ITAT Judgments - Page 30

Reopening to disallow deduction allowed during scrutiny assessment not permissible

Mrs. Ann Kumar, Vs DCIT (ITAT Delhi)

We are of the considered view that assuming of jurisdiction by the AO in this case is bad in law for the reasons inter alia that when the assessee has specifically claimed exemption u/s 10BA on the sum of duty drawback of Rs.3,72,186/- and the AO after applying its mind allowed the same, there was no tenable material with the AO to reopen...

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Books cannot be rejected for mere irregularities in case payment

M/s. Samwon Precision Mould Mfg. (India) Pvt. Ltd. Vs ITO (ITAT Delhi)

The books of accounts are duly audited and no defect has been pointed out vis-a-vis the sales, purchase or profit. The purported defects are confined to cash book, which have no nexus with the trading results....

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In absence of books of account, no penalty for non-Audit of books

Nirmal Kumar Jain Vs ITO (ITAT Delhi)

It is held that requirement of getting books of account audited can arise only where the books of account are maintained. In the absence of the maintenance of books of account, there can be no penalty u/s 271B of the Act....

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No further addition if addition not made on re-assessment reasons

Anugrah Varshney Vs ITO (ITAT Agra)

In the absence of any addition having been made on incomes which the AO had reason to believe had escaped assessment, no addition of any other income could have been made and that the AO had exceeded his jurisdiction in passing the impugned order u/s 147....

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S.40A(3) No disallowance for genuine & bonafide cash transactions

ITO Vs M/s Pranay Towers (ITAT Delhi)

It is crystal clear that the terms of Section 40A(3) are not absolute and that the genuine and bonafide transactions are not taken out of the sweep and it is open to the assessee to furnish to the satisfaction of the AO, the circumstances under which the payment in the manner prescribed u/s 40A(3) was not practicable or would have caused ...

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Arbitrary higher profit rate on unaccounted sale not permitted

Mohd Tehseen Vs ITO (ITAT Delhi)

ITAT held that the rate of profit @15% on estimated unaccounted sale is an arbitrary rate without any comparable cases. The best comparison is also available of the business of the assessee himself wherein he has shown net profit at the rate of 6%....

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Sec.14A-No disallowance where No exempt income

M/s Krishna Knitwear Technologies Ltd. Vs DCIT (ITAT Mumbai)

Section 14A contains the expression ‘in relation to income which does not form part of the total income’. The said decision cannot be used in the reverse to contend that even if no income has been received, the expenditure incurred can be disallowed u/s 14A....

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MAT not payable on Capital receipts on forfeiture of share warrants

DCIT Vs M/s. Binani Industries Ltd. (ITAT Kolkata)

ITAT held that it is not in dispute that the receipt representing forfeiture of share warrants is only a capital receipt & not chargeable to tax. However, the same has been duly credited in the profit and loss account as an extraordinary item....

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MAT credit to be calculated after surcharge and Cess

M/s Virtusa (India) Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

As per sec.115JB (2A), the tax credit shall be the difference of tax paid for any AY under 115JB(1) and the amount of tax payable on his total income computed in accordance with the other provisions of this Act....

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High pitched assessments: 100% demand stay must be Granted

Dimension Data Asia Pacific Pte Ltd Vs DCIT (ITAT Mumbai)

The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO....

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