ITAT Judgments - Page 5

No Penalty on Income bonafidely disclosed during Scrutiny

Kalwa Bhasker, Vs ACIT (ITAT Hyderabad)

In the present case, the assessee has disclosed all the particulars before completion of the assessment u/s 143(3), though the details were filed in the scrutiny proceeding. ...

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Damages for deprivation of use & occupation of profits is capital in nature not chargeable to tax

Col. Jaspal Singh Vs. ITO (ITAT Delhi)

This appeal of the assessee arises from the order of learned Commissioner (Appeals)-21, New Delhi vide order dated 16-9-2016 for the assessment year 2012- 13. The assessee has raised the following grounds of appeal...

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Deduction U/s. 80IB(10) cannot be denied merely for approval of Housing Project in Land Owner Name

ITO Vs Shree Narayan Associates (ITAT Ahemdabad)

The short reason for which deduction under section 80IB(10) has been declined to the assessee is that the assessee did not own the land on which the housing project, by the name of ‘Narayan Bungalows’, is built....

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Addition without allowing Cross-Examination of Witness relied upon is invalid

Shri. Amit Mehta (HUF), Vs ITO (ITAT Bangalore)

AO was not justified in making addition in the hands of assessee, without allowing the assessee to cross-examine Mr. Mukesh Choksi, whose statement was relied upon for making the above additions....

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Company with extraordinary events cannot be considered as comparable

Cummins Turbo Technologies Ltd. Vs DCIT (ITAT Pune)

ITAT held that on account of extra ordinary events viz. acquisition of IQ group of companies and amalgamation of Accentia Infoserve Pvt. Ltd with Accentia Technologies Ltd, the said company cannot be considered as good comparable. ...

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Bogus capital gain: Mere Sec. 131 Statement not sufficient for addition

Kamla Devi S. Doshi Vs ITO (ITAT Mumbai)

We would not hesitate to observe that the lower authorities which have hushed through the facts to arrive at a conclusion on the basis of principle of preponderance of human probability, had however absolutely failed to appreciate that the said principle could have been validly applied only on the basis of a considerate view as regards th...

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Gain / Loss from Share PMS Account is Capital loss /Gain

Smt. Shonaben Jayesh Parikh Vs ACIT (ITAT Ahmedabad)

In this case, assessee gave her funds to the PMS Manager as in investment and there is no involvement of assessee in day to day transaction of the funds. The result of profit and loss in the end of the year from PMS Account is a capital loss. ...

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Depreciation not allowable on Govt approvals not creating any right

M/s. Pitney Bowes India (P) Ltd. Vs DCIT (ITAT Delhi)

For any right to be in the nature of business or commercial right as laid down in section 32(1)(ii) of the Act, two criteria should be met. First that it should be right in rem and the second it should be alienable or transferable....

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Prior to 1.6.2013 Seized cash allowed to be Adjusted towards Advance Tax

N. Venkatanathan Vs DCIT (ITAT Mumbai)

Provision of Explanation 2 to Section 132(B)(4) which excludes advance tax from the ambit of existing liability is applicable from 1st June 2013 and not applicable to the assessment years involved in this appeal. In the background aforesaid discussion of precedent we find that assessee was entitled to adjustment of cash seized and offere...

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Expenditure Incurred on Issuance of Debentures is Revenue Expenditure: ITAT Bangalore allows Deduction [Read Order]

Shanders Properties Pvt. Ltd. Vs The Income Tax Officer (ITAT Bangalore)

In Shanders Properties Pvt. Ltd Vs. ITO, the ITAT Bangalore directed the AO to allow the expenditure incurred in relation to issuance of debentures as it constitute revenue expenditure under the provisions of the Income Tax Act....

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