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Advance to shareholder was deemed dividend as money lending wasn’t part of business of lending Co.
Posted Date : 03-Mar-2015 , 06:12:11 pm | Posted By: Vijay

1. This appeal under Section 260A of the Income Tax Act, 19611 by the assessee has arisen from a judgment of the Income Tax Appellate Tribunal2 dated 25 July 2014. 2. The assessment year to which the appeal relates is AY 2007-08. 3. The Assessing Officer made an assessment...

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Category : Income Tax | Comments : 0 | Hits : 59

Trust applying 85% of its income on charitable activities would be entitled to sec. 11 relief
Posted Date : 03-Mar-2015 , 06:10:17 pm | Posted By: Vijay

1. These two Appeals by the Revenue raise identical question. They challenge the order of the Tribunal for the relevant Assessment Years. The Assessee before us is a Trust running a super specialty hospital styled as "Lilawati Hospital" in Mumbai. Surprisingly in the statement of facts in these...

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Category : Income Tax | Comments : 0 | Hits : 120

Assessee not entitled to interest on refund of excess self-assessment tax paid by him, rules Delhi HC
Posted Date : 03-Mar-2015 , 05:56:55 pm | Posted By: Vijay

R.K. Gauba, J. This appeal under Section 260-A of the Income Tax Act, 1961 assails the order dated 30.09.2011 of Income Tax Appellate Tribunal (hereinafter referred to as "the ITAT") passed in Income Tax Appeal No. 5392/Del/2010 in respect of the respondent (assessee) for assessment year 2006-2...

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Category : Income Tax | Comments : 0 | Hits : 85

HC allows assessee to produce docs for input credit before AO as he failed to produce docs during assessment
Posted Date : 03-Mar-2015 , 08:08:12 am | Posted By: May I Help You.

Ajay Kumar Mittal J. - CM Nos. 4121 to 4124 CII of 2014. - Dismissed as withdrawn. VATAP No.128 of 2013 2. This order shall dispose of VATAP Nos. 128 and 129 of 2013 as learned counsel for the parties are agreed that the issue involved herein is identical. However, the facts have been ex...

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Category : VAT | Comments : 0 | Hits : 69

HC dismissed condonation plea of revenue alleging non-service of order as it was false explanation of revenue
Posted Date : 27-Feb-2015 , 05:24:27 pm | Posted By: Vijay

1. This Income Tax Appeal challenges the order passed by the Tribunal dated 21st September, 2011. The Tribunal while dealing with the Appeal of the Assessee in Income Tax Appeal No.278/Mum/2007 for assessment year 2003-04, has followed its decision in the Assessee's own case for assessment year...

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Category : Income Tax | Comments : 0 | Hits : 72

HC exempts interest earned by trust on funds deposited in foreign bank following order of CBDT
Posted Date : 27-Feb-2015 , 05:22:54 pm | Posted By: Vijay

Sanjiv Khanna, J. - These two appeals by the Revenue impugn a common order dated 31.12.2013 passed by the Income Tax Appellate Tribunal ('Tribunal' for short) pertaining to Indo French Centre for Promotion of Advanced Research. The appeals relate to assessment years 2008-09 and 2009-10. 2.&nbs...

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Category : Income Tax | Comments : 0 | Hits : 102

AO couldn’t make addition of deemed dividend when assessee wasn’t a shareholder of lending Co.
Posted Date : 27-Feb-2015 , 05:20:48 pm | Posted By: Vijay

1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 8th May, 2012 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2007-08. 2. The Revenue has formulated the following re-framed question of law for our...

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Category : Income Tax | Comments : 0 | Hits : 119

No revocation of trust’s registration alleging misuse of funds by trustees if trust was fulfilling its objects
Posted Date : 26-Feb-2015 , 06:13:03 pm | Posted By: Vijay

1. The revenue has preferred this appeal against the order passed by the Commissioner of Income Tax cancelling registration. 2. The assessee was registered under section 12A of the Income Tax Act, 1961 by the CIT, Karnataka-III, Bangalore, vide certificate dated 4.6.1992. Recognition unde...

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Category : Income Tax | Comments : 0 | Hits : 44

Issue relating to promotion of ACIT is first appealable before Central Administrative Tribunal, rules High Court
Posted Date : 26-Feb-2015 , 06:10:24 pm | Posted By: Vijay

1. The present petition has been filed by the petitioners praying inter alia for quashing the order dated 12.11.2013, passed by the respondent/CBDT, declining to promote them w.e.f. 23.9.2010, the date when the DPC was held. 2. On 24.9.2014, it was recorded that the petitioners,...

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Category : Income Tax | Comments : 0 | Hits : 28

No TDS on sum paid for extra cost incurred by contractor due to delay in completion of work by sub-contractor
Posted Date : 26-Feb-2015 , 06:09:08 pm | Posted By: Vijay

Ms. Harsha Devani, J. - This appeal under section 260A of the Income-tax Act, 1961 [hereinafter referred to as, "the Act"] at the instance of the revenue is directed against the order dated 11th April 2014 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench "C" [hereinafter referr...

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Category : Income Tax | Comments : 0 | Hits : 63

Computation of period to levy interest for assessee-in-default not to be adjudicated in writ; rules Madras HC
Posted Date : 26-Feb-2015 , 06:07:31 pm | Posted By: Vijay

1. The petitioner a company engaged in the business of manufacturing, commissioning, operating and maintenance of Wind Mills and generation and distribution of power there from, has filed this Writ Petition for issuance of a Writ of Certiorarified Mandamus, to quash the proceedings of the respo...

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Category : Income Tax | Comments : 0 | Hits : 20

Assessee’s failure to substantiate capital exp. on R&D leads to sec. 35(2AB) disallowance and levy of penalty
Posted Date : 25-Feb-2015 , 06:05:05 pm | Posted By: Vijay

1. This Appeal challenges the order passed by the Income Tax Appellate Tribunal, copy of which is "Annexure-O" to the Memo of Appeal dated 18th May, 2012. 2. The assessment year in question is 2003-04. 3. The Assessee Appellant challenged the order passed by the Commissioner of Inco...

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Category : Income Tax | Comments : 0 | Hits : 79

Unexplained cost of construction to be spread over total period of construction for making sec. 69 additions
Posted Date : 25-Feb-2015 , 06:03:01 pm | Posted By: Vijay

R. Sudhakar, J. - The above Tax Case (Appeals) are filed by the Revenue as against the common order of the Income Tax Appellate Tribunal in eight appeals - four by the assessee and four by the Revenue, for the assessment year 2004-05. 2. The brief facts are as follows: "The assessee's Sh...

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Category : Income Tax | Comments : 0 | Hits : 75

No reassessment after 4 years if there was no failure of assessee to disclose material facts at assessment stage
Posted Date : 25-Feb-2015 , 06:01:21 pm | Posted By: Vijay

1. Heard Shri Shambhu Chopra, the learned counsel for the appellant and Shri Shakeel Ahmad, the learned counsel for the respondent. 2. On 05.05.2014, a coordinate Bench has admitted the present appeal on the following substantial question of law: "Whether the Tribunal is legally justifie...

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Category : Income Tax | Comments : 0 | Hits : 89

Mistake in rectification order is rectifiable by Tribunal
Posted Date : 25-Feb-2015 , 05:59:36 pm | Posted By: Vijay

1. At the request of the Counsel for both the sides, these three Petitions are being disposed of at the stage of admission itself. 2. The challenge in these three Petitions is to a common order dated 13th September 2013 passed Income Tax Appellate Tribunal (Tribunal). By the impugned orde...

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Category : Income Tax | Comments : 0 | Hits : 38

Assembling of air purification system by simple tools would qualify as manufacture for sec. 80-IC relief
Posted Date : 25-Feb-2015 , 05:57:17 pm | Posted By: Vijay

Sanjiv Khanna, J. - Exemption applications are allowed, subject to all just exceptions. INCOME TAX APPEAL NOS. 509/2014, 510/2014 & 515/2014 These appeals by the Revenue pertain to Assessment Years 2006-07, 2008-09 and 2009-10. The common issue raised is whether the respondent-assessee wa...

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Category : Income Tax | Comments : 0 | Hits : 64

Co-operative banks to withhold taxes while making payment of interest in excess of Rs. 10,000 to its depositors
Posted Date : 24-Feb-2015 , 05:44:41 pm | Posted By: Vijay

D.T. Garasia, Judicial Member - The above appeals have been filed by the assessee against the order of CIT(A)-Belgaum dated 03.06.2014 for the Assessment Years 2010-11 to 2013 to 2014 respectively. 2. The common grounds raised by the assessee in all the appeals which read as under: ...

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Category : Income Tax | Comments : 0 | Hits : 297

No penalty under sec. 158BFA on admission of undisclosed income without hearing assessee
Posted Date : 24-Feb-2015 , 05:41:52 pm | Posted By: Vijay

N. Kumar, J. - The Revenue has preferred this appeal against the order passed by the Tribunal upholding the order passed by the First Appellate Authority setting aside the imposition of penalty under Section 158-BFA(2) of the Income Tax Act, 1961. 2. The assessee filed returns in response...

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Category : Income Tax | Comments : 0 | Hits : 107

ITAT allows deduction of interest as loan was utilized to acquire property for business of pre-schooling
Posted Date : 24-Feb-2015 , 05:40:28 pm | Posted By: Vijay

R.C. Sharma, Accountant Member - This is an appeal filed by the Revenue against the order CIT(A) dated 12-8-2009, in the matter of order passed u/s. 143(3) of the IT. Act, for the assessment year 2006-07, wherein following grounds have been taken by the Revenue :— 'I.   The ...

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Category : Income Tax | Comments : 0 | Hits : 100

Mere incompleteness in import declaration form won't invite penalty when goods were recorded in books
Posted Date : 24-Feb-2015 , 05:35:15 pm | Posted By: Vijay

Dr. Satish Chandra, J. - The present appeal is filed by the Department under Section 260A of the Income Tax Act, 1961, against the impugned order dated 17.03.2011 passed by Income Tax Appellate Tribunal, Lucknow in I.T.A. No. 694/LKW/2010 for the assessment year 2002-03. 2. The brief fact...

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Category : Income Tax | Comments : 0 | Hits : 60

Exp. incurred on issuance of debentures is allowable as revenue exp.
Posted Date : 23-Feb-2015 , 06:02:18 pm | Posted By: Vijay

K.S. Jhaveri, J. - This appeal u/s.260A of the Income Tax Act, 1961 is filed against the judgment and order dated 25.02.2002 passed by the Income Tax Appellate Tribunal in ITA No.5684/AHD/1994 & 5957/AHD/1994 whereby, both the appeals were partly allowed. 2. Briefly stated, the facts ...

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Category : Income Tax | Comments : 0 | Hits : 62

TP adjustment is to be made only in respect of purchases made from AE and not from unrelated parties
Posted Date : 23-Feb-2015 , 06:00:18 pm | Posted By: Vijay

Rajpal Yadav, Judicial Member - The assessee is in appeal before us against the assessment order dated 30.09.2010 passed u/s 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961, passed for A.Y 2006-07. The assessee has taken five grounds of appeal, however, the ld Counsel for the assessee at the...

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Category : Income Tax | Comments : 0 | Hits : 77

No penalty alleging sec. 269SS violation in absence of any evidence showing acceptance of cash loan by assessee
Posted Date : 23-Feb-2015 , 05:57:29 pm | Posted By: Vijay

Sanjiv Khanna, J. - This appeal filed by the Revenue pertains to assessment year 2004-05 and impugns the findings recorded by the Income Tax Appellate Tribunal (Tribunal, for short) in their order dated 21st September, 2012. 2. The appeal, it appears, was filed within time, but returned u...

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Category : Income Tax | Comments : 0 | Hits : 162

Gain from share transaction couldn't be taxed as business profit without considering material brought by assessee
Posted Date : 23-Feb-2015 , 05:55:28 pm | Posted By: Vijay

Sanjiv Khanna, J. - Having heard counsel for the parties, we frame the following substantial question of law in these appeals, which pertain to assessment years 2007-08 and 2008-09:— "Whether the Income Tax Appellate Tribunal was right in dismissing the appeal of the appellant-assessee f...

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Category : Income Tax | Comments : 0 | Hits : 98

Interest paid on borrowed sum isn't deductible when income is determined by applying estimated rate of net profit
Posted Date : 23-Feb-2015 , 05:52:34 pm | Posted By: Vijay

Ajay Kumar Mittal, J. - This appeal has been preferred by the appellant-assessee under Section 260A, of the Income-tax Act, 1961 (in short, "the Act") against the order dated 18.8.2000, passed by Income Tax Appellate Tribunal, Chandigarh Bench (in short, "the Tribunal') in 1TA No.732/CHD/93, fo...

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Category : Income Tax | Comments : 0 | Hits : 81

Timely service of sec. 143(2) notice is mandatory and not only a mere procedural requirement
Posted Date : 22-Feb-2015 , 08:25:13 pm | Posted By: May I Help You.

R. Sudhakar, J. - The Revenue has filed this appeal calling into question the order of the Income Tax Appellate Tribunal 'D' Bench, Chennai, dated 22.7.2011 made in I.T.A.No.796/Mds/2010 for the assessment year 2007-2008, by raising the following questions of law: "(i)   Whether o...

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Category : Income Tax | Comments : 0 | Hits : 181

HC deletes sec. 69B additions as AO failed to prove that purchases were made out of undisclosed income
Posted Date : 22-Feb-2015 , 08:15:29 pm | Posted By: May I Help You.

K.S. Jhaveri, J. - This is an appeal by the appellant-revenue, challenging the order of the learned ITAT (for short, 'the Tribunal'), Dated 22.11.2013, rendered in ITA No. 745/Ahd/2013, whereby, the Tribunal dismissed the appeal of the revenue. 2. The brief facts of the case are that the ...

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Category : Income Tax | Comments : 0 | Hits : 93

Reassessment initiated on receiving info of TDS default made by assessee after scrutiny assessment held valid
Posted Date : 20-Feb-2015 , 05:40:49 pm | Posted By: Vijay

N.R.S. Ganesan Judicial Member - Both the appeals of the assessee and the revenue are directed against the order passed by CIT(A), Kozhikode dated 05-03-2014 and pertains to assessment year 2007-08. Both the appeals arise out of the same order of the CIT(A), therefore, we heard them together an...

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Category : Income Tax | Comments : 0 | Hits : 123

Sub-contractor not disentitled from availing the benefit of presumptive taxation under section 44BB
Posted Date : 20-Feb-2015 , 05:38:33 pm | Posted By: Vijay

A. T. Varkey, Judicial Member - This appeal arises from an order passed by ADIT ( International Taxation, Delhi u/s 143(3)/ 144C(13) of the Income Tax Act, 1961 (herein after 'the Act') for Assessment Year 2007-08 dated 25th October 2010, pursuant to the directions of DRP dated 27.09.2010 u/s 1...

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Category : Income Tax | Comments : 0 | Hits : 107

ITAT couldn't delete sec. 68 addition when mystery pertaining to creditworthiness remained unresolved, says HC
Posted Date : 20-Feb-2015 , 05:36:00 pm | Posted By: Vijay

  Dr. Satish Chandra, J. - The present appeal is filed by the Department under Section 260A of the Income Tax Act, 1961 against the impugned order dated 30.06.2011 passed by Income Tax Appellate Tribunal, Agra in I.T.A. No. 273/Agr/2009 for the assessment year 2004-05. On 25.03.2014, a c...

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Category : Income Tax | Comments : 0 | Hits : 62

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