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Ajit Sharma

Latest Posts by Ajit Sharma

Lump sum compensation received will be treated as advance salary on closure of employer unit

August 9, 2022 3180 Views 0 comment Print

Rajesh Shantaram Chavan vs. ACIT (ITAT Mumbai) M/s.Century Textiles and Industries Limited was incurring heavy losses and shut down its Worli Textile Mill Unit in 2008. Around 6300 of its 6600 Mill workers opted for the voluntary retirement scheme, however, 275 workers had opposed for closure of the Mill. Assessee is one of the 275 […]

No addition for cash deposited during demonetization out of earlier cash withdrawals

May 5, 2022 6615 Views 0 comment Print

Om Parkash Nahar Vs. ITO ( ITAT-Delhi) The amount deposited during demonetization period was relate to out of withdrawals from the same account from 2014,2015 & 2016 is not treated as income from undisclosed source The assessee’s explanation is that looking to his old age and suffering from various ailments as he had suffered a […]

Value of leasehold interest in land includible in determination of FMV

April 26, 2022 5547 Views 0 comment Print

The value of leasehold interest in land is to be included in assets while determining the fair market value of the shares held and owned by the shareholders as on 01.04.1981

Supporting evidence cannot be regarded as additional evidence before CIT(A)

April 25, 2022 1824 Views 0 comment Print

ACIT Vs Shri M.K. Ajat Shatru (ITAT Delhi) It has been contended by the revenue that the Ld. CIT(A) erred in law in admitting additional evidence by way of certificate from the Divisional Commissioner without giving any opportunity to the AO. He submitted that it would be seen from the revenues record itself, i.e. from […]

ITAT Allowed expenses of Commission paid on the basis of oral agreement

April 22, 2022 3309 Views 0 comment Print

Batra Enterprises Vs ACIT (ITAT Delhi) The facts relating to the ground are that during the course of assessment proceedings the Assessing Officer noticed that the assessee had made payment of Rs. 2,74,846/- being commission paid to Shri Ishan Batra. In response to the query of the Assessing Officer, the assessee had stated that Shri […]

ITAT treats Interest on Ideal fund of business deposited in Bank FD as Business Income

April 21, 2022 3567 Views 0 comment Print

Ideal fund of business deposited in Bank as Fixed Deposit (FD), Interest Income of Fixed Deposit is treated as Business Income. The assessee is a resident Company. As stated by the Assessing Officer, assessee is engaged in the business of construction, builder and developers etc. of residential houses, commercial building etc. In course of its […]

Transfer of shares under dispute cannot be decided merely based on transfer in Company records

April 4, 2022 2862 Views 0 comment Print

Whether the shares which came to be registered in the names of Purchaser in statutory records of the Company did not represented transfer of shares by the Seller in terms of Sec. 2(47) of the I. T. Act.

Expense on Land Acquisition etc for executing border outpost work for MHA is Revenue Expense

October 5, 2021 1242 Views 0 comment Print

ACIT Vs National Projects constructions Corporation Ltd (ITAT Delhi) Executed border outpost work for the Ministry of Home Affairs and has incurred the expenditure on land acquisition, compensation, service connection charges and miscellaneous expenditure are revenue in nature As per work order (MOU) the assessee was required to acquire the land for the project and […]

Minimum guarantee amount paid by distributor for acquiring exhibition rights of a movie is not Royalty & TDS not deductible

October 5, 2021 2802 Views 0 comment Print

ACIT Vs Yashovardhan Tyagi (ITAT Delhi) Clause (v) of Explanation 2 to Section 9(1) consists of two different transactions, one inclusive another non-inclusive. The inclusive part consists of the transfer of all or any rights (including the granting of a licence) in respect of any copyright, literary, artistic or scientific work including films or video […]

Documents found during the course of first search cannot be utilized for Assessment consequent to 2nd Search

September 30, 2021 3141 Views 0 comment Print

ACIT Vs Prakash Industries Ltd. (ITAT Delhi) Any incriminating material or documents found during the course of first search cannot be utilized while framing the assessments in pursuance of the second search in case of no assessment order passed consequence of first search Here in this case, in the letter dated 10.03.2021 filed by the […]

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