ITAT Judgments - Page 30

AO cannot treat Assessee differently for Short and Long term Capital Gain on Sale of Shares

I.T.O. Vs Dilip B. Desai (HUF) (ITAT Kolkata)

Respectfully following the aforesaid judicial precedents and in the aforesaid facts and circumstances of the case, we hold that the ld CITA had rightly classified the assessee as an investor and treated the gains received on sale of shares and mutual funds as short term capital gains as against business income and granted relief to the as...

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Section 234C interest not leviable if Assessee could not have anticipated Income

Kumari Kumar Advani Vs ACIT (ITAT Mumbai)

It was, therefore, contended that assessee was not liable to pay advance tax on 15/9/2011 and 15/12/2011 as the receipt of gift was not estimable at the relevant point of time. Apart therefrom, an additional plea has also been raised, which is to the effect that the interest under section 234C of the Act could not be charged while process...

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12.5% Addition justified in absence of direct one to one relationship between purchases and sales

Smt. Kiran Navin Doshi Vs Income Tax Officer (ITAT Mumbai)

Fact that direct one to one relationship between purchases and sales have not been established, I am of the view that estimation of 12.5% as profit embedded in impugned purchases shown from these tainted parties and adding the same to the total income returned, would meet the ends of justice. ...

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Section 148: Onus to prove Service & Proper Service of Notice is on AO

Chander Bhan Vs. ITO(ITAT Delhi)

he factum of issuance of notice within time is to be proved on query by the authority whose jurisdiction is challenged for want of The aggrieved party cannot be asked to lead negative evidence in support of its claim....

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Allowability of Deduction U/s. 80-IB(10) on income from sale of Floor Space Index (FSI)

M/s Aarti Projects and Constructions Vs. DCIT (ITAT Mumbai)

AO declined assessee's claim of deduction on the plea that the profit claimed as deduction u/s 80-IB(10) of the Act was not derived from the housing project but from sale of unutilized FSI. ...

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ITAT directs to establish relationship with income of expenses claimed by Parthiv Patel

DCIT Vs Shri Parthiv A Patel (ITAT Ahmedabad)

Assessing Officer nor the CIT(A) has sought to establish a direct nexus between assessees professional income from playing cricket along with his expenditure in question claimed u/s.37 of the Act. ...

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Sachin Tendulkar gets Favorable verdict in Share Capital Gain Tax case

ACIT Vs. Shri Sachin R. Tendulkar (ITAT Mumbai)

In this ground, the Revenue is aggrieved with the action of Ld. CIT(A) in reversing the action of AO in treating the gain arising on sale of shares as 'business income' which was shown by the assessee as assessable under the head income from 'capital gains...

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Unsigned & Undated Paper cannot be considered without corroborative evidence

Samta Khinda Vs. ACIT (ITAT Delhi)

Unsigned And Undated Paper Found During The Search With No Corroborative Evidence. Not Recording Of The Satisfaction By AO: Whether Additions To The Income Can Be Made?...

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Bogus capital gains from penny stocks- Off-market transactions not illegal

ACIT vs. Vineet Sureshchandra Agarwal (ITAT Ahmedabad)

In view of these glaring facts, the assessment of Smt. Jaya Agrawal and the fact that the relevant purchases for AY 2004-05 have been held to be genuine, we see no infirmity in the order of ld. CIT(A) in deleting these additions. On the issues of Shri Chokshi, Mahasagar Securities Pvt. Ltd. and Goldstar Finvest Pvt. Ltd., a catena of judg...

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Capital Gain on Penny Stocks cannot be bogus if Paper work is in order

Surya Prakash Toshniwal VS. ITO (ITAT Kolkata )

This article deal with the issue of Long Term Capital Gain on Sale of Small Company Shares or on Penny Stocks. Article is based on ITAT Kolkata order in the case of Surya Prakash Toshniwal VS. ITO in which it held that Long-term capital gains claimed exempt u/s 10(38) cannot be treated as bogus unexplained […]...

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