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Income Tax - Tribunal - Case Laws

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  • 2015 (6) TMI 1169

    Addition of Prior Period Expenses - addition for want of proof and necessary evidence - Held that - CIT(A) has duly associated the assessing authority with assessee s additional submissions. It submitted its report on 5.8.2011. The lower appellate order relies upon the assessee s Board s resolution dtd. 15.9.2003 to prove the direct payments in question. The assessee s payments made in the earlier assessment years have nowhere been doubted. The a....... + More

  • 2015 (6) TMI 1168

    Disallowance u/s 14A - no exempt income was earned - Held that - It is observed from the submissions made by the assessee before the AO that no exempt income was earned during the year. This contention raised by the assessee has not been rebutted by the AO. Despite that, the AO proceeded to compute disallowance u/s 14A read with Rule 8D. In the absence of any exempt income, there can be no disallowance u/s 14A. Hon ble jurisdictional High Court i....... + More

  • 2015 (6) TMI 1167

    Penalty levied u/S 271(1)(b) - non-compliance of the notices issued by the AO - Held that - AO issued show cause notice on 1.5.2012 for its compliance or appearance on 7.5.2012. The assessee again did not appear on the date fixed i.e. 7.5.2012 instead he again sent a letter by speed post on 5.5.2012. There is no evidence on record that the letters sent by the assessee was received by the Assessing Officer before the date of hearing. - The conduct....... + More

  • 2015 (6) TMI 1164

    Transfer pricing - determination of arm s length price - selection of comparable - The average mean margin of the 20 comparable companies selected by the TPO was 23.65% whereas the average mean margin of the software development services segment of the assessee was computed by the TPO at 14.07% on total cost. After granting working capital adjustment at 0.11%, the TPO computed the T.P. Adjustment of ₹ 1,23,18,582 to the ALP of international....... + More

  • 2015 (6) TMI 1163

    Disallowance u/s 14A r.w.r 8D - assessee has rightly 84% expenses - CIT(A) has considered 100% expenses - Held that - the calculation submitted by the assessee is reasonable and was required to be accepted by Ld. CIT(A). Therefore, considering the de....... + More

  • 2015 (6) TMI 1161

    Amount Written off in its books of account - Held that - It was a trading transaction and the assessee could not recover the amount since M/s Madras Polymounds refused to pay on the ground that they could not recover from their customer outside India, it has to be treated as a trading loss. Therefore, even if it could not be allowed as bad debt, it has to be allowed as trading loss while computing the taxable income. Therefore, this Tribunal is o....... + More

  • 2015 (6) TMI 1160

    Assessability of leave and licence income received - to be assessed as profit and gains of business or as income from other sources - Held that - As discussed the director s report dated 26/08/2003 with respect to licence fee with American Express Bank, which came to an end on 31/03/2003 after which a new licence agreement was entered into by the assessee with British Deputy High Commission, ratio laid down in Sultan Brother Pvt. Ltd. (1963 (12) ....... + More

  • 2015 (6) TMI 1158

    Capital gain on tenancy rights transfer - Cost with reference to certain modes of acquisition - AO denied the indexation in view of the provisions of section 55(2)(a) - cost of acquisition of tenancy rights is to be treated as nil, if the assessee has not paid any purchase price for the acquisition of the same - Date of acquisition of tenancy rights by the father of the assessee - Held that - Since the tenancy rights have been dealt with/discusse....... + More

  • 2015 (6) TMI 1157

    Addition of advances - Held that - As confirmed that cheques have been handed over to the appellant only as a measure of security for supply of scrap or for the purpose of obtaining the loan, but all of them have denied having obtained any loan from the appellant. The statements given by those people remains uncontroverted. AO is justified in entertaining doubt that the appellant is engaged in the business of money lending and the cheques have be....... + More

  • 2015 (6) TMI 1156

    Additions u/s 69A - unexplained money in the bank accounts - corroborative evidence to indicate that the earlier withdrawn money was re-deposited in the bank accounts - Held that - We find force in the contention of the learned counsel that in the ea....... + More

  • 2015 (6) TMI 1153

    Revision u/s 263 - wrong allowability of claim of tax credit under section 90 - residential status of assessee - Held that - When the order of the AO was set aside in respect of issue is relating to the claim of tax credit under section 90 AO went altogether into a different footing and changed the status of the assessee as non-resident. CIT has remitted the matter back to the Assessing Officer specifically with regard to the claim of tax credit ....... + More

  • 2015 (6) TMI 1151

    Accrual of interest - Addition being interest on year marked funds (i.e. Development Fund & Infrastructure Development Fund) - assessment as income - Held that - CIT(A) has given too much of emphasis on how the monies are invested in a current account with District Co-operative Bank or in fixed deposits elsewhere. That is not material in the present context. What is material is that income from interest on these funds does not accrue to the a....... + More

  • 2015 (6) TMI 1149

    Accumulation of income for application to the extent of 15% of net receipts u/s. 11(1)(a) - allowance at 15% of gross receipts or net receipts i.e.; gross receipts less Revenue expenditure - Held that - The assessee is to be allowed accumulation of i....... + More

  • 2015 (6) TMI 1147

    Disallowance of Contribution towards Gratuity & Superannuation Fund and provision for bad debts - Held that - We find that it is held by Hon ble Allahabad High Court force in assessee s own case for A. Y. 2009-10 that it is an undisputed fact that the assessee s enjoying the benefit of section 80P (2) and the deduction is not dependent on the quantification of claim made by the assessee and therefore if there is any addition made in the incom....... + More

  • 2015 (6) TMI 1142

    Validity of notice after case being transferred - Reopening of assessment - file transferred by ITO Ward-26(4) to ITO Ward - 26(3) noticing jurisdiction over the appellant - Held that - ITO Ward-26(3), New Delhi had proceeded with the framing assessment without issuing fresh notice u/s 148. It means that ITO Ward-26(4), New Delhi had no valid jurisdiction over the appellant, at the time of issuing notice u/s 148 of the Act. In such circumstances,....... + More

  • 2015 (6) TMI 1130

    Exemption u/s 11 & 12 - Held that - The income of the assessee should be assessed as per section 11 & 12 of the Act and if the assessee is able to establish that 85% or more of the income of the assessee has been utilized for the purpose of assessee institution then the income of the assessee should be exempt. Because there is no finding of the authorities below on this aspect of the matter, we restore the matter back to the file of the A....... + More

  • 2015 (6) TMI 1129

    Penalty u/s 271(1)(c) - received 1 million Euros for forgoing the right to sue/initiate legal proceedings for breach of pre-emptive right to purchase shares - decision on nature of the said receipt - Revenue is of the opinion that the said receipt constitutes revenue receipt against the assessee s claim that it falls in capital zone - AO taxed the same u/s 28(va) - Held that - We find there is no dispute before us so far as disclosure of informat....... + More

  • 2015 (6) TMI 1128

    Recomputation of the value of closing work-in-progress by attributing interest proportion to the work-in-progress - Held that - The issue arising in the present appeal is identical to the issue before the Tribunal in assessment years 2004-2005 and 2005-2006. The AO in the year under appeal, in turn, following the decision made in assessment years 2002-2003, 2004-2005 and 2005-2006 had recomputed the valuation of work-in-progress at the close of t....... + More

  • 2015 (6) TMI 1127

    Exemption u/s 10(10C) Held that - Decision of the I.T.A.T., Chandigarh Bench rendered in the case of Shri Bikram Jit Passi (2012 (11) TMI 214 - ITAT, CHANDIGARH) is squarely applicable to the facts of the present case. Respectfully following the above order of the Tribunal, allow the claim of the assessee holding that the authorities below were not justified in disallowing the amount of ₹ 5 lacs under section 10(10C) of the Act. - Decided i....... + More

  • 2015 (6) TMI 1126

    Disallowance made in respect of provision for warranty - Held that - The issue is squarely covered in favour of the assessee by the decision of the Tribunal in assessee s own case, no provision can be recognized. Liability is defined as a present obligation arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits. A past event that leads to a present obligat....... + More

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