Paramount Probuild Pvt. Ltd. Vs DCIT (ITAT Delhi) Held that when there is no incriminating material was unearthed during the course of search in respect of an issue, then no addition in respect of such an issue can be made in the assessment u/s 153A & 153C of the Act. Facts- The assessee Company is […]
Chirag M. Shah Vs ITO (ITAT Ahmedabad) It is observed that it is crystal clear that there are provisions under the IT Act; namely, section 199 of the IT Act, 1961 and Rule 37BA of the IT Rules, 1962 and the proper mechanism is also provided under the Act and Rules. Thus, respectfully following the […]
Nekkanti Sea Foods Limited Vs PCIT (ITAT Visakhapatnam) That the export entitlements (MEIS) and the duty drawback of promotion scheme is an income asssessable under the head “profits or gains from business or profession” accordingly, eligible for deduction u/s 80IB(11A). Facts- The assessee is engaged in the business of export of frozen shrimp and other […]
Held that M2M loss on SWAP contract was allowable where loans were converted into foreign currency loan to take benefit of low interest rate and loss recognized on account of foreign exchange fluctuation as per notified Accounting Standard 11 was an accrued and subsisting liability and not merely a contingent or hypothetical liability.
Held that as per the identical issue of disallowance of bought note purchases in cash u/s. 40A(3) of the Act for the assessment year 2017-18 and after considering relevant facts, we set aside the issue to the file of the Assessing Officer for further verification.
Madanthyar Primary Agricultural Credit Co-operative Society Vs DCIT (ITAT Bangalore) The notices in question were issued during the covid period and the Assessee’s contention that it could not respond to the notices in view of the pandemic situation has to be accepted as a reasonable cause. Facts- As there was delay in filing TDS statement, […]
ITO Vs Mohammedarif Ibrahimbhai Shaikh (ITAT Ahmedabad) Held that non-issuance of proper show cause can be fatal to the proceeding under the Income Tax Act. AO clearly failed in issuing the appropriate show-cause notice thereby clearly vitiated the principle of natural justice Facts- The assessee is engaged in the business of trading in and export […]
ACIT Vs Amardeep Singh Bedi (ITAT Delhi) No disallowance is called for, on belated payment of employees’ contribution to ESI and PF in case the assessee deposited the said contribution before due date for filing of return of income under Income Tax Act Facts- The appeal is preferred by the revenue against CIT(A) order deleting […]
Sun Sea Shipping Agency Vs The Commissioner of Customs (CESTAT Chennai) The goods are counterfeit and have been confiscated. However, penalty u/s 112(a) being on higher side is reduced Facts- The assessee filed a Bill of Entry dated 22.12.2017 through their Customs Broker M/s. Sun Sea Shipping Agency for the clearance of import consignment in […]
Smt.Chandrakala Shashidhar Vs ITO (ITAT Bangalore) Held that assessee would be entitled to the benefit u/s 54F of the I.T.Act once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all […]
