Where assessee had failed in establishing the creditworthiness of the donors, occasion for making the gifts and why the donors who were strangers and not men of means gifted such huge amounts to the assessee- HUF out of love and affection, therefore, addition made by AO was justified.
Pr. CIT Vs. National Informatics Center Services Inc. (Delhi High Court) Date of filing of the return of income is 25-09-2009. Therefore, the notice served on the taxpayer u/s 143(2) on 26-08-2011 is beyond the period of six months from the end of the financial year in which the return was furnished. Therefore, the notice […]
The objection of the revenue that the assessee intentionally waited for mechanical lapse of 36 months and deliberately put the date on agreement as 18-11-2009 to avoid the payment of tax is not tenable.
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.
