"16 August 2022" Archive - Page 3

Addition for higher stock valuation without discrepancy in quantity is unsustainable

HCC Samsung Joint Venture Vs ACIT (ITAT Mumbai)

Held that there is no observation of the AO that quantity of construction work-in-progress is more than the quantity valued as per first set of financial statement. Accordingly, addition deleted...

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MAT Credit eligible on Surcharge, Education Cess & Additional Surcharges

Adurjee & Bros Pvt. Ltd. Vs DCIT (ITAT Pune)

MAT credit u/s. 115JA cannot be denied on Surcharge, education cess and additional surcharge - secondary and higher education cess...

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Enhancement of Demand beyond Scope of Show Cause Notice Not Sustainable

Hajee AP Bava and Company Constructions Private Limited Vs Assistant Commissioner (Andhra Pradesh High Court)

If authority intend to add interest and penalty on amount fixed in SCN, separate notices ought to have been issued to for the said demand...

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Addition for Unexplained Cash credit merely based on doubts not sustainable

R.C. Bhaskar Vs Addl. CIT (ITAT Bangalore)

Claim of assessee cannot be rejected on mere doubt without bringing any material on record to suggest that this is only accommodation entry. ...

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Recording statement of accused is necessary pre-condition, before initiating proceedings for evasion of custom duty

Magistrate without examining any witnesses cannot take cognizance on complaint lodged by complainant and issue summons to accused....

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Posted Under: Income Tax |

Serious Medical Condition of daughter is Reasonable Cause for Delay in filing Appeal

Cobra Instalaciones Y Servicios SA SIPS JV Vs ITO (ITAT Delhi)

Assessee assigned the reason for condoning the delay was that, 'his daughter was hospitalized in the month which is a reasonable cause...

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Assessee’s cannot be harassed in the name of Computerized Mistakes

The excuse orally being set up usually by the departmental counsels is that there is some problem in the computerisation system which is solely controlled by the CBDT and they can not, at their own, correct the system....

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Posted Under: Income Tax |

What is assessment under the income tax act, 1961, and How many types of it are there?

What is assessment under the income tax act, 1961, and How many types of it are there?  Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed by the taxpayer, the […]...

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Posted Under: Income Tax |

Revenue cannot allege switching of samples without proper evidence

Thaya Tanning Company Vs Commissioner of Customs (CESTAT Chennai)

Revenue has only alleged about the switching of samples, but has nowhere established how and where the switching had taken place since, admittedly, right from day one, the goods were at the godown of the CFS, the accessibility of which may not be that easy....

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TDS not deductible on interest paid by Co-op. Bank to Nominal members

Mandheshwari Urban Development Co-op. Bank Ltd. Vs ACIT (ITAT Pune)

Mandheshwari Urban Development Co-op. Bank Ltd. Vs ACIT (ITAT Pune) issue in the present appeal relates to whether a nominal member, who is not a registered member of the society, can be treated as a member of the cooperative society whether the exemption is available under clause (v) of sub-section (3) of section 194A of […]...

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February 2023