ITAT Lucknow

Loans received in earlier Years – Addition u/s 68 Cannot be Made in Present Year

Income Tax officer 3(2) Vs shri kamal raheja (ITAT Lucknow)

ITAT held that No addition can be made u/s 68 in respect of any loan received prior to start of previous year relevant to present assessment year....

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Unexplained investment addition can be made in year of Purchase

Shri Mahesh Chandra Chaurasia Vs D.C.I.T. (ITAT Lucknow)

If period of holding is >1yr then it is LTCG & Exempt & Assessing Officer can make addition in the year of purchase if unexplained but no addition can be made in the present year/year of assessment....

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Revision cannot be done on Mere different conclusion of CIT

M/s Juhi Alloys Pvt. Ltd. Vs CIT (ITAT Lucknow)

ITAT Lucknow held in the case of M/s Juhi Alloys Pvt. Ltd. vs. CIT that since enquiry was made by the Assessing Officer on all the points on which objection had been raised by CIT in the notice issued by him u/s 263, this is not a case of lack of enquiry by the Assessing Officer or lack of application of mind by the Assessing Officer beca...

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Interest subsidy for repayment of loan acquired for acquisition of capital assets, is capital receipts

DCIT Vs M/s J.K. Cement Ltd. (ITAT Lucknow)

ITAT Lucknow held in the case DCIT vs. M/s J.K. Cement Ltd. that certain conditions are made in the subsidy scheme, which is required to be fulfilled by the corporate sector in order to avail the benefit of subsidy....

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Sec 10A – Deduction allowed to new unit being independent unit, physical demarcation with old unit not relevant

DCIT Vs M/s E-Soft Technologies Ltd. (ITAT Lucknow)

ITAT Lucknow held in the case of DCIT vs. M/s E-Soft Technologies Ltd. that as per the CBDT Circular No. 01 of 2013 and as per the Tribunal decision of the Pune Bench in the case of ACIT Vs Symantec Software India P. Ltd in ITA No. 787/PN/09, dated 30th November 2011...

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Validity of Notice via post for delivery, posted on last day of Limitation Period & Notice by affixture

ITO Vs Shri Rajesh Agarwal (ITAT Lucknow)

ITAT Lucknow held In the case of ITO vs. Shri Rajesh Agarwal that undisputedly notice of hearing under section 143(2) was issued on the last day of limitation/prescribed period for issuance of notice i.e. on 30.9.2011 at 15.19 hours by speed post....

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No addition for change in valuation of stock, where method changed in compliance of ICAI Accounting Standard

ACIT Vs M/s J. K. Synthetics Ltd. (ITAT Lucknow)

ITAT Lucknow held In the case of ACIT vs. M/s J. K. Synthetics Ltd. that CIT (A) correctly observed that there are many judgments in which, it was held that if there is change in the method of valuation of closing stock due to mandatory requirement and that change has been consistently followed by the assessee, no addition is called for....

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Section 68 cannot be applied where Assessee discharges onus to prove receipt of share capital along with premium

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow)

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) The addition cannot be sustained only for the simple reason that these shareholder companies have not responded in first round of commission....

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No time limit for compliance of direction or findings of appellate forum

U.P. Forest Corporation Lucknow Vs DCIT (ITAT Lucknow)

Common appeal is raised by the assessee against the order of CIT relating to assessment year 2001-02 & 2005-06, therein CIT by virtue of Sec 263 of Income Tax Act, 1961(ACT) ordered assessing officer to make fresh assessment for said asstt year...

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Interest Income is capital receipt only if it is inextricably linked with project

ACIT Vs Z Square Shopping Mall Private Limited (ITAT Lucknow)

In the Case of ACIT VI, Kanpur vs. Z Square Shopping Mall Private Limited, ITAT held that the interest earned on FDR, Gains from investment of Mutual Fund is not inextricably linked or connected with the construction activities...

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