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Archive: April, 2022

Posts in April, 2022

Section 68 addition by AO without enquiring with AO of Loan Creditor is not justified

April 30, 2022 2463 Views 0 comment Print

GM Overseas Vs ACIT (ITAT Delhi) Assessee, during the course of assessment proceedings has filed various documents substantiating the identity and credit worthiness of the loan creditor and genuineness of the transaction. The assessee has accepted the loan amount of Rs. 4 crores in two tranches i.e., Rs.2,50,00,000/- and Rs.1,50,00,000/- on 05.01.2010 and 11.01.2011 respectively […]

Estimation of profit on suppressed sale – ITAT upheld amount determined by Excise Dept

April 30, 2022 2130 Views 0 comment Print

JCIT Vs Simalin Chemical Industries Pvt. Ltd. (ITAT Ahmedabad) he basis of making the addition on account of undisclosed income of the assessee was the cash found during the course of search proceedings by the excise department. There was the physical cash found by the excise department during the course of search amounting to ₹ […]

Explanation of opening cash in hand out of Tuition Income of earlier Years cannot be rejected without assigning any reason

April 30, 2022 1866 Views 0 comment Print

Smt. Sarabjit Kaur Vs ITO (ITAT Chandigarh) In both the years under consideration, the assessee has declared income from tuition fee in her return of income and in both the years there were cash deposits in the bank account being maintained by the assessee. The Assessing officer added the cash deposits to the income of […]

ITAT allows Section 54F Exemption to Actor Sanjay Dutt

April 30, 2022 978 Views 0 comment Print

Sanjay S. Dutt Vs ACIT (ITAT Mumbai) The solitary issue urged in the present appeal by the ld. Representative for the assessee is with regard to assessee’s claim of exemption under section 54F of the Act. Undisputedly, the assessee was joint owner of property having 27% share. The 73% share in property was that of […]

How to get BRN Certificate in Rajasthan ?

April 30, 2022 32853 Views 2 comments Print

Learn how to get the BRN Certificate in Rajasthan and benefit from the unique identity it gives your business.

Tax Compliance & Statutory Due dates for May 2022

April 30, 2022 22173 Views 1 comment Print

Stay compliant with tax and statutory due dates for May 2022. Learn about important deadlines for Income Tax, GST, ROC compliance, and more.

Section 54 exemption eligible on Expense for making house habitable

April 30, 2022 1653 Views 0 comment Print

Hiren Himmatsingh Rathod Vs ITO (ITAT Ahmedabad) It is a fact that the assessee had incurred the cost for making the new property inhabitable before taking over possession of the same but considering the provision of the act we do not find any embargo in granting relief to the assessee under Section 54 of the […]

Truck Body replacement expense is revenue expenditure

April 30, 2022 1278 Views 0 comment Print

Ashim Krishna Bhatta Vs ACIT (ITAT Kolkata) ITAT note that the assessee is an operator of trucks and lorries on hire. During the year, the assessee has incurred expenditure on replacements of old truck bodies which was treated as revenue expenditure however wrongly shown under the head depreciation by claiming 100% of the said expenditure […]

It is not permissible to reopen based on change of opinions: HC

April 30, 2022 471 Views 0 comment Print

Samet Estates Pvt. Ltd. Vs CIT (Bombay High Court) It is Petitioner’s case that the same issue which is mentioned in the reasons for reopening was a subject matter of consideration during the assessment proceedings and the assessment order dated 20th December, 2010 in fact even discussed this item. Therefore, reopening is based on change […]

immunity from penalty cannot be denied for delay/default by Revenue

April 30, 2022 1257 Views 0 comment Print

Nirman Overseas Private Limited Vs National Faceless Assessment Centre Delhi (Delhi High Court) AO issued the impugned order dated 16th March, 2022 denying the immunity from penalty and prosecuting the Petitioner on the ground that since no order under Section 270AA had been passed by the jurisdictional Assessing Officer within the statutory timeline, it may […]

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