"27 June 2015" Archive

14A : No disallowance of expenditure can be made on estimate basis against exempt income

Kulgam Holdings P. Ltd. Vs ACIT (ITAT Ahmedabad)

The Revenue has not brought any positive material on record to show that the assessee actually incurred any expenses in relation to earning of exempt income. In our considered view, before making disallowance under section 14A, it was imperative on the part of the Revenue...

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Expense cannot be held unproved, un-genuine and bogus sham for merely because it remain unpaid on B/s Date

M/s.Ambica Foundary Vs ACIT (ITAT Ahmedabad)

Simply because outstanding liability at the end of the year is comparatively higher, considering the amount of expenditure incurred during the year, does not empower the AO to disallow the actual outstanding liability unless it is found that the liability shown was not genuine. ...

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In case of rejection of books of account profit ratio applied for earlier year should be considered

Shri Raghvendra Pratap Singh Vs DCIT (ITAT Lucknow)

Whether profit % can be applied on estimate basis if books of accounts are rejected, without reference to earlier year’s profit % where books were accounts were not rejected or whether the Assessing Officer is justified in Assessing the profit at a rate higher than earlier year in which profit was assessed by Assessing officer without s...

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Even if Assessee fails to appear or attend his case CIT (A) should decide appeal on merits

Shri Poojan Kinnerkumar Patel vs ACIT (ITAT Ahmedabad)

In our considered view, even if the assessee failed to put-in appearance, it is the duty of the CIT(A) to dispose of the appeal on merit on the basis of material available on record. Our view finds support from the decision of the Hon’ble Delhi High Court in the case of VODAFONE ESSAR LTD Vs. DISPUTE RESOLUTION PANEL–II & Ors. in W.P....

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Books cannot be rejected without verifying, merely on the ground that its afterthought of the Assessee

Shri Bhavesh I.Gandhi vs ITO, (ITAT Ahmedabad)

It was incumbent upon the Assessing Officer to examine the books of accounts with the related evidences and documents and thereafter should have arrived at a decision. Without verification of books of accounts produced before him and bringing any material on record, the Assessing Officer was not justified in rejecting the books of account...

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If once income is already assessed by AO u/s. 44AE no separate addition to income can be made

Shri Amitkumar Hasmukhbhai Shah vs DCIT (ITAT Ahmedabad)

The contention of the assessee is that he has shown income from truck under section 44AE of Rs. 2,01,000/- which includes income of Rs.1,07,890/- from M/s. Chandan Carriers, and therefore, no separate addition of Rs.1,07,890/- is warranted. None of the lower authorities has verified this contention of the assessee. ...

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271(1)(c) : Penalty cannot be imposed merely because assessee didn’t objected to addition

Consolidated Finvest & Holdings Ltd. Vs ACIT (ITAT Delhi)

However, it is a well-settled proposition that the quantum of penalty proceedings are separate proceedings and penalty cannot be imposed merely on the ground that the assessee did not challenge or agitate the issue before higher forum and accepted the disallowance made by the AO. ...

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Pre-liquidation period assessment cannot be completed ex-parte during liquidation period

Asian Consolidated Industries Ltd. Vs ACIT (ITAT Delhi)

Whether assessment related to pre-liquidation period cannot be done ex-parte during the period of liquidation without giving reasonable opportunity of being heard to ex-management? ...

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Impact of Budget Proposals on Delhi Value Added Tax Presented On 25-06-2015

There is no upward change in rate of taxes under Delhi VAT as Hon’ble Finance Minister said that I am not proposing any enhancement in tax rates. We believe that tax collection will improve with effective and efficient tax administration. This Government is committed to simplifying the VAT structure to make it easier for the trader comm...

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Posted Under: Income Tax |

क्या 1 अप्रैल 2016 से लग पायेगा जी.एस.टी – सी.ए. सुधीर हालाखंडी

सरकार भारत में गुड्स एंड सर्विस टैक्स दिनांक 01/04/2016 से लाने की घोषणा कर चुकी है और इसके लिए सरकारी स्तर पर तैयारी भी चल रही है . क्या हो...

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Posted Under: Income Tax |
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