"21 February 2021" Archive

Credit in ‘bank account’ cannot be construed as credit in books under section 68

Vishan Swaroop Gupta Vs ITO (ITAT Jaipur)

Vishan Swaroop Gupta Vs ITO (ITAT Jaipur) Credit in the ‘bank account’ of an assessee cannot be construed as a credit in the ‘books’ of the assessee as per section 68 of Income Tax Act, 1961. We observe that credit in the ‘bank account’ of an assessee cannot be construed as a credit in the […]...

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Mere Vague Air Information of Cash Deposit Not Sufficient to believe Escapement of Income

Harmeet Singh Vs ITO (ITAT Delhi)

Harmeet Singh Vs ITO (ITAT Delhi) At the time of hearing, Ld. Counsel of the assessee has only argued the legal ground and stated that the reopening action of the AO and confirmation thereof by the Ld. CIT(A) is in violation of mandatory jurisdictional conditions stipulated under the Act. It was further stated that the […]...

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In case of unaccounted sales only profit therefrom can be taxed

Nawal Kishore Soni Vs ACIT (ITAT Jaipur)

Nawal Kishore Soni Vs ACIT (ITAT Jaipur) It is evident from entries found in cash book of Ram Kumar Soni and from statement recorded from assessee in course of survey that assessee purchased gold in period of demonetization which was obviously for sale to persons on receiving cash from them as the same is normal […]...

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Undisclosed Business Income not taxable under Section 115BBE r.w. Section 68 & 69

Shri Bhuwan Goyal Vs DCIT (ITAT Chandigarh)

Shri Bhuwan Goyal Vs DCIT (ITAT Chandigarh) Landmark Chandigarh ITAT order on Section 115BBE on  investment made out of undisclosed business income held not to fall in Section 69 & 115BBE (AY 17-18). In the present case it is not in dispute that the assessee surrenderd the income of Rs. 3.64 Crores in the statement […]...

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Section 10AA deduction allowed on Profit enhanced due to addition for unverifiable purchases

Amrapali Exports Vs DCIT (ITAT Jaipur)

Expenditure to the extent of 25% of purchases held as non-genuine and disallowed by the AO related to the same business activity of manufacture and export in respect of which assessee was held eligible for deduction under section 10AA. Therefore, deduction under section 10AA was to be allowed on the enhanced profits in light of accepted l...

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Construction expense cannot be disallowed merely based on Inspector Report

ITO Vs Shri Deepak Chadha (ITAT Delhi)

ITO Vs Shri Deepak Chadha (ITAT Delhi) Mere Doubting Expenditure On Construction Without Evidence On Sole Basis Of Inspector Report Is Invalid In the present case the addition has been made by the ld AO on the basis of mere presumptions. The market value of the flat determined by the ld AO was without any […]...

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Advocate cannot be prosecuted For Criminal Offences For Not Exhibiting Greater Professional Care

Subha Jakkanwar vs State of Chhattisgarh (High Court Chhattisgrh)

Subha Jakkanwar vs State of Chhattisgarh (High Court Chhattisgrh) An Advocate cannot be prosecuted for criminal offences for non-­exhibiting greater professional care and competence while submitting non­-encumbrance certificate to a Bank. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT 1. The short question that emanates for consideration ...

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Exemption u/s 10(23C)(iiiae) cannot be denied to Mobile Hospitals

Sushila Birla Memorial Institute Vs ITO Exemption (ITAT Kolkata)

Sushila Birla Memorial Institute Vs ITO (ITAT Kolkata) There is no dispute of the fact that the assessee Trust exists solely for philanthropic purposes and not for the purpose of profit. There is also no dispute of the fact that the annual receipts of the assessee do not exceed the amount prescribed. The only issue […]...

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No bail to CA for alleged involvement in creating fake GST Challans

Harish Kumar Rampal Vs Directorate General of GST Intelligence (DGGI) (Patiala House Court)

Harish Kumar Rampal Vs Directorate General of GST Intelligence (DGGI) (Patiala House Court) On behalf of accused, It was submitted that accused is in judicial custody since 03.02.2021. It is submitted that applicant is 62 years of age and a CA by profession and also having proprietorship firm under the name & style of M/s […]...

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All Addition Invalid If No Incriminating Material Found During Search

DCIT Vs Venus Overseas Pvt. Ltd. (ITAT Delhi)

DCIT Vs Venus Overseas Pvt. Ltd. (ITAT Delhi) The common grievance in all these appeals relates to the deletion of the addition made u/s 68 of the Act on account of unexplained share capital and premium though quantum may defer in each year. Vide application dated 30.01.2020, the assessee has invoked Rule 27 of the […]...

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