Bangalore Bench of the Tribunal in the case of M/s. Shetty Constructions v. ACIT has held that rejection of books of account is a precondition for making reference to the DVO.
The document impounded herein is duly supported by all the correct entries as per assessee’s stand itself, addition u/s 68 tenable
It is not open to the First Appellate Authority i.e., CIT(A) to set aside the order of the A.O. and order a remand or to give any directions. Hence, CIT(A) was not justified in giving direction to the A.O. to levy penalty u/s. 271AAA of the I.T. Act, 1961.
Short term capital loss not claimed while filing return u/s 139(1). Loss was claimed for the first time via return u/s 153A. Claim denied according to provisions of section 80.
Charges of clandestine removal cannot be sustained as the evidences brought into the record by the department are incomplete, inconsistent and not a reliable piece of evidence.
Held that If there is payment of tax under the composition scheme, question of regular assessment would not arise under Telangana Value Added Tax Act, 2005 (TVAT Act).
Held that consideration paid by the assessee in excess of its value of tangible assets was rightly classified as goodwill the same is eligible for depreciation
Matter of classification is complex. According, held that there is no scope for indicting the individuals in these proceedings for deliberate misdeclaration. Penalty not imposed as the role of the individuals in the misdeclaration of stores and bunkers is not evident in the impugned order.
Lease charges paid for the use of the asset, without acquiring any ownership rights in the same, are allowable as revenue expenditure under Section 37 of the Act.
Assessee did not submitted necessary details before AO. CIT(A) deleted the addition made by the AO on this score without calling for the remand report. Tribunal set-aside the impugned order.
