"27 November 2015" Archive

Welfare of a particular community can also be a charitable purpose for registration u/s 12AA

Ranpariya Solanki Sukhadiya Parivar Trust Vs CIT (Exemptions) (ITAT Ahmedabad)

The ITAT Ahmedabad in the case of Ranpariya Solanki Sukhadiya Parivar Trust vs. CIT(Exemption) held that the application made u/s 12AA cannot be rejected even a trust’s object is to function in the interest of a particular community ...

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Merely because assessment order of AO is Brief & Cryptic it cannot be considered as erroneous & prejudicial to revenue interest

M/s Ved Parkash Contractors Vs CIT (ITAT Chandigarh)

ITAT Chandigarh held in M/s. Ved Parkash Contractors Vs CIT that if the AO had passed brief and cryptic assessment order but had checked and verified all the related documents submitted by the assesse in reply to the questionnaire of the AO...

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Speculative loss can be carried forward even if revised return claiming loss is filed u/s 139(5)

ITO Vs Ramesh Kumar Jajodia (ITAT Kolkatta)

ITAT held in ITO Vs Ramesh Kumar Jajodia that if the assessee had filed its original return u/s 139(1) but forgot to claim the speculative loss in its original return and filed revised return u/s 139(5) and claimed the loss in its revised return then the speculative loss should be allowed to be carried forward....

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Revenue expenses after setting up of business allowable despite non-commencement of business

Reliance Gems & Jewels Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held in Reliance gems & Jewels ltd Vs DCIT that the revenue expenditure would be allowed as an expense after the setting up of the business before the commencement of the business. The expense incurred on recruitment of employees gave indication that the business had been set up ...

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Interest on IT Refund/ FDR, Other interest and Tender fees eligible for deduction u/s 80IA

M/s Hiranandani Builders Vs ITO (ITAT Mumbai)

ITAT Mumbai held in M/s Hiranandani Builders Vs ITO that the followings receipts were also eligible for deduction u/s 80IA considering the same to be profits from undertakings: 1.Interest on IT refund 2.Other Interest 3. FDR Interest 4. Tender fees...

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If income been disclosed by assesse after search by filing return u/s 153A then penalty u/s 271(1)(c) is imposable

Mrs Sarita Manjeet Singh Chopra Vs ITO (ITAT Pune)

ITAT Pune held in Mrs Sarita Manjeet Singh Chopra Vs ITO that if the assesse had disclosed its unaccounted income filing return u/s 153A only after it was caught in search by the income tax department then that disclosed income through return would be considered as undisclosed income ...

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Discount on shares under ESOPs is allowable expenditure

M/s GlaxoSmithKline Consumer Healthcare Ltd. Vs The JCIT (ITAT Chandigarh)

ITAT Chandigarh held In the case of M/s GlaxoSmithKline Consumer Healthcare Ltd vs. The JCIT that it is a settled law that an unascertained liability has to be allowed even if the same is quantified on a future date....

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CIT must establish that order is erroneous before remanding matter to AO u/s 263

Lakshya Seth Vs ITO (ITAT Delhi)

ITAT Delhi held In the case of Lakshya Seth vs. ITO that CIT cannot remand the matter to the AO to decide whether findings recorded are erroneous. In the case where there is inadequate inquiry but not lack of inquiry...

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Income Surrendered as business income cannot be treated as deemed income u/s 69A

M/s Dev Raj Hi-Tech Machines Ltd. Vs DCIT (ITAT Amritsar)

ITAT Amritsar held In the case of M/s Dev Raj Hi-Tech Machines Ltd. vs. DCIT that it is apparent that assessee had made a surrender as additional income over and above the normal profits of the concern and since the income has been declared as business income...

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Share application money not to be included in average investment in disallowance u/s 14A r.w. Rule 8D

ITO Vs M/s LGW Ltd. (ITAT Kolkata)

ITAT Kolkata held In the case of ITO vs. M/s LGW Ltd that share application money is only in the nature of an offer to buy shares made by the assessee. It is only after the offer is accepted by the company; the Assessee becomes the shareholder in a company. ...

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July 2021