ITAT Chandigarh held that for claiming deduction u/s 57(iii) of the Income Tax Act primary motive of incurring such expenditure should be directly relatable to the earning of income falling under the head income from other sources. Such expenditure are deductible even if there is net loss.
ITAT Ahmedabad assessee has duly submitted banks certificate disclaiming the existence of such bank accounts belonging to the assessee. Hence, addition of cash deposited on such non-existing bank account unsustainable
ITAT Mumbai held that as assessee is having sufficient own funds hence investments which yield exempt income can be presumed to be made out of interest free funds. Accordingly, disallowance of interest in terms of rule 8D(2)(ii) of the Income Tax Rules unsustainable.
ITAT Kolkata held that non-compliance to summons issued u/s 131 of the Act or non-appearance of the directors of the subscribing companies cannot be basis for making addition as the assessee has proved the identity, creditworthiness of the investors and genuineness of the transactions.
Bhavmeet Singh Bhatia Vs ACIT (ITAT Delhi) AO noted that the assessee has not filed the return of income for AY 2011-12 whereas the copy of the return of income available in assessee’s paper book clearly reveals that the assessee did file the return of income for AY 2011-12. It is also clearly discernible that […]
Dr. Sankaran Sundar Vs ITO (ITAT Bangalore) The penalty imposed u/s 271D of the I.T.Act is independent of assessment proceedings completed u/s 143(3) of the I.T.Act. Even without completion of assessment u/s 143(3) of the I.T.Act, penalty u/s 271D of the I.T.Act can be imposed for violation of provisions of section 269SS of the I.T.Act. […]
CIT TDS Vs Mewar Hospital Pvt Ltd (Rajasthan High Court) Before proceeding with the matter, it will not be out of place to mention that the assessee is running a hospital within State of Rajasthan and they have entered agreement with three different doctors. The question which came up for our consideration is whether benefit […]
Allahabad High Court decision on tax demand stay for ALM Industries. Assessment dispute, financial position, and legal considerations discussed in detail.
Rise Projects Private Limited Vs ACIT (Delhi High Court) Petitioner states that impugned order dated 15th July, 2022 passed under Section 148A(d) of the Act has been passed without considering the detailed reply filed by the petitioner. Learned senior standing counsel for the respondents-revenue, accepts notice. He, on instructions, states that as the petitioner’s contentions have […]
Subhra Jyoti Bharali Vs Directorate of Enforcement (Gauhati High Court) Section 173 of the CrPC does not prescribe piecemeal investigation and filing of incomplete charge sheet before the court. Section 173(8) CrPC prescribes that even after filing of charge sheet further investigation can be done. In that case, if the investigating officer gathers additional evidence, […]
