ITAT Judgments - Page 384

Consideration for obtaining leasehold rights for 99 years is capital in nature

Joint Commissioner of I.T Vs M/s. Mukund Limited (ITAT Mumbai - 'A' Special Bench)

JCIT Vs Mukund Limited (ITAT Mumbai) - The consideration of Rs.2.04 crores paid by the assessee company for obtaining the leasehold rights from MIDC in favour of the assessee for a period of 99 years is capital in nature and therefore, not allowable as deduction to the assessee....

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Registration U/s. 12A cannot be denied if CIT not doubted genuineness of activities of trust

Aggarwal Mitra Mandal Trust Vs Director Of Income Tax 29 September, 20062007 106 ITD 531 Delhi, 2007 293 ITR 259 Delhi, (2007) 109 TTJ Delhi 128

Aggarwal Mitra Mandal Trust Vs. DIT (Exemption) (2007) 293 ITR (AT) 259 (Delhi)- while granting registration under section 12A of the Act, the CIT is to satisfy himself about the genuineness of activities and objects of the trust and as such, the scope of his powers was limited in this regard to make such enquiries […]...

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No Penalty for cash loan accepted out of business exigencies

The Dy. Commissioner Of Income Tax Vs Vignesh Flat Housing Promoters (ITAT Chennai)

It was observed by the Tribunal that ‘in the instant case the undisclosed income as declared in the block return remained the assessed income. The Revenue did not doubt the veracity of the creditors. The AO did accept the credits as genuine. Most of the creditors were agriculturists, residing in remote villages and many of […]...

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Section 54 benefit on Assets Purchased in foreign country or leased for 150 Years

Mrs. Prema P. Shah Vs ITO (ITAT Mumbai)

The assessee filed the return showing the taxable income of Rs. 33,570 on December 31, 1993. During the previous year relevant to the assessment year 1993-94, the assessee sold residential property for Rs. 60. lakhs. It was jointly owned by the assessee and Mrs. Prema P. Shah. It was purchased for Rs. 14.00 lakhs on March 29, 1983, and so...

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CIT cannot deny exemption U/s. 11 for violation of provisions of Section 13(1)(c)

George Educational, Medical & Charitable Society Vs Assistant Director Of Income Tax (ITAT - Cochin)

It was held that while granting registration under section 12A of the Act where the objects of the assessee society were genuine, merely because it had incurred certain expenditure, which fell within the category of benefit to a person under section 13(3) of the Act and hence, the assessee society was held to be hit by the provisions of s...

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Section 54F- Exemption cannot be denied if delay in completion is on account of reasons beyond the control of assessee

Satish Chandra Gupta vs Assessing Officer (ITAT-Delhi)

The facts of this case were, the assessee had purchased a site and could not complete the construction of the house within the prescribed period of three years. However, the house was constructed and completed subsequently. Relief was given on the ground that the delay had occurred on account of reasons beyond the control of the assessee...

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If Assessee denies receipt of income, it is for the revenue to prove the receipt

R. B. N. J. Naidu vs Commissioner Of Income-Tax (ITAT Nagpur)

In pursuance of the direction of this Court under Section 66(2), Indian Income-tax Act, 1922, in Miscellaneous Civil Case No. 143 of 1950, the Income-tax Appellate Tribunal, Bombay, has submitted the statement of case on the following question of law : "Whether on the material on record the Appellate Tribunal could reasonably come to a fi...

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