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Inappropriate act/ omission by CoC cannot be accepted

June 13, 2022 4920 Views 0 comment Print

Held that a statutory institution like CoC which is in most of the cases represented by public financial institutions is expected to act in a fair and neutral manner so that the objects of IBC, 2016 can be achieved for the benefit of all.

CSR expenditure towards education is allowable deduction u/s 37

June 13, 2022 4833 Views 0 comment Print

XINDIA Steels Ltd. Vs ACIT (ITAT Bangalore) CSR expenditure, for the benefit of public towards education expenses to the schools/villages surrounding the factory of children of the villages where the factory of the assessee is situated, is business expenditure allowable as deduction u/s 37 Facts- The assessee filed return of income declaring Rs.45,62,36,080 as per […]

Non-filing of return vis-à-vis cash deposit found in AIR, notice u/s 148 sustainable

June 13, 2022 1704 Views 0 comment Print

Sanjaykumar Gangaram Patel Vs ITO (ITAT Ahmedabad) Return not filed, however, cash deposit was found in AIR. Accordingly, AO issued notice u/s 148. Addition on cash deposited in bank account, opened with the assessee’s wife, is sustainable. Facts- The assessee is an individual. For AY 2006-2007, assessee has not filed a ROI. Annual Information Return […]

Cash expenditure, exceeding threshold limit u/s section 40A(3), disallowed

June 13, 2022 594 Views 0 comment Print

ACIT Vs Bajrang Bahadur Singh (ITAT Varanasi) Manipulation and falsifying records by making wrong entries to bring itself out of clutches of provisions of section 40A(3) is unsustainable in law. Cash expenditure above threshold limit u/s 40A(3) disallowed Facts- The assessee filed its ROI declaring total income of Rs.64,87,970/-, on 29.09.2012. The assessment was completed […]

Repayment of debt, incurred by trust, for construction of building is application of income

June 12, 2022 6204 Views 0 comment Print

DCIT Vs Ram Asra Goyal Education & Research Society (ITAT Chandigarh) Facts- The assessee society was registered under the Societies Registration Act and also registered u/s. 12AA of the Income-tax Act, 1961. The assessee filed its ROI on 03-09-2014 declaring Nil income. Later on, the case was selected for scrutiny. During the course of assessment […]

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

June 11, 2022 918 Views 0 comment Print

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 AY 2000-01. […]

Appeal filed by the struck off company maintainable

June 11, 2022 4086 Views 0 comment Print

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

June 11, 2022 1365 Views 0 comment Print

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. However, the […]

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

June 11, 2022 1857 Views 0 comment Print

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 prescribed […]

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

June 11, 2022 3054 Views 0 comment Print

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’.

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