CIT is not justified in rejecting registration on the ground that the non-production of books and vouchers means that the genuineness of the charitable activities cannot be verified. The CIT is entitled only to examine the objects of the trust at the stage of registration and not the books of account
Devaram C. Bhavani Vs. ITO (ITAT Mumbai) We have given a thoughtful consideration to the notings in the impounded document, viz. Annexure A-2– Page 37 & Page 105 and are unable to persuade ourselves to be in agreement with the view taken by the lower authorities. We find that as against the working of the amount […]
ITO Vs. M/s. Arandi Investments Pvt. Ltd. (ITAT Mumbai) Assessing Officer treated loss in future and options (F&O) transactions as speculation loss and disallowed the same. We find that on this issue, the A.O. has referred to Honorable Delhi High Court decisions on identical issue. The Honorable Delhi High Court in the case of CIT […]
ITAT held that fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth Rs. 5 of a little known company would jump from Rs. 5 to Rs. 485. AO was justified in denying exemption under section 10(38) to assessee, being fantastic sale price was not at all possible in such a short time.
In re Fermi Solar Farms Private Ltd. (AAR Maharashtra) Q.1 Whether in case of separate contracts for supply of goods and services for a solar power plant, there would be separate taxability of goods as ‘solar power generating system’ at 5% and services at 18%? A.1 The agreements tendered in support of this question reveal […]
ITO (E) Vs. M/s Young Women’s Christian Association of Delhi (ITAT Delhi) Unrecognized courses are also comes within the meaning of education or in other words, it can be said that the charitable purposes includes relief to the poor, education (yoga), medical relief, preservation of environment and preservation of monuments or placed or objects of […]
It is seen that the grounds on which the ALP determined by the assessee has been rejected are reasonably debatable. The assessee had obtained a transfer pricing study from an outside expert and the objectivity of the same was not called into question.
Balaji Motion Pictures Ltd. Vs. DCIT (ITAT Mumbai) The assessee has given an explanation that keeping in view smallness of the amount being addition of Rs. 2,16,441/- and also keeping in view that the assessee had claimed a loss of more than of Rs. 9 crores in the return of income filed with the Revenue […]
An undertaking like the assessee, which derives profits from the business of processing, preservation and packaging of fruits or vegetables would be entitled to deduction under section 80IB(11A) of the Act from the initial assessment year, viz. the assessment year relevant to the previous year in which it begins such business.
As you are aware, e-SANCHIT shall be made mandatory from 15t” March, 2018. The Board has issued instructions to all the Chief Commissioners to launch e-SANCHIT in all the EDI locations.
