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Home Case Index All Cases Income Tax Section Wise 2015 TMI Tri 2015 (6) TMI 2015 TMI Tri 2015 (6) TMI Tri This
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Showing 1 to 20 of 874 Records

  • 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 details of expenditure and calculation submitted by the assessee, we uphold the disallowance only to the extent of ₹ 14,25,020/- and rest of the disallowance upheld by Ld. CIT(A) is deleted and ap....... + More

  • 2015 (6) TMI 1162

    Refund of accumulated CENVAT Credit - Rule 5 of CENVAT Credit Rules 2004 - Revenue entertained a view that since the final product of the appellant is exempted, they are not entitled to the refund of the unutilized credit - Held that - The issue is no more res integra and stands settled by the Hon ble Bombay High Court s decision in the case of Repro India Ltd Vs UOI 2007 (12) TMI 209 - BOMBAY HIGH COURT , where it was held that in such case wher....... + 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 1159

    Adjustment of sanctioned refund against the demand confirmed - case of appellant is that such adjustment of the refund against pending demands have been held to be bad by various decisions of the Tribunal - Held that - After sanctioning refund claim, the same was adjusted against the demand confirmed vide Order-in-Original No.01/2006 dated 27.2.2006. The said order of the Commissioner was impugned by the appellant before the Tribunal and even dur....... + 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 earlier years 2014 (10) TMI 975 - ITAT PANAJI the Tribunal has decided all these issues in favour of the assessee and against the Revenue. Respectfully following the order of the Coordinate Bench, appea....... + 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 1152

    Imposition of Penalty - Held that - conduct of the respondent does not appear to be questionable in view of cooperation rendered to the Department to discharge not only tax liability but also interest liability - penalty not justified - appeal dismissed - decided against Revenue........ + 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 1150

    Offence under PMLA - provisional attachment orders - Held that - The scheduled offences have been committed and the appellant has connived with others in opening various loans and bank accounts using forged papers and documents and in the process the bank has been defrauded of considerable amount. It was also observed that Shishir P. Dharkar is apparently in control of affairs of the Bank. He has issued certain instructions to the CEO, the appell....... + 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 income for application for charitable purposes u/s. 11(1)(a) of the Act at 15% of gross receipts following the decision in the case of Bai Sonabai Hirji Agiary Trust v ITO (2004 (9) TMI 300 - ITAT BOMB....... + 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 1143

    CENVAT credit - inputs/capital goods - telecom towers/erection of towers - case of appellant is that the disputed service falls under definition of input service - Held that - It is an admitted fact on record that the appellant is a service tax assessee, duly registered under the Service Tax statute for providing the telecom services. Installation of telecom towers are for the purpose of providing the output service by the appellant - Since the d....... + 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 1141

    Payment of tax with interest before issuance of SCN - succession of business - amalgamation - Held that - it is an admitted fact that all the transactions were recorded in the Books of Account maintained by the appellant - it is admitted fact that the factory with respect to which the demand under reverse charges was made has been succeeded by the present appellant, during the period in question, amalgamation proceedings was going on before the H....... + More

  • 2015 (6) TMI 1140

    Conversion of shipping bills - the free shipping bills filed by the respondent were allowed to be converted for considering grant of drawback - rejection of conversion of shipping bills on the ground that there is no provision under Rule 12(1)(a) of the Drawback Rules, 1995 read with Board Circular No.4/2004 dated 16.1.2004 wherein conversion of free shipping bills was not allowed in the case of brand rate drawback - Revenue is in appeal on the g....... + More

  • 2015 (6) TMI 1139

    Re-credit of CENVAT credit reversed erroneously - principles of unjust enrichment - job-work - Held that - Reversal of cenvat credit and taking of such re-credit is only book entries and the appellant demonstrated with the help of documentary evidence that the amount actually reversed was taken as re-credit. In this case, the embargo created in Rule 6 ibid will not have any application inasmuch as the job worked goods removed from the factory of ....... + More

  • 2015 (6) TMI 1137

    Maintainability of appeal - pre-deposit - non-compliance - Held that - the appeal is dismissed for want of compliance under section 35F of the Central Excise Act, 1944........ + More

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