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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 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 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 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.

  • 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 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 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

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