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Vasundhra Rastogi

Before A.Y. 2015-16 Sec. 54EC exemption limit of Rs. 50 Lakh is per year & not based on transaction

September 25, 2015 1892 Views 0 comment Print

ITAT Mumbai has held in the case of C.R. developments Vs. JCIT that time limit for investment is six months from the date of transfer and even if such investment falls under two financial years, the benefit claimed by the assessee cannot be denied.

Mere Repayment of loan not escape substantial shareholder from Section 2(22) (e)

September 25, 2015 856 Views 0 comment Print

ITAT Mumbai has In the case of CIT Vs. Sh. Chandrakant V. Gosalia held that Loan given by Company to its substantial shareholder will attracts provisions of section 2 (22)(e) of Income Tax Act,1961 if the same were not lent in ordinary course of business and mere payment of loan amount would not escape assesse from provision of Section 2 (22)(e).

In case of rejection of books, estimation of gross profit based on past history justified

August 12, 2015 2336 Views 0 comment Print

CIT vs. M/s Hind Agro Industries (ITAT Chandigarh) The assessee pleaded since it is not feasible to maintain stock register, therefore books should not be rejected CIT (A) upheld rejection of books , but considered G.P. rate taken by A.O. of previous year

Rejection of claim raised in return of income ipso-facto not attract levy of penalty U/s. 271 (1) (c)

June 17, 2015 687 Views 0 comment Print

CIT Vs. G.K. Properties Private Limited (Andhra Pradesh HC) Merely because the assessee made a claim which was not acceptable ipso-facto cannot be said to have made a wrong claim by furnishing inaccurate particulars attracting penalty under Section 271(1)(c) of the Income Tax Act

Single Centering & shuttering material used in construction can be treated as plant

June 5, 2015 26505 Views 0 comment Print

CIT Vs. S. Vijaya Kumar (Andhra Pradesh High Court) Individual items of centering and shuttering material used collectively in construction process constitute ‘Plant’ in terms of first proviso to section 32 (1), even if they can’t be used on stand alone basis.

Exemption cannot be denied merely for claim under wrong section

May 15, 2015 3777 Views 0 comment Print

Annam Software Pvt. Ltd. vs. CIT (ITAT Chennai) Assesse, an EOU, filed its return claiming exemption u/s 10 B. A.O. rejected assesse’s claim. In appellate proceedings , assesse raised a plea that in relevant year it had claimed deduction u/s 10 A

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