Shri Vinit Ranawat vs. ACIT (ITAT Pune)- Referring to the provisions of section 153A he submitted that the same is to be invoked for making an assessment of the person searched on the basis of the material found during the course of search on that person.
In the case of Smt. Shreelekha Damani, vs. The DCIT (OSD-1)CR-7 ITAT has held that In our considered opinion, the power vested in the Joint Commissioner/Addl Commissioner to grant or not to grant approval is coupled with a duty.
Bombay High court held In the case of M/s Vijay Udhyog vs. CIT that where two opinion or views are available and one of the view is taken by the AO, cannot be a basis for revision of order u/s 263. Also none of the clauses of section 80I(2)(i) to (iv) prohibit the assessee from taking other industrial undertakings on hire and use it for the purpose of manufacturing activity.
In the case of ACIT Vs Shri Kamlakar Moghe it was held by Nagpur Bench of Bombay HC that deduction u/s 54EC can be claimed by the assessee despite making the investment in REC bonds beyond six months if the delay was due to non-availability of the REC Bonds.
Almost each year due to one and other reason tax consultants or tax payers demand extension of due date for filing Tax Audit Report under section 44AB of The Income Tax Act 1961 and Income Tax Return under section 139 of The Income Tax Act 1961.
