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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 546 Records

  • 2015 (6) TMI 1142 - ITAT, DELHI

    Mukesh Kumar Versus ITO

    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 - ITAT LUCKNOW

    M/s Maharana Pratap Education Centre, Versus A.C.I.T. -1, Kanpur.

    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 As....... + More


  • 2015 (6) TMI 1129 - ITAT CHENNAI

    Dy. Commissioner of Income-Tax, Corporate Circle 4 (1) , Chennai Versus K. Pandiarajan

    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 - ITAT MUMBAI

    Dy. Commissioner of Income-Tax Circle 8 (3) , Mumbai Versus Synovate India Private Limited

    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 - ITAT CHANDIGARH

    Madan Mohan Sharma Versus Income Tax Officer, Ward 6, Patiala

    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 - ITAT CHENNAI

    The Deputy Commissioner of Income-tax, Chennai Versus M/s. Ford India Pvt. Ltd.

    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


  • 2015 (6) TMI 1124 - ITAT MUMBAI

    K.S. Jewellery & Co. Versus Asstt. Comm. of Income Tax 20 (1) , Mumbai

    Disallowance of Travelling Expenditure - Held that - The assessee has submitted the details, according to which foreign travel expenses were subjected to FBT and since foreign travel expenses have already been subjected to FBT, the same could not be disallowed under section 37 of the Income Tax Act, 1961. See Om Intercontinental vs. ACIT 2013 (4) TMI 793 - ITAT MUMBAI . Therefore we delete the addition and appeal filed by the assessee is allowed........ + More


  • 2015 (6) TMI 1122 - ITAT BANGALORE

    Broadcom Communications Technologies Private Limited, Versus The Deputy Commissioner of Income-Tax, Circle 11 (2) , Bangalore.

    Adjustment in the arm s length price(ALP) of international transaction - Held that - The Assessee is a wholly owned subsidiary of Beceem Communications Inc. USA. The Assessee rendered software development services to its holding company thus companies functionally dissimilar with that of assessee need to be deselected from final list of comparable. - Deduction u/s.10A computation - Held that - Taking into consideration the decision rendered by th....... + More


  • 2015 (6) TMI 1120 - ITAT MUMBAI

    Jitendra J. Mehta Versus Commissioner of Income Tax, Cen. 4, Mumbai

    Revision u/s 263 - Assessing Officer did not consider the issue of eligibility of additional depreciation on windmill and the same has resulted in loss of revenue - assessment order passed by AO under the provisions of section 143(3) r.w.s. 153A - Held that - AO did not have jurisdiction to the make addition on the impugned issue as the same is not based on seized material. Such contention has been rejected only on the ground that there are confl....... + More


  • 2015 (6) TMI 1119 - ITAT KOLKATA

    A.C.I.T,C.C II, Kolkata Versus Zenon (India) Pvt. Ltd.

    Deemed dividend addition made u/s. 2(22)(e) - loan taken from the company and company compensated by way of interest paid by the assessee on loan - Held that - As decided in Pradip Kumar Malhotra case 2011 (8) TMI 16 - CALCUTTA HIGH COURT the authorities below erred in law in treating the advance given by the Company to the assessee by way of compensation to the assessee for keeping his property as mortgage on behalf of the company to reap the be....... + More


  • 2015 (6) TMI 1118 - ITAT MUMBAI

    Jigna Dharmendra Upadhyaya Versus ITO, CPC Bangalore, ITO 22 (1) (2) , Mumbai

    Rectification of mistake - mistake in filling item No.43, which was taken into account by processing the return and the income of the assessee was processed at nil in place of a loss of ₹ 20,37,162/- - Held that - The mistake, as is claimed by the assessee to be apparent from the record would fall within sub-clause (i) of clause (a) of the Explanation as the figure of nil stated against column No.43 would be inconsistent with the other entr....... + More


  • 2015 (6) TMI 1116 - ITAT PUNE

    Asst. Commissioner of Income Tax, Circle – 1 (2) , Pune Versus Dhariwal Industries Ltd.

    Penalty u/s. 271(1)(c) - Deduction claimed u/s. 80I and 80IA on manufacturing and sale of Gutka, Treating sales tax incentive as capital receipt - Held that - We are of the considered view that since the first two issues on which the penalty has been levied u/s. 271(1)(c) involves substantial question of law, therefore, no penalty is leviable thereon. The Hon ble jurisdictional High Court in the case of CIT Vs. M/s. Nayan Builders and Developers ....... + More


  • 2015 (6) TMI 1115 - ITAT MUMBAI

    ACIT 20 (3) , Mumbai Versus Sun Pharmaceutical Industries

    Penalty imposed u/s.271(1)(c) - addition made on account of raw material purchased from Sun Pharmaceuticals, notional selling and distribution expenses and interest income on bank deposits/staff loan as not eligible for deduction u/s.80IB - Held that - Tribunal in assessment year 2005-06 in quantum proceedings, wherein the addition made on account of notional selling and distribution expenses was deleted by the Tribunal. Since the addition on acc....... + More


  • 2015 (6) TMI 1113 - ITAT BANGALORE

    The Jamakhandi Minority Co-operative Credit Society Ltd. Versus Income-tax Officer, Ward – 2, Bijapur

    Deduction u/s.80P(2)(a)(i) denied - claim of the assessee for deduction u/s. 80P(2)(a)(i) disallowed for the reason that the assessee fell within the realm of Banking Regulation Act, 1949 - Held that - No doubt, the assessee had satisfied two of the three primary conditions mentioned in section 5(ccv) of the Banking Regulation Act, 1949 viz., it had the primary object of banking and it had share capital which was in excess of Rs. One lakh. But, w....... + More


  • 2015 (6) TMI 1100 - ITAT CHANDIGARH

    The ACIT, Circle IV, Ludhiana Versus The Ludhiana Central Co-op Bank Ltd.,

    Interest accrued on non performing assets - Applicability of section 43D - Held that - The perusal of section 43D clearly shows that it applies only to the Scheduled Banks and this fact was admitted by Ld. Counsel also that the same applies only in case of Financial institution or Scheduled Bank. Admittedly, the assessee is not a Scheduled Bank and, therefore, the provisions of section 43D were not applicable. In the case of ACIT v Punjab State C....... + More


  • 2015 (6) TMI 1099 - ITAT MUMBAI

    Income tax Officer- (E) I (1) Mumbai Versus Bai Kabibai & Hansraj Morarji Charity Trust

    Depreciation claim on assets of trust already been claimed as application of income u/s. 11 - Held that - In the earlier years identical issue has been decided in favour of the assessee by the Tribunal. We find that the Hon ble Bombay High Court had also decided the issue in favour of the assessee for the assessment year 2007-08 wherein as directed to allow depreciation claimed by the appellant. - Decided in favour of assessee....... + More


  • 2015 (6) TMI 1098 - ITAT NAGPUR

    Dy. Commissioner of Income-Tax, Akola Circle, Akola Versus Washim Urban Co. Op. Bank Ltd.

    Entitlement for interest on NPA as provided under section 43D - whether interest on accrual basis in respect of non performing assets (NPA) of a cooperative bank are to be taxed or not? - Held that - We may like to refer the decision of Karnavati Co-op Bank Ltd. (2011 (11) TMI 367 - ITAT AHMEDABAD ) wherein the issue was identical and as held that in a situation when the assessee is a Cooperative bank, however, governed by RBI guide lines then th....... + More


  • 2015 (6) TMI 1097 - ITAT MUMBAI

    DCIT, Central Circle-14, Mumbai Versus M/s Twinkle Enviro Tech ltd. and Vice-Versa

    Computation of disallowance u/s.14A r.w.r.8D. - exclusion of investment made in the group concerns seeked - Held that - As per the audited balance-sheet, the assessee has made substantial investment in group concern as a strategic investment. As per the decision of coordinate bench in M/s Smart Chip Ltd. 2014 (11) TMI 1068 - ITAT MUMBAI , strategic investment are required to be excluded from total investment while working out disallowance under R....... + More


  • 2015 (6) TMI 1096 - ITAT AHMEDABAD

    Gujarat Energy Transmission Corporation Ltd. Versus ACIT, Cir. 1 (1) Baroda and Vice-Versa

    Disallowance on account of losses due to earthquake - Held that - In the instant case, no material has been brought before us to show that any receipt, which was received by the assessee in relation to the expenditure in question, was treated by the department as revenue receipt. Further, in the absence of any material or details brought before us to show that the expenditure was incurred only for repairing of building or asset, and not for const....... + More


  • 2015 (6) TMI 1095 - ITAT MUMBAI

    Dy. Commissioner of Income Tax (TDS) 2 (1) , Mumbai Versus M/s. Larsen & Toubro Ltd.

    TDS u/s 194H - non deduction of tds on payments of bank guarantee commission made to the bank - principal agent relationship - interest u/s 201(1A) - Held that - TDS was not required to be deducted under section 194H, therefore, levy of interest under section 201(1A) was not in accordance with law. Since no contrary decision was brought to our notice, respectfully following the said decision of Tribunal in the case of Kotak Securities Ltd.(2012 (....... + More


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