"June, 2015" Archive

Estate of deceased person can be assessed by adopting the procedure prescribed u/s.159

Smt. Jharna Ghosh v. ITO (ITAT Kolkata)

The Hon’ble Tribunal held that the property in question was sold by assessee’s late husband before his death and the receipts out of the sale proceeds are deposited in a joint bank account that of assessee and her late husband. Once this is the position the entire receipts are to be assessed in the hands of late husband although throu...

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Sale proceeds of Flags on Women’s Day Pursuant to govt. order are capital receipts

Kittur Rani Channamma Vs ACIT (ITAT Panaji)

Assessing Officer found that the assessee has received a sum of Rs. 29,03,109/- on account of sale of Women’s Day Flags and the same has been credited to the capital fund and he treated the same as revenue receipt. On Appeal Honourable ITAT has held that sale proceeds of flags on Women’s Day are in the nature of capital receipts. ...

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Notification No. 55/2015-Income Tax, Dated: 30.06.2015

Notification No. 55/2015-Income Tax 30/06/2015

Under the project only product neutral training will be given except a short session on company's profile and prixiucts. Further, the farmers benefitted under the project will have the privilege of supplying their produce to any other entity....

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Orders passed U/s. 201(1)/201(1A) should comply by time limit prescribed under proviso to section 201(3)

M/s. Vamona Developers Pvt. Ltd. Vs DCIT (ITAT Pune)

Appeals filed by the assessee were withdrawn. The Revenue filed the appeal. Facts of the case were that the assessee company was engaged in the business of running a mall. A TDS survey was conducted on 15-11-2012 during which it was observed that the assessee company had deducted tax on professional fees u/s.194J at lower rate than as req...

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Penalty proceedings can’t be initiated when there is reasonable cause of not complying with section 269S

Sri Venkateswara Reddy Kasireddy Vs ITO (ITAT Hyderabad)

During the course of the assessment proceedings, it was noticed that the assessee had received a loan of Rs.30.00 lakhs in cash on 10.05.2009 thereby violating the provisions of section 269S of the I.T. Act. Accordingly, penalty notice u/s 271D of the I.T. Act was issued to the assessee on 25.04.2013 which was duly served on the assessee....

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Seizure of blank cheques during search can’t be treated as an unexplained investments in absence of Additional Evidence

Sri Laxmi Narayan Agarwal Vs ACIT (ITAT Hyderabad)

The Hon’ble Tribunal held that all the persons questioned have confirmed that cheques have been handed over to the appellant only as a measure of security for supply of scrap or for the purpose of obtaining the loan, but all of them have denied having obtained any loan from the appellant. The statements given by those people remains unc...

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Passing of ex-parte without giving hearing to Assessee would constitute violation of natural Justice

Shri Sanjay Gupta Vs ITO (ITAT Delhi)

When reassessment proceedings were started and ended by passing a reassessment order u/s 147/143(3) of the Act, then original assessment order passed u/s 143(3) of the Act and appeal against that order does not survive for adjudication and the same was correctly dismissed by the CIT(A). ...

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TDS not deductible on Shipment Charges Paid as Reimbursement U/S 194C

M/s. Cipro Pharmaceuticals Vs A.C.I.T. (ITAT Hyderabad)

The Hon’ble Tribunal agreeing to the contentions of the assessee held that regarding GBR, payments made to them were only towards reimbursement of shipment charges and therefore, no tax was deducted at source. Assessee did not attract the provisions of section 40(a)(ia) of the Act as reimbursement of expenses do not consist the income o...

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Advance received can’t be termed as a dividend U/s. 2(22)(e) when there was no accumulated profits available

Shri Ch. Krishna Murthy Vs D.C.I.T. (ITAT Hyderabad)

The Hon’ble Tribunal while relying on the Judgment of co-ordinate Bench in the Assessee’s own case which was having similar facts in which it was observed that the advance was treated as deemed dividend u/s 2(22)(e) because it was converted as advance in the name of assessee merely through book entries and actually no money ...

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All transactions in different bank accounts have to be taken in consideration while doing the Assessment

Shri Sama Srinivas Reddy Vs ITO (ITAT Hyderabad)

The CIT(A) remanded the matter and according to the remand report cash deposits were not explainable as there was cash in hand. Also, it was came to known that Assessee maintained one more account in Vijaya Bank which was not shown to the Department. Regarding the rental receipts it was observed by the AO ...

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