"11 June 2022" Archive

GP margin cannot be enhanced without finding any sales/purchases not recorded in books

PCIT Vs Smart Value Products And Services Ltd. (Himachal Pradesh High Court)

PCIT Vs Smart Value Products And Services Ltd. (Himachal Pradesh High Court) In the present case, Appellate Authority as well as the Tribunal have carefully gone through the record of the case and have found that the Assessing Officer had computed monthwise and quarter wise trading account for enhancing the gross profit. The Assessing Off...

Section 40A(3) not applicable to cash payment for purchase of stock-in-trade

Vikrant Happy Homes Pvt. Ltd. Vs DCIT (ITAT Pune)

Vikrant Happy Homes Pvt. Ltd. Vs DCIT (ITAT Pune) Coming to the facts on hands in the present case the fact remains admitted that the sellers from whom the assessee purchased lands were identified the transaction and also acknowledged the cash payments, thereby, it shows the transaction is genuine, as discussed in the foregoing paragraphs...

Order deleting section 68 additions after elaborate factual exercise is valid

PCIT Vs Anmol Stainless Pvt. Ltd. (Calcutta High Court)

PCIT Vs Anmol Stainless Pvt. Ltd. (Calcutta High Court) We find from the order passed by the tribunal that the assessing officer has complied with the direction issued by the CIT(A) and has given effect to the order and no adverse finding has been recorded by the assessing officer and accordingly the addition was deleted. […]...

Deduction available u/s 10B towards profits of eligible units without setting off of b/f unabsorbed depreciation/ business loss

International Agricultural- Processing (P) Ltd. Vs ACIT (ITAT Chennai)

International Agricultural- Processing (P) Ltd. Vs ACIT (ITAT Chennai) Facts- The assessee is engaged in the business of export of processed agricultural produce like gherkins, onions and other vegetables. The assessee company is a 100% Export Oriented Unit and has claimed deduction u/s.10B of the Income Tax Act, 1961 (The Act) from the A...

Appeal filed by the struck off company maintainable

Dwarka Portfolio Pvt. Ltd. Vs Assistant Commissioner of Income Tax (ITAT Delhi)

Dwarka Portfolio Pvt. Ltd. Vs ACIT (ITAT Delhi) Facts- The assessee has challenged the order dated 24/03/2017 passed by CIT(A), wherein an addition of Rs. 18,00,00,000/- made u/s 68 of Income Tax Act by the A.O has been confirmed by the CIT(A) for AY 2014-15. Notably, the assessee Company has been struck off vide Notification […]...

Profit from sale of agricultural land not includible while computing book profit

Ishwar Dewllings Pvt. Ltd. Vs PCIT (ITAT Lucknow)

Ishwar Dewllings Pvt. Ltd. Vs PCIT (ITAT Lucknow) Facts- The AO vide notice u/s 154 dated 02/05/2018 proposed rectification of the order passed u/s 143(3) by including profit on sale of agricultural land in the computation of book profits u/s 115JB. Thereafter, AO dropped the proceedings initiated u/s 154 vide order dated 14/06/2018. Howe...

Adjustments & intimation on debatable/controversial issues is beyond section 143(1) scope

SVS Guarding Services Pvt. Ltd. Vs ITO (ITAT Delhi)

SVS Guarding Services Pvt. Ltd. Vs ITO (ITAT Delhi) Facts- The only addition in dispute in this appeal is regarding the additions amounting to total of Rs. 29,52,674/- made u/s 36(1)(va) of Income Tax Act. These payments by way of employees’ contribution to ESI/Provident Fund were deposited by the assessee after the specified date presc...

Once an appeal is filed, assessee will not be deemed as ‘assessee in default’ – Section 220(6)

Rajendra Kumar Vs ACIT Jaipur (Rajasthan High Court)

Held that the mandate of Section 220(6) of the IT Act makes it very clear that once an appeal is filed within time in the prescribed format, the assessee will not be deemed as an ‘assessee in default’....

Cenvat credit on capital goods taken and utilized vis-à-vis benefit of higher drawback rate – matter remanded

Raghav Industries Ltd. Vs Union of India (Madras High Court)

Raghav Industries Ltd. Vs Union of India (Madras High Court) Facts- The appellant is a manufacturer of synthetic and blended textile yarn made of duty paid raw material viz., polyester staple fiber or polyester viscose staple fibre. According to the appellant, as per the Government schemes, a manufacturer can either export the finished pr...

Section 271(1)(c) Penalty not sustainable if specific charge not specified

Deepak Kumar Patel Vs ITO (ITAT Raipur)

AO is under obligation to specify the appropriate limb of  section 271(1)(c) of the Act at the time of initiation as well as at the time of levy of penalty notice....

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