The facts, in brief, are that in the assessment order the AO had noted that assessee had shown dividend income of Rs. 98,59,980/-, which is exempt. However, the assessee had not disallowed any expenditure for earning exempt income. The AO, therefore,..
The first issue in this appeal of assessee is against the order of CIT(A) confirming the disallowance of travelling expenses by treating the same as not being business expenses even though the Fringe Benefit Tax (FBT) liability was worked out u/s. 11..
The facts of the case as per SOF filed by the assessee, are that the Appellant Association is a mutual organization registered under the Maharashtra Co-op. Housing Society Act, 1960, affiliated to the Mumbai District Co-op. Housing Federation Ltd., f..
That the Assessing Officer (‘AO”) erred on facts and circumstances of the case and in law in assessing the income of the Appellant under the normal provisions of the Income Tax Act, 1961 (the Act) at Rs. 17,52,18,050 against returned income of Rs 3,8..
These appeals were originally posted for hearing on 09.11.2011 (vide AD card) and at the request of the assessee it was adjourned from time to time and finally posted for hearing on 04.04.2012 on which date none appeared on behalf of the assessee. Th..
We have perused the records and considered the rival contentions carefully. The dispute is regarding maintainability of appeals only on ground of low tax effects CBDT had been issuing circulars from time to time directing revenue authorities not to f..
confirming the disallowance of interest of Rs. 32,30,685/-. The basis for the same, the reasons and also the working of the disallowance are in correct and improper.” By order dated 16.4.2009 the aforesaid ground of appeal was dismissed by the T..
The facts are that against the assessment order, the assessee filed an appeal before the CIT(A), wherein CIT(A) in order bearing no. CIT(A)/41/DCCC-38/IT 257/09-10 dated 14/12/2009 gave directions to the AO, saying, “ ......In view of the fact, the ..
These two companies entered into a joint venture agreement on 14th July, 2003 for setting up a project in the State of Mizoram. After sometime, the company pulled out of it. They entered into a different relationship. The petitioning creditor agreed,..
From a rending of sub-section (1) of section 263, it is clear that the power of suo motu revision can be exercised by the Commissioner only if, on examination of the records of any proceedings under this Act, he considers that any order passed therei..
In this appeal the assessee has raised various grounds, but only dispute is regarding the confirmation of levy of penalty u/s.271(1)(c) of the I.T. Act. The assessee has filed an appeal in the name of ‘Dimples Cine Advertising Pvt. Ltd.’, whereas the..
Briefly stated facts of the case are that the assessee paid a sum of Rs.9,54,684/- to a foreign bank without deduction of tax at source. In the audit report, it was mentioned that it was a usance interest paid under the letter of credit and hence not..
Facts: By notification the Government of India proposed the acquisition of 2275 Bigha and 18 Biswa land of village Kotla for planned development of Delhi. The husband of respondent No.1, who is said to have purchased 1000 sq. yards land forming par..
After hearing both the parties, we find that during assessment proceedings the AO noticed that the assessee has declared sales figure of Rs.1,34,45,538/-.The assessee was asked to file details of the sales and labour charges which were accordingly fu..
On the facts and in the circumstances of the case and in law, the Ld. CIT(Appeals) erred in holding that the assessee branch is not the PE in respect of the business done out of the supplies made by foreign principal and accordingly, its business pro..
The prosecution alleged that on 30.12.2005 information was received through wireless, by police post East Uttam Nagar that a woman had been stabbed at RZB-36A, Pratap Garden. The SHO reached the spot and found that three or four police personnel from..
After considering the rival submissions and perusing the relevant material on record, it is observed that similar disallowance was made by the AO in the immediately preceding assessment year i.e. 2005-06. The Tribunal, vide its order dated 31-01-2012..
At the very outset, the ld. counsel for the assessee contended that the AO passed order u/s.195(2) treating the assessee as in default by considering the price of the product as fees for technical services. He took us through the impugned order in wh..
The CIT thereafter issued notice dated 24.2.2009 under Section 263 of the Income Tax Act, 1961 (“Act” for short) recording the following reasons: “From the computation of income filed with the return, it appears that this profit on sale of proper..
This company was incorporated in 1948 with registered office at Calcutta. The authorized capital of the company was Rs. 10 lacs consisting of 4000 6% tax free redeemable cumulative preference shares of Rs. 100/-each and 6000 ordinary shares of Rs. 1..
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