"25 September 2015" Archive

CBDT Instruction- specifying monetary limits for filing appeals has prospective effect

CIT Vs. Suman Dhamija (Supreme Court of India)

In the case of CIT vs. Suman Dhamija, the Supreme Court held that CBDT Instruction specifying monetary limits for filing appeals applicable only to appeals filed after that date and not to pending appeals....

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No addition U/s. 68 if credits are not related to relevant Assessment year

Glen Villiams Vs ACIT (ITAT Bangalore)

Glen Villiams Vs. ACIT (ITAT Bangalore)- Assesse was a dealer of bakery products, filed its return. During assessment, it was found that assesse represented certain amount towards sundry creditors in its books....

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Section 36(2)(i)- Loan- Bad Debts allowable if assessee offered interest income to tax in earlier years

Commissioner of Income Tax Vs Pudumjee Pulp & Paper Mills Ltd. (Bombay High Court)

CIT Vs.Pudumjee Pulp & Paper Mills Ltd. (Bombay High Court) Assesse received interest on inter-coporate deposit which was offered to tax in earlier years. Subsequently, assesse made certain provision for bad debts....

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Revenue Appeal not maintainable against addition deleted based on Remand Report

ACIT Vs R.P.G.Credit & Capital Ltd. (ITAT Delhi)

ACIT vs. R.P.G.Credit & Capital Ltd. (ITAT Delhi) - In course of assessment, AO made addition under Section 68 .CIT (A) remanded matter back for obtaining confirmation of creditors. AO gave a remand report that he was satisfied with confirmation given by creditors and loan appeared to be genuine. ...

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Penalty u/s 271(1)( c) justified in case of deliberate false claim of exemption in ROI

JCIT Vs Cybertech Systems & Software P. Ltd. (ITAT Mumbai)

JCIT vs. Cybertech Systems & Software P. Ltd.,(ITAT Mumbai) Assesse’s claim for exemption u/s 10B was denied. A.O. also passed a penalty order u/s 271(1)(c) for raising a false claim for exemption. Tribunal found that assesse had not even challenged rejection of claim in appeal....

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

CIT Vs M/s Hind Agro Industries (ITAT Chandigarh)

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...

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Wthout assigning reasons Tribunal cannot remand matter to A.O. on matters on which in earlier years it decided in favour of Assessee

Hinduja Global Solutions Ltd. Vs Union of India (Bombay High Court)

In the case of Hinduja Global Solutions Ltd. Vs. UOI Assesse’s case for exemption under section 10A was allowed in earlier years by Tribunal. During the relevant year, the Tribunal disallowed assessee claim. ...

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

C.R. developments Vs JCIT (ITAT Mumbai)

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. ...

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

CIT Vs Sh. Chandrakant V. Gosalia (ITAT Mumbai)

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...

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Exemption cannot be denied merely for claim under wrong section

M/s. Annam Software Pvt. Ltd. Vs Commissioner of Income-Tax (ITAT Chennai)

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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