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Showing 81 to 100 of 279904 Records

  • 2018 (8) TMI 993

    Depreciation on assets leased out - treatment of expenditure on construction of jetty at its cement plant in Gujarat as revenue in nature - deduction of provision for unforeseeable losses in valuing workinprogress of construction contracts - interest expenditure on capital borrowed - per-operative expenditure - mining development expenditure - SLP dismissed........ + More

  • 2018 (8) TMI 992

    Reopening of assessment - order passed by the DIT (Exemption) dated 15/02/2010 u/s 12AA(3) by which he cancelled the registration granted under Section 12AA retrospectively - Leave granted - Tagged with another case........ + More

  • 2018 (8) TMI 991

    Assessment u/s 153A - Additions u/s 68 - statements made by the assessee s Directors in the course of search under Section 132. - SLP admitted - Tagged with another case........ + More

  • 2018 (8) TMI 990

    Levy of penalty u/s 271(1)(c) - ITAT deleted the penalty - voluntary disclosure by the assessee to buy peace - additions were made on account of gift - assessee had not given details like name of the donor, mode of receipt, etc. - Additions towards unsecured loans - Additions were made on account of undisclosed rental income - Held that - Under Section 271(1)(c) of the 1961 Act, the imposition of penalty is not automatic whenever there is less in....... + More

  • 2018 (8) TMI 989

    Search and seizure u/s 132 - reason to believe - whether the search and seizer is arbitrary, illegal and violative of fundamental rights of the petitioner - the petitioner society is one of the largest Multi State Cooperative Societies in the field of the Credit. - an order was passed u/s 133A(3)(ia) of the Act, by which, the documents as well as electronic media in the form of hard disk/CD/ Pen Drive etc. seized during the course of survey proce....... + More

  • 2018 (8) TMI 988

    Reopening of assessment - error committed by the original assessing officer (AO) - Prior period depreciation - Prepayment premium on IDFC Term Loan - Excess depreciation on Plant and Machinery - Excess depreciation on the intangible asset Brand Name by wrongly adopting the WDV - Held that - The depreciation Schedule as per the IT Rules was shown to us by the AO as available in the records. It contains the depreciation for plant and machinery and ....... + More

  • 2018 (8) TMI 987

    Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - AO rejected the claim of the assessee of exempt profit mainly on the ground that the land in question was sold to an industrial unit and had potential to be used for industrial purpose and therefore, the same was held as business profit - ITAT deleted the additions and allowed the benefit of exemption - Held that - the land was sold as an agricultural land and in fact,....... + More

  • 2018 (8) TMI 986

    Deduction u/s 80HHC / 010A, - supporting manufacturer and the export house - Held that - The Tribunal found that since both the supporting manufacturer and export house had profits in the relevant year, there is no question of application of IPCA Laboratory Ltd. (supra) and the assessee was entitled to the deduction. We agree with the finding on principle. - But, the learned Senior Counsel, Government of India (Taxes), however, would contend that....... + More

  • 2018 (8) TMI 985

    Deduction u/s 10A - eligible activity - Whether the processing of prawns undertaken by the assessee under IQF (Individual Quick Freezing) can be termed to be a manufacture or production - Claim of expenditure/ deduction towards contribution made in the Fishermen s Welfare Fund, which Fund - Fund was declared unconstitutional by the judgment of the Honourable Supreme Court - Held that - Any assessee, who was entitled to the benefit prior to the su....... + More

  • 2018 (8) TMI 984

    Exemption u/s 11 - Charitable activity - whether the activities of the assessee authority are covered by first and second proviso to section 2(15) of the Act and thus not entitled to exemption u/s. 11 and 12 as per provisions of section 13(8) of the Act? - Held that - as the issues involved in the present Tax Appeal/s are now not res integra and since the decision of the Division Bench of this Court is against the Department, in view of the afore....... + More

  • 2018 (8) TMI 983

    Additions u/s 68 - increase in share capital was not through public issue but by way of investment in equity share directly through fully convertible warrants - AO noted that the assessee is merely showing bogus sale and purchase - creditworthiness and genuineness of the transaction - CIT(A) deleted the additions by admitted additional evidences - Held that - It is not in dispute that assessee produced sufficient documentary evidence before the a....... + More

  • 2018 (8) TMI 982

    Charging of interest u/s 220(2) - demand was raised first time - additions made in the rectification order passed u/s 154 - assessee contended that such an interest can be charged only if the assessee has defaulted in payment of demand as per notice of demand issued u/s 156 - Held that - A demand in respect of such amount could be raised only after passing the rectification order and it is the default, if any, in payment of such demand that would....... + More

  • 2018 (8) TMI 981

    Validity of assessment u/s 153C - Additions u/s 68 - ex-parte appellate order - failure to appear on the date of hearing due to his personal difficulties - opportunity of being heard and natural justice. - Since in the instant case, the satisfaction under Section 153C of the Act was recorded on 08.08.2013, therefore, the relevant six assessment years available for assessment/reassessment would be assessment year 2008-09 to 2013-14. The year under....... + More

  • 2018 (8) TMI 980

    Additions u/s 68 - share premium - Additions u/s 69C - unexplained expenditure - Held that - assessee produced sufficient documentary evidence before A.O. at the assessment as well as appellate stage to prove ingredients of Section 68 of the I.T. Act. The A.O. however, did not make any further enquiry on the documents filed by the assessee. Thus, the A.O. failed to conduct scrutiny of the documents at assessment stage and merely suspected the tra....... + More

  • 2018 (8) TMI 979

    Deduction u/s 80IA - assessee has allegedly not maintained the separate books of accounts - failure to comply with audit as prescribed under section 80 IA (7) of the act in respect of the windmill undertakings - Held that - According to the subsection 7 of section 80 IA the only requirement is that, the accounts of the undertaking are required to be audited. In the present case, the assessee has submitted the audited accounts. If the auditor has ....... + More

  • 2018 (8) TMI 978

    CENVAT Credit - duty paying invoices - supplementary invoices - Rules 9 (1) (b) of CCR 2004 - Held that - In the case of M/S BIRLA CORPORATION LTD. VERSUS CGST, CC & CE, JABALPUR 2018 (7) TMI 1264 - CESTAT NEW DELHI , where it has been specifically noted that the connected matters of South Eastern Coal Field Ltd. are pending adjudication before the Hon ble Apex Court, issue being already sub-judiced the element of confusion cannot be ruled ou....... + More

  • 2018 (8) TMI 977

    Input tax credit - purchase of motor vehicles i.e. cash carry vans - cash management network pan India - purchase of motor vehicles i.e. cash carry vans, which are purchased and used for cash management business and supplied post usage as scrap - whether the money being transported by the Appellant in the cash carry vans is goods or otherwise for the purposes of availing Input Tax Credit under the GST law? - Held that - - Held that - The argument....... + More

  • 2018 (8) TMI 976

    Rate of tax - Pure services - Whether Rate of Tax on Pure services (excluding works contract service or other composite supplies involving supply of any goods) received by VISVESVARAYA NATIONAL INSTITUTE OF TECHNOLOGY Nagpur from Service Providers is NIL as per Entry No 3 of N/N. 12/2017- Central Tax (Rate) dated 28th June , 2017? - Held that - The applicant is recipient of service and not service providers and also that these services are not un....... + More

  • 2018 (8) TMI 975

    Classification of an item - Modelling dough - Whether the product of the applicant i.e. Modelling dough will be covered under Chapter 34 or Chapter 95 under the Customs Tariff Act, 1975? - Held that - The ingredients consist of maida, water and chemicals. The percentages of various chemicals used by the applicant in manufacture of their product was submitted by the applicant to us as per table above but we are not revealing the exact percentage o....... + More

  • 2018 (8) TMI 974

    Input tax credit - migration to GST Regime - unable to upload FORM GST TRAN-1 within the stipulated time - Held that - The Ext.P14 is the circular issued by the Government of India for setting up an IT Grievance Redressal Mechanism to address the grievances of taxpayers due to technical glitches on GST Portal. - Not only the petitioner but also many other people faced this technical glitch and approached this Court. - The petitioner may apply to ....... + More

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