"25 December 2015" Archive

Mere mismatch of description cannot be a reason to treat the same as unexplained

M/s Parle Bottling Pvt. Ltd. Vs ACIT (ITAT Mumbai)

The ITAT Mumbai in the case of M/s Parle Bottling Pvt. Ltd. held that the mismatch in description of jewellery as recorded vis a vis as found by valuer cannot be in its own a sole basis for treating mismatched jewellery as unexplained particularly when minor difference in carat weight....

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Interest in leasehold property includible in net wealth of assessee if he exercises power of owner on it

Jay Hind Sciaky Limited Vs DCIT (Bobmbay High Court)

The Hon'ble Bombay High Court in the case of Jaya Hind Sciaky Limited held that the words belonging to as used in sec 40(2) of the Act would include assets in possession of the Company without full Ownership...

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Where assessment order was based on inadequate or improper enquiry, CIT can invoke jurisdiction u/s 263

PVS Multiplex (India) Ltd. Vs CIT (ITAT Delhi)

In the case of PVS Multiplex (India) Ltd. Vs. CIT Delhi Bench of ITAT held that CIT can pass order u/s 263 where he can hold that AO did not made adequate inquiry. ITAT observed that there is difference between lack of enquiry and Inadequate Inquiry....

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Electricity duty is not a tax, duty cess or fee, section 43B is not attracted in respect of electricity duty collected by MSEB

ACIT Vs M/s. Maharashtra State Electricity Distribution Co. Ltd. (ITAT Mumbai)

In the case of ACIT Vs. M/s. Maharashtra State Electricity Distribution Co. Ltd. ITAT adjudicated two appeals against the order of CIT (A) who allowed the appeal of assessee in part. Both revenue as well as assessee filed appeal against the order of CIT (A)....

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Initiation of Proceedings u/s 153A not valid if no incriminating material found during search

INTAS pharmaceuticals Ltd. Vs DCIT (ITAT Ahmedabad)

In the case of INTAS pharmaceuticals Ltd. Vs. DCIT Ahmedabad Bench of ITAT have held that initiation of proceedings u/s 153A in absence of any incriminating material found in search conducted after finalization of regular assessments is not sustainable. ...

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Mere Providing stadium with all arrangements for Cricket matches conducted by BCCI is not a business activity carried out u/s 2(15)

M/s Tamil Nadu Cricket Association Vs DDIT (Ex.) (ITAT Chennai)

In the case of M/s Tamil Nadu Cricket Association Vs. DDIT (Ex.) Madras Bench of ITAT have observed the activities carried out by assessee in nature of charitable or business. After detailed examination it was held that assessee did not engaged in any business or commercial activity and hence liable for the exemption u/s 11. ...

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Where no satisfaction was recorded by AO at the time of search, revenue cannot attain jurisdiction over other person

ACIT Vs Shivaansh Advertising & Publications Pvt. Ltd. (ITAT Delhi)

In the case of ACIT Vs. Shivaansh Advertising & Publications Pvt. Ltd. Delhi Bench of ITAT observed the requirements of section 153C provides for taking recourse to assessment in respect of any other person and held the conditions precedent are...

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Amount advanced for supply Material/Labour cannot be treated as deemed dividend U/s. 2(22)(e)

Smt. Uppala Rajani Vs DCIT (ITAT Hyderabad)

In the case of Smt. Uppala Rajani Vs. DCIT Hyderabad Bench of ITAT have held that the amount advanced for business transaction between parties regarding supply of material and labour, are not such to fall within the definition of ‘deemed dividend’ under S.2(22)(e)....

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Assessee held shares under investment in books, AO in absence of anything contrary can’t held investment as trading

In the case of Shri Vishal Dipak Shah Vs. Addl. CIT Mumbai Bench of ITAT held that Principle of Res judicata does not apply to the income-tax proceedings as each assessment year is a separate and self-contained assessment year. Therefore, the plea of the appellant that he should be allowed a relief on the same lines as he was allowed in t...

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Posted Under: Income Tax |

Empanelment of advocates as Prosecution Counsels with Income Tax Dept.

Applications are invited from advocates of substantial standing and repute and with good academic credentials for the empanelment of Addl. Public Prosecutor and Assistant Public Prosecutor for representing prosecution cases of the Income Tax Department in the Sessions Court and Addl. Chief Metropolitan Magistrate Courts or the appropriat...

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Posted Under: Income Tax |

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January 2021