 848

    Disallowance U/s.14A - exclude the investments made from own interest free funds and the investment which did not earn dividend income while computing disallowance - Held that - We find that with respect to disallowance U/s.14A of the Act, we held that application of Rule 8D is not automatic. If the assessee computes to the satisfaction of the Ld.Revenue Authorities the expenses incurred by it with respect to investments earning exempt dividend t....... + More

  • 2018 (10) TMI 847

    Allowing mark to market loss on account of outstanding forward contract liability - Held that - Issue under consideration is squarely covered by the decision of jurisdictional High Court in case of D. Chetan & Co. 2016 (10) TMI 629 - BOMBAY HIGH COURT and also by London Star Diamonds Co. (India) Pvt. Ltd. 2016 (10) TMI 1110 - BOMBAY HIGH COURT . We also found that CIT(A) has dealt with the issue threadbare and after giving detailed finding re....... + More

  • 2018 (10) TMI 846

    Project Import - Finalization of provisional assessment - time limit for claiming provisional assessment - Held that - Admittedly, the provisional assessment in respect of the goods imported has not taken place so far. There is no dispute to the fact that there is no time limit for making such provisional assessment. No doubt, the report of the DRI dated 04.10.2007 is now taken by the respondents for issuing the impugned communication. Perusal of....... + More

  • 2018 (10) TMI 845

    Maintainability of ROM Application - application sought to be filed in form of the review of the earlier order - Held that - There is no reason to entertain this Appeal as the question as framed by the Revenue does not arise from the impugned order o....... + More

  • 2018 (10) TMI 844

    Principles of Natural Justice - opportunity to cross-examine not provided - Whether the Tribunal right to hold that since the order of not granting cross-examination goes to route of the matter, this Tribunal sets aside the letter No. S/1030/ 201617/ CAC/NS-III/ Comm/JNCH dated 06.10.2016 with a direction to adjudicating authority to grant cross-examination as sought by the assessee and decide the matter after following principles of natural just....... + More

  • 2018 (10) TMI 843

    Interest and penalty - demand of differential duty - Held that - Cases involving the very same issue in similar set of facts were dealt with by across the Tribunal and were remanded back to the original authority to decide the issue of jurisdiction, ....... + More

  • 2018 (10) TMI 842

    Interest on delay in refund of Extra Duty Deposit - Held that - Hon ble Supreme Court in the case of Ranbaxy Laboratories Ltd. 2011 (10) TMI 16 - SUPREME COURT OF INDIA has categorically held that the assessee is entitled to interest after the expiry....... + More

  • 2018 (10) TMI 841

    Rectification of Mistake - Held that - This Tribunal has mentioned the names of all the appellants including the present appellant Shri Anand Kulkarni and allowed the appeals partly in relation to all the appellants by reduction in penalty imposed and confirmed against each of the appellants. However, in para 10.10, the name of the appellant could not be mentioned and the penalty imposed on him also not mentioned - at page 18 of the order in the ....... + More

  • 2018 (10) TMI 840

    Penalty u/s 78 of FA - non-payment of service tax - Construction of Residential Complex Service - Held that - The assessee is engaged in the Construction of Residential Complex in terms of the Development Agreements entered with land owners and prospective buyers. The period of dispute is from 16.06.2005 to 31.01.2007. - An explanation was added for the Finance Act 2010 in Section 65(105) (zzzh) of the Finance Act 1994 whereby it was clarified th....... + More

  • 2018 (10) TMI 839

    CENVAT Credit - input services - housekeeping/ cleaning services - Hotel accommodation services - denial on the ground that the above input services were not eligible for credit - Held that - This Bench has remanded the matter in the appellant s own ....... + More

  • 2018 (10) TMI 838

    Management Consultant s Service - royalty payments made by the appellant to the foreign collaborators - demand of service tax - Held that - This issue is no more res integra and has been settled in the case of COMMISSIONER VERSUS MAJESTIC MOBIKES PVT. LTD. 2011 (9) TMI 956 - KARNATAKA HIGH COURT - the service tax liability on any taxable service provided by a non-resident or a person located outside India to a recipient in India would arise w.e.f....... + More

  • 2018 (10) TMI 837

    Refund of service tax paid - refund claimed on the ground that he is not liable to pay the service tax and the service tax paid by him is to be considered as a deposit - CBEC Circular No. 108/02/2009-ST dated 29.1.2009 - Held that - On an identical issue, the Division Bench of this Tribunal in JOSH P JOHN AND OTHERS VERSUS CST, BANGALORE AND OTHERS 2014 (9) TMI 597 - CESTAT BANGALORE has disposed of 121 appeals by remanding the same to the origin....... + More

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