Judiciary

Medical Illness is reasonable cause for non-appearing on date

Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, we are of the opinion that no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B....

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Addition justified for Voluntarily admitted tax liability retracted after 2 years

PR. CIT (C)-2 Vs Avinash Kumar Setai (Delhi High Court)

The Court is not satisfied that the retraction made by the Assessee two years after the declaration was bonafide. There was no satisfactory explanation for not including the said amount in the return of income filed by the Assessee on 26th September, 2009....

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Bogus share capital: AO cannot ignore document submitted by assessee

Prabhatam Investment Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the present case, the assessee has been able to prove identity of the investors, their creditworthiness and genuineness of the transaction in the matter. Therefore, the authorities below should not have made or confirmed the addition of Rs. 5.75 crores in the hands of the assessee. ...

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Reassessment in absence of fresh material indicating income escapement is invalid

A.C.I.T., Circle-2(1) Vs M/s. BNK E Solution Pvt.Ltd. (ITAT Kolkata)

In absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment. It was further held that since there was no whisper in reasons recorded, of any tangible material which came to possession of AO subsequent to issue of intimation, therefore, it was an arbitrary exercise of po...

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Every loss of revenue due to AO order cannot be treated as prejudicial to revenue interest

M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata)

In a major relief to the Ernst & Young Pvt Ltd (EY), the Kolkata bench of the ITAT confirmed the original assessment order passed by the Assessing Officer allowing deduction under sections 10A and 10AA of the Income Tax Act to the Company without set off of loss of taxable unit....

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Section 50C not applicable if sale transaction is not registered with stamp value authorities

Sh. Jastinder Singh Vedi Punjabi Bagh Vs DCIT (ITAT Delhi)

Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and which depends on the fact whether the sale transaction was registered by the stamp […]...

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Purchases cannot be treated as bogus merely based on info from sales-tax dept. or non-reply of 133(6) notices or non-production of suppliers

M/s. Geolife Organics Vs ACIT –23(2) (ITAT Mumbai)

Merely relying upon the information from the Sales Tax Department or the fact that parties were not produced the Assessing Officer could not have treated the purchases as bogus and made addition. ...

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Registration u/s 12A cannot be denied to a Trust for mere Fee Collection

Gyaan Vikas Foundation Siliguri Vs C.I.T. (ITAT Kolkata)

There is nothing brought on record to show that the activities of the assessee are driven by profit motive. In these circumstances we are of the view that the conditions for grant of registration u/s 12AA of the Act are duly satisfied as the activities of the assessee are genuine and its objects are also charitable....

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Interest on FD interest used as LC Margin Money for Industry set-up is taxable as Other Income

CIT Vs M/S Bhawal Synthetics (Rajasthan High Court)

In the case in hand, it is not in dispute that the assessee had income of interest through FDRs and while setting off that the Assessing Officer as well as the ITAT did not examine the aspect as to under which provision the assessee claimed deduction or set off his income from other sources against […]...

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DRI has no locus standi to file writ petition under Article(s) 226/227 of Constitution of India

Union of India Vs M/s. Padmini Polymers Ltd & ANR (Delhi High Court)

The division bench of Delhi High Court, in UOI v. Padmini Polymers Ltd & Anr, held that Directorate of Revenue Intelligence (DRI) has no jurisdiction to file Writ Petition under Article 226 of the Constitution of India against the order of the Settlement Commission....

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