ITAT Judgments - Page 20

ITAT Mumbai held Gain on Sale of Penny Shares as bogus

Ratnakar M. Pujari Vs. ITO (ITAT Mumbai)

The Brief facts of the case are that assessee is engaged in the business of running a fast food and juice centre in Iraniwadi in Kandivali (W) under the name and style of Bhagvwati Juice Centre. Specific information was received from Addl. CIT (Inv.) , Unit-V, Mumbai that the assessee is indulging in non-genuine and […]...

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Nature of TDS Liability in Respect of Salaried Doctors, in- House & Visiting Consultants in a Nursing Home

Hosmat Hospital (P.) Ltd. vs. ACIT (ITAT Bangalore)

ITAT, Bangalore held that, in the instant case, since consultant doctors were paid fixed remuneration and the working conditions were under supervision and control of the hospital authorities, services were rendered by the doctors, in the nature of employee. Hence, payments were subject to TDS under section 192 of the Act....

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Sales accepted in supplier books cannot be bogus purchase of buyer

ACIT vs. M/s Jaybharat Textiles & Real Estate Ltd. ( ITAT Mumbai)

ITAT Mumbai held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences and payments are made to suppliers throug...

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Sections 194C(6) & Section 194C(7) are independent of each other

Soma Rani Ghosh Vs. Deputy Commissioner of Income Tax (ITAT Kolkata)

Sections 194C(6) and Section 194C(7) are independent of each other, and cannot be read together to attract disallowance u/s 40(a)(ia) read with Section 194C of the Act; and If the assessee complies with the provisions of Section 194C(6), no disallowance u/s 40(a)(ia) of the Act is permissible, even there is violation of the provisions of ...

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Levy of Section 234E late fee- Prior to 01.06.2015- ITAT Cochin decides in favour of assessee

Little Servants of Divine Providence Providence Charitable Trust Vs. Income Tax Officer(TDS) (ITAT Cochin)

Thus, post 1st June 2015, in the course of processing of a TDS statement and issuance of intimation u/s 200A in respect thereof, an adjustment could also be made in respect of the 'fee', if any, shall be computed in accordance with the provisions of section 234E. Prior to 1st June 2015, there was no enabling provision therein for raising ...

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Direct cash deposit in suppliers bank a/c not attract disallowance u/s 40A (3)

Bolkunda Pachwai & (S) C.S. Shop vs. Income-tax Officer (ITAT Kolkata)

ITAT Kolkata held that the consequence, which were to be fall on account of non-observation of section 40A(3) must have nexus to the failure of object of introducing of the provision. Therefore, no disallowance can be made if the transactions do not defeat the object of Sec 40A(3) in as much as there genuiness is not challenged and they ...

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Income from letting out assessable as business income if such letting out is assessee’s primary business object

DCIT vs. M/s. Alexandria Knowledge Park Pvt. Ltd. (ITAT Hyderabad)

When the object of assessee’s business is to develop and let out the properties then even when it is also providing other facilities to tenants still the assessee’s income will be assessable as business income....

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S. 50C Difference upto 10% in Value given by Appellant & Dept Valuer-Ignore?

Sita Bai Khetan vs. ITO (ITAT Jaipur)

Section 50C of the Income Tax act, 1961(herein referred to as the Act) has been inserted in the Act by the Finance Act, 2002, w.e.f. 1-4-2003. This section is causing hardships, in many cases, to the assessees since its inception. Many appeals are arising in respect of this section. ...

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Addition U/s. 68 not justified for mere allotment of Shares at Premium of Rs. 39900

M/s Anshika Investments Pvt. Ltd. V.s. CIT (A) (ITAT Delhi)

From the working submitted by the Appellant, it is evident that the value of each share is worked out at Rs. 40,616/-. Thus, apparently, higher share premium of Rs. 39,900/- is justifiable because of limited number of shares of the assessee company who are actual owner of assets of worth more than Rs. 60 crores. ...

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Statement U/s.133A have no evidentiary value if recorded by officer not empowered to

Shri Sanjay R. Shah Vs. ITO (ITAT Ahmedabad)

If the officer is not empowered to administer oath, then by scoring off the sections in the heads of the stationery would not authorize officer to administer oath and take statement under section 131 of the Income Tax Act, 1961 during the survey. Therefore, this statement is only a piece of information, and does not carry any evidentiary...

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