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Showing 1 to 20 of 867 Records

  • 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    Additions u/s 69A - unexplained money in the bank accounts - corroborative evidence to indicate that the earlier withdrawn money was re-deposited in the bank accounts - Held that - We find force in the contention of the learned counsel that in the earlier years 2014 (10) TMI 975 -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

  • 2015 (6) TMI 1136

    CENVAT credit - duty paying documents - grievance of Revenue are that the Bank certificates do not contain any serial number, address of the party and are not in the form of invoice as required under the provisions of Rule 4A of the Service Tax Rules, 1994 - Held that - Manner of preparation of invoice by the service provider is contained in Rule 4A of the Service Tax Rules, 1994. The proviso appended thereto specifies that in case of invoices is....... + More

  • 2015 (6) TMI 1135

    Appropriation/Adjustment of the rebate amount towards the Government dues - Section 11 of the Central Excise Act, 1944 - whether, the rebate amount can be adjusted/appropriated for the Central Excise duty liability, which is under contest and the issue is sub judice before the Appellate Authority? - Held that - the case in hand is squarely covered by the decision of the Bangalore Bench of this Tribunal in the case of Voltas Ltd. v. Commissioner o....... + 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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