"19 June 2018" Archive

Addition justified for huge gifts on failure to prove genuineness

Kamlesh Parwani Vs Income-Tax Officer (ITAT Mumbai)

The captioned appeal by assessee for Assessment Year [AY] 2005-06 contest the order of Ld. Commissioner of Income-Tax (Appeals)-18 [CIT(A)], Mumbai, Appeal No.CIT(A)-18/T-62/ITO 19(3) (2)/10-11 dated 14/01/2013 qua confirmation of certain addition on account of cash credit u/s 68 for Rs.4 Lacs....

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Interest from Lending business is taxable as Business Income and write off of bad debt allowable U/s. 36(1)(vii) read with Section 36(2)

Zen Industrial Services Ltd. Vs DCIT (ITAT Kolkata)

In view of the aforesaid fact and findings we hold that the write off of bad debt of Rs. 56,94,685/- would be squarely allowable as deduction u/s 36(1)(vii) read with Section 36(2) of the Act and the ld. AO is directed accordingly to grant the same. ...

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AO cannot make disallowance on ad hoc basis without pointing out any defect / error in submission of assessee

DCIT Vs M/s Lexicon Auto Ltd. (ITAT Kolkata)

It is settled law that the disallowance on account of ad hoc basis is not permissible under the provision of the Act. If the AO is not satisfied with the submission of assessee then he has to make the disallowance after making specific reference to such documents / vouchers. AO cannot just make the disallowance on ad hoc basis without poi...

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PAN Mandatory for all remittances under Liberalised Remittance Scheme

RBI/2017-18/204 A.P. (DIR Series) Circular No. 32 19/06/2018

It has been decided that furnishing of Permanent Account Number (PAN), which hitherto was not to be insisted upon while putting through permissible current account transactions of up to USD 25,000, shall now be mandatory for making all remittances under Liberalised Remittance Scheme (LRS)....

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Expenditure incurred to earn exempt Income computed u/s 14A can’t be added while computing Book Profit: ITAT

A.C.I.T. Vs M/s. Ridhi Portfolion (p) Ltd (ITAT Kolkata)

These four appeals are preferred by the revenue against the four separate orders passed by the Ld. CIT (Appeals) all dated 27th July, 2016 for A.Y. 2010-11, 2011-12, 2012-13 and 2013-14 and since a common issue involved therein, the same have been heard together and are being disposed of by a single consolidated order....

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Denial of application for approval u/s 80G justified as society spends more than 5% of Total Income on religious activities

Bhuvaneshwari Kali Thakuranir Seva Samity Vill Vs Commissioner of Income Tax (ITAT Kolkata)

This is an appeal by the Assessee directed against the order dated 22.12.2016 of the ld. CIT, Exemptions (ld. CIT(E)), Kolkata relating to A.Y.2016-17, wherein the ld. CIT(E) has passed an order rejecting grant of the approval u/s 80G of the Income-tax Act, 1961 (here nafter referred to as the Act)....

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FMV of shares has to be determined on the basis of book values of underlying assets

Minda SM Technocast Pvt. Ltd Vs ACIT (ITAT Delhi)

Minda SM Technocast Pvt. Ltd Vs ACIT (ITAT Delhi) 1. In the present case, the assessee has acquired shares of TEPL at Rs.5 per shares. The shares were acquired by the assessee from three companies as discussed in the preceding paragraphs. The assessee claimed to have valued the shares of TEPL as per the provisions […]...

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S. 271B No penalty for non-furnishing of audit report within due date if same was obtained before due date

Mr Prem Prakash Senapati Vs ITO (ITAT Cuttack)

We find that the audit report was obtained within section 139(1) time limit is not in dispute. It is also not in dispute that the copy of audit report was furnished to the Assessing Officer as and when the Assessing Officer called for the same. ...

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RBI revises upwards housing loan limits under priority sector Lending

RBI/2017-18/203 FIDD.CO.Plan.BC.22/04.09.01/2017-18 19/06/2018

Housing loan limits for eligibility under priority sector lending will be revised to ₹ 35 lakh in metropolitan centres (with population of ten lakh and above), and ₹ 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed ₹ 45 lakh and ₹ 30 lakh, resp...

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Law on dedutibility of TDS on commission paid by Indian entity to foreign agents

ACIT Vs. Manufax (India) S.B. (ITAT Agra)

Addition u/s 40(a)(i) on account of non-deduction of tax on payments of commission to non-resident/foreign commission agents ignoring the facts that commission paid foreign commission agents is deemed to accrue or arise in India, which required deduction of tax as per section 195 of the I.T.Act.....

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July 2021