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Home Case Index All Cases Income Tax Section Wise 2014 TMI Tri 2014 (6) TMI 2014 TMI Tri 2014 (6) TMI Tri This
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Showing 1 to 20 of 763 Records

  • 2014 (6) TMI 1009

    TPA - Comparable selection criteria - Held that - Assessee provides software development services to its clients in various countries including its associated enterprises (AE) overseas, thus companies functionally dissimilar with that of assessee need to be deselected from final list. - Deduction u/s 10A - reducing communication and freight expenses from the export turnover only while computing deduction - Held that - As relying on case of CIT Vs....... + More

  • 2014 (6) TMI 1006

    Disallowance u/s 14A - reasonable disallowance u/s 14A - Held that - As relying on case of Godrej Boyce Mfg. Co. Ltd vs. DCIT 2010 (8) TMI 77 - BOMBAY HIGH COURT it is held that the provisions of Rule 8D shall apply w.e.f AY 2008-2009, prior to which the AO has to enforce the provisions of section 14A(1) by adopting the reasonable basis on method consistent with all the relevant facts and circumstances after furnishing a reasonable opportunity to....... + More

  • 2014 (6) TMI 1004

    Grant of registration u/s 12AA - charitable activity - scope of section 2(15) - Held that - No doubt, applicability of the provisions of Sec. 13(1)(c) cannot be looked into at the time of registration but CIT is bound to look into whether the objects of the trust/institution are charitable/religious or not. We do not find any irregularity or infirmity so far as jurisdiction of CIT is concerned in ascertaining the purpose of the object for which t....... + More

  • 2014 (6) TMI 1002

    Non providing the worksheet against the confirmed demand in the de-novo proceedings - Held that - We find that the Tribunal had given necessary direction in so far as if the adjudicating authority would fail to provide the worksheet of demand to the applicants, the adjudication proceedings may be completed based on examination of the reconciliation statement prepared by the appellant.Hence, for the proper appreciation of the Final Order dated 22........ + More

  • 2014 (6) TMI 999

    Additions towards on money receipts - Held that - The principles of natural justice require that no one should be punished on the basis of presumption. The addition has been made on presumption that if the assessee was suppressing the sale and expenses for subsequent year, he must have suppressed sales and expenses for earlier year also. Such addition could not be confirmed as the same was not supported by cogent material and evidence. The above ....... + More

  • 2014 (6) TMI 998

    Disallowance of interest expenditure - Held that - Identical issue had come up for adjudication before the Tribunal in one of the group cases i. e. in the case of Eminent Holdings Pvt. Ltd 2014 (7) TMI 2 - ITAT MUMBAI that matter was restored back to the file of the FAA. Departmental Representative(DR) left to the issue to the discretion of the Bench. After hearing the rival contentions, we are of the opinion that this matter should be remanded b....... + More

  • 2014 (6) TMI 997

    TPA - selection of comparable - Held that - The assessee is engaged in providing software development services only to its AE in USA on cost plus basis. Assessee is registered under the Software Technology Parks of India s Scheme of Government of India as 100% export oriented unit, thus companies functionally dissimilar with that of assessee or any extraordinary event undertaken need to be deselected from final list of comparable. - Allowance of ....... + More

  • 2014 (6) TMI 991

    Issue of claim of deduction under section 10B - profits on sale of incentives received under the scheme Vishesh Krishi Upaj Yojna @ 5% of FOB value of exports, received from Ministry of Commerce, Govt. of India - Held that - CBDT has issued the circular No. 8 of 2002 dated 27.08.2002 which clarifies that the restriction in deduction under section 10A and 10B to 90% of the profits and gains of the enterprises was for only one assessment year i.e. ....... + More

  • 2014 (6) TMI 990

    Rate of duty - Fe content of export goods - case of Revenue is that in terms of N/N. 62/2007-Cus., dated 3-5-2007, the Fe content of the export goods being less than 62%, as revealed from the Test Reports, applicable rate of duty would be ₹ 50/- per MT. - Held that - Undisputedly, the Assessee/Respondent had exported Iron Ore Fines having Fe content less than 62%, as is evident from the Test Reports of the samples drawn at the time of shipm....... + More

  • 2014 (6) TMI 989

    Confiscation of foreign currency - Penalty - Redemption fine - Held that - There is no finding in the impugned order except retracted statement of Shri PKJ. There was no cogent evidence brought on record to show the involvement of the appellant in any manner in giving illegally any currency to Shri PKJ and non-disclosure by department as to how the seized and the allegedly exported foreign currency was illegally procured by the appellant - The ge....... + More

  • 2014 (6) TMI 988

    Disallowing a sum towards exchange difference by resort to provisions of section 43A - Held that - Case of the assessee before the Commissioner of Income Tax (Appeals) was that the provisions of sec43A were not applicable as the foreign exchange was not on account of borrowing for the purpose of imported machinery. The assessee has filed a Paper Book which is available on record. However, it is not clear from the documents available on record whe....... + More

  • 2014 (6) TMI 987

    TDS disallowance - Whether the Ld. CIT(A) was justified in deleting the disallowance u/s 40(a)(ia) by holding that TDS disallowance applies only to amounts payable as on 31st March and not to amounts already paid during the year? - Held that - the issues relating to the applicability of section 194C of the Act, as contained in the Grounds raised in the Cross Objection, as also the fresh plea raised by the assessee before us based on the second pr....... + More

  • 2014 (6) TMI 986

    TDS u/s 194C and 194H - assessee purchased sugarcane from the farmers and has made payments to the harvesting and transport contractors without deduction of TDS - Held that - Since in the instant case it has been categorically observed that the price fixed for sugarcane is negotiated on ex-factory gate basis and the responsibility to harvest and transport the sugarcane is on the cane growing farmers and since such transportation and harvesting ch....... + More

  • 2014 (6) TMI 985

    Addition on account of unaccounted receipt from National Dairy Development Board (NDDB) - Held that - We find that the assessee is able to explain by filing details of packaging charges received to the sum of ₹ 1,20,27,912/- and why the difference kept in. The assessee has reconciled the figure of ₹ 7,22,171/- being the amount of packaging charges already booked in the Ay 1999-2000 and it has been verified by the AO as well as CIT(A)........ + More

  • 2014 (6) TMI 979

    Disallowance of Commission paid to Managing Director of assessee company - Held that - We find this issue to be covered in favour of the assessee by the decision of ITAT in assessee s own case for AY 2005-06 2012 (5) TMI 217 - ITAT DELHI wherein the ITAT decided this issue in favour of the assessee. Since the issue is settled by the decision of ITAT in assessee s own case in earlier years, we do not find any infirmity in the order of learned CIT(....... + More

  • 2014 (6) TMI 978

    Consistent delay in passing order - the proceedings under Regulation 22 of the CHALR has not yet been finalised although five years have expired from the date of suspension - Held that - It may be stated that extreme delay of aforesaid magnitude shakes confidence of public on public authorities. Such authority should not behave in the manner that is done in the present case. An expeditious disposal of the proceeding shall develop public confidenc....... + More

  • 2014 (6) TMI 976

    Penalty u/s. 271(1)(c) - additions made in the proceedings u/s. 153A - defective notice - Held that - The show cause notice u/s. 274 of the Act is defective as it does not spell out the grounds on which the penalty is sought to be imposed. The show cause notice is also bad for the reason that in the A.Ys. 2008-09 and 2009-10 the show cause notice refers to imposition of penalty u/s. 271AAA, whereas the order imposing penalty has been passed u/s. ....... + More

  • 2014 (6) TMI 975

    Denying exemption/approval u/s.10(23C)(vi) - non maintainability of appeal being not as per the provisions of Section 253(1) of IT Act - Held that - As in terms of the provisions of Section 253(1)(c) an order passed by Chief Commissioner of Income Tax u/s 272A is subject to appeal. As per Section 253 of IT Act, any assessee aggrieved by the orders; as listed therein, may appeal to the Appellate Tribunal against such order. In the sub-clause, ther....... + More

  • 2014 (6) TMI 973

    Validity of assessment - warrant of authorization issued for the search was in joint names of various individuals but separate order of assessment was passed for the assessee in whose name alone there was no search warrant - Held that - As one of the group members of the assessee, we do not find any merit in the contention of the assessee for holding that the order of assessment was invalid on the plea that warrant of authorization issued for the....... + More

  • 2014 (6) TMI 972

    Confiscation of 10,510.60 Carats of rough diamonds valued under Section 111 (m) of the Customs Act, 1962 - penalty of ₹ 50 lakhs imposed upon the appellant under Section 112 (b) of the Customs Act, 1962 - Held that - As per Para 50(iv) of the OIO dt.15.10.2012 appellant has taken up during the adjudication proceedings that rough diamonds are over-valued and that the same should be re-valued by GJEPC Valuation Committee. The findings of the ....... + More

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