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Showing 61 to 80 of 266161 Records

  • 2018 (2) TMI 1162 - GUJARAT HIGH COURT

    Dhruv Dipakbhai Panchal Versus Income Tax Officer, Ward 5 (2) (2)

    Reopening of assessment - business loss claimed by the assessee as previously accumulated on account of sale of shares - disallowance u/s 14A - eligibility of reasons to believe - Held that - Assessing Officer in the reasons had begun with expression verification of case records it is found that/seen that . Thus on both issues, AO was referring to the materials on record to form a belief that income chargeable to tax had escaped assessment. There....... + More


  • 2018 (2) TMI 1161 - GUJARAT HIGH COURT

    Pavankumarm Sanghvi Versus Income Tax Officer

    Addition of unexplained cash credit u/s 68 for unscecured loan - no genuine transactions - Held that - The entire issue is based on appreciation of evidence on record and thus factual in nature. The Tribunal has given elaborate reasons to come to the conclusion that the entire transaction was not genuine. In absence of any perversity, we do not see any reason to interfere. - As the assessee however vehemently contended that the assessee had recei....... + More


  • 2018 (2) TMI 1160 - GUJARAT HIGH COURT

    Commissioner Of Income Tax (TDS) Versus Shree Bhawani Lumbers

    Addition for TDS Default made under provisions of Section 206C(6A) - addition of the interest u/s. 206C(7) - Tribunal deleted the addition - Held that - The Tribunal was of the opinion that the order of the CIT (Appeals) is not clear on certain aspects of the matter namely regarding dates of filing of declaration in Form No. 27C by the assessee. It was for this purpose the Tribunal remanded the proceedings to the file of the Assessing Officer for....... + More


  • 2018 (2) TMI 1159 - GUJARAT HIGH COURT

    Pr. Commissioner of Income Tax (Exemptions) Versus Dawoodi Bohra Masjid

    Registration u/s. 12AA denied - Respondent did not have a registered trust deed - Held that - From the materials on record, it can be seen that the Tribunal had gone through the registration details of the respondent trust contained in the order of Wakf Board and was satisfied that full details of the functions of the trust were available which would establish the existence of the trust, its registration by the Gujarat State Wakf Board which also....... + More


  • 2018 (2) TMI 1158 - BOMBAY HIGH COURT

    The Principal Commissioner of Income Tax 8 Versus M/s. Zee News Ltd.

    Additions u/s. 14A in respect investments in subsidiary company - application of Rule of consistency - sufficiency of own funds - Held that - For the relevant Assessment Year, Assessee has not earned any tax free income, the corresponding expenditure incurred cannot be taken into consideration for dis-allowance. See Pr. CIT Vs. M/s. Rivian International (P.) Ltd. 2017 (12) TMI 811 - BOMBAY HIGH COURT - Decided against revenue........ + More


  • 2018 (2) TMI 1157 - KERALA HIGH COURT

    Rehabilitation Plantations Limited, Punalur Versus Commissioner of Income Tax, Cochin

    Depreciation allowability - tribunal restricting the depreciation allowed to the amount worked out on the written down value of the assets as against the original cost of the assets claimed by the assessee - Income from the manufacture of rubber which was earlier treated as agricultural income was made assessable to the extent of 35 of the income derived from the business - Held that - As has been held in J.K.Synthetics Ltd. Vs. C.T.O 1994 (5) TM....... + More


  • 2018 (2) TMI 1156 - CHHATTISGARH HIGH COURT

    Commissioner of Income Tax Versus Chhattisgarh Urology Society

    Grant of registration u/s 12A - respondent has failed to produce books of accounts for FY 2013-14 - Held that - The provision contained under Section 12A nowhere empowers the CIT to assess the objects vis-a-vis the books of accounts. Even otherwise, it is not to be seen at this stage as to whether the fulfillment of the charitable trust would eventually benefit the members of the society. If the constituent of the trust engage in some genuine cha....... + More


  • 2018 (2) TMI 1155 - BOMBAY HIGH COURT

    The Pr. Commissioner of Income Tax 3, Pune Versus The Satara District Central Co-Op- Bank Ltd.

    Amortization of premium on securities held by the bank under category of Held Till Maturity - whether a revenue expenditure? - Held that - Issue urged herein stands concluded against the Revenue and in favour of the Respondent Assessee by virtue of the decision of this Court in CIT Vs. Thane Bharat Sahakari Bank Ltd. 2015 (3) TMI 1026 - BOMBAY HIGH COURT - Addition of excess provisions made which remained a provision and not utilized even in the ....... + More


  • 2018 (2) TMI 1154 - BOMBAY HIGH COURT

    Dr. Joao Souza Proenca Versus Income Tax Officer, Ward-2 (2) , Panaji

    Capital gain computation - year of assessment - transfer within the meaning of Section 2(47)(v) - development agreement by way of Power of Attorney, based on which transfer of possession and development have taken place - reopening of assessment - Held that - Tribunal has committed no illegality in reversing the order of the Commissioner by holding that the transfer within the meaning of Section 2(47)(v) had taken place only in the Assessment Yea....... + More


  • 2018 (2) TMI 1153 - BOMBAY HIGH COURT

    The Commissioner of Income Tax II Pune Versus Shri Avinash Nivrutti Bhosale

    Addition u/s 14A r.w.r. 8D(ii) - part of interest payable on the loan attributable to the investment made to earn exempt income - sufficiency of own funds - Held that - This Court in CIT Vs. HDFC Bank Ltd. 2014 (8) TMI 119 - BOMBAY HIGH COURT has held that where Assessee s own funds are in excess of the investment made, then it shall be presumed that investments are made out of own funds. In the present case it is found on facts that the interest....... + More


  • 2018 (2) TMI 1152 - ITAT CUTTACK

    ACIT, Corporate Circle 1 (2) , Bhubaneswar Versus M/s. POSCO India Pvt Ltd. And Vice-Versa

    Addition of interest income - whether interest on FDs cannot be taxed in the hands of the assessee u/s.56? - Held that - The interest on fixed deposits are not taxable under income from other sources and, accordingly, we uphold the findings of the CIT(A) and dismiss the ground of appeal taken by the revenue for both the assessment years. - Addition of expenses u/s.14A - Held that - There is no claim and the Assessing Officer by applying the provi....... + More


  • 2018 (2) TMI 1151 - ITAT DELHI

    Orange Business Services India Solutions Pvt. Ltd. Versus DCIT, Circle-3, Gurgaon

    Transfer pricing adjustment - international transaction of Provision of ITES - aggregation of both the SDS and ITES and treating the assessee as an ITES provider for the purposes of choosing comparables and benchmarking - Held that - The assessee did not have any authenticated figures of revenue and costs in respect of ITES and SDS separately. Once the position is such that neither the revenue from two segments can be ascertained nor its costs, w....... + More


  • 2018 (2) TMI 1150 - ITAT DELHI

    Smt. Sangeeta Jain Versus The Pr. C.I. T-II, New Delhi

    Revision u/s 263 - capital gain on sale of agricultural land - Held that - It is evident that during the course of assessment proceedings issue about the taxability of capital gain was considered in assessment and a view was taken by the Assessing Officer as to the non taxability of such gain. Therefore, when the claim of the assessee was accepted in assessment order after due consideration of the facts, it cannot be said that the assessment orde....... + More


  • 2018 (2) TMI 1149 - ITAT MUMBAI

    The I.T. O-8 (3) (2) , Mumbai Versus M/s. Spartacus Farms Pvt. Ltd.

    Addition u/s 68 - unexplained advances - assessee company has received share application money of ₹ 6.64 crores from Ms. Rashna Fali Press, UAE based NRI - Held that - No evidence of creditworthiness of Ms. Rachna Fall Press to grant an advance of ₹ 6.64 crores given. No balance sheet or capital account of the said person has been submitted. The said certificate only shows that based on the information available, her net worth is US D....... + More


  • 2018 (2) TMI 1148 - ITAT MUMBAI

    M/s. Krez Hotel & Realty Ltd. (Formerly Jaykaydee Industries Ltd.) Versus JCIT (OSD) , Central Circle-39, Mumbai

    Validity of assessment u/s 153A r.w.s 153C - non recording of satisfaction by the AO of the searched person at the time of forwarding the seized materials to the AO - Held that - As no satisfaction has been recorded by the AO of the searched party, which is apparent from the finding given by the CIT(A) in his order that satisfaction is presumed and automatic when the seized papers are forwarded to the AO of the third party. In view of this we are....... + More


  • 2018 (2) TMI 1147 - ITAT DELHI

    Fidelity Business Services India Pvt. Ltd. Versus DCIT Circle -11, New Delhi

    TPA - comparable selection criteria - MAP selection - Held that - Where part of the same transaction both in IT segment as well as ITEs Segment margins of 15.70 and 14.68 have been accepted by the assessee and by the revenue authorities. - Now for the same nature of transactions it would be very difficult to accept assessee s margin of 13 or that of the TPO who has applied higher margin. Accordingly, in wake of MAP settlement, we hold that for th....... + More


  • 2018 (2) TMI 1146 - ITAT DELHI

    Krishna Bhagwan Endowment Versus ACIT, Central Circle-9, New Delhi

    Income from undisclosed sources - cash component appearing in the Excel sheets seized from the premises of M/s AEZ group - incriminating material found in search - Held that - The addition has been upheld by the Ld. CIT(A) mainly only on the basis of (i) details recorded in Excel sheet on hard disk found during the course of search at M/s AEZ group, wherein the payment through cheque and cash been mentioned against the name of the assessee at Ser....... + More


  • 2018 (2) TMI 1145 - ITAT DELHI

    DCIT, Central Circle-7, New Delhi Versus M/s. Ultra Home Construction Pvt. Ltd. And M/s. Amarpali Princely Estate Pvt. Ltd. And Vice-Versa

    Assessment u/s 153A - addition of bogus purchases of raw material - want of proper inquiry - Held that - CIT-(A) noticed that proper enquiries have not been conducted by the Assessing Officer, however, rather than getting the enquiries done, he simply allowed the appeal of the assessee. In view of the facts and circumstances of the instant case, being more or less similar to the facts and circumstances in the case of Jansampark advertising and ma....... + More


  • 2018 (2) TMI 1144 - ITAT AHMEDABAD

    CIMS Hospital Pvt. Ltd. Versus Dy. Commissioner of Income Tax Officer, Central Circle-2 (3) , Ahmedabad

    Sale of software - assessee claimed sale as a capital receipt thereby resulting into short term capital loss - assessee s case was that three parties had sponsored the above software. Former two of them denied any such sponsorship and third entity namely M/s. R. R. Agency filed its confirmation of sponsorship - Held that - We notice that there is no elaborate discussion either in assessment or during lower appellate proceedings as to how three pa....... + More


  • 2018 (2) TMI 1143 - ITAT KOLKATA

    DCIT, Circle-4 (2) , Kolkata Versus M/s The Bormah Jan Tea Co. (1936) Ltd.

    Disallowance on account of levy of cess on green leaves - Held that - As relying on Commissioner of Income Tax Versus AFT Industries Ltd. 2004 (7) TMI 81 - CALCUTTA High Court Cess levied on the production of green leaf would come under the purview of composite income. Thus, ground no-1 raised by the revenue is, accordingly dismissed. - Addition made on account of Section 80IE (2)(ii) - only plant and machinery of manufacturing is to be considere....... + More


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