Electra Paper and Board Pvt. Ltd. Vs ITO (ITAT Chandigarh) In the instant case undisputedly on the date of allotment of shares i.e. 31.3.2016, a balance-sheet was drawn by the assessee albeit the said balance sheet was unaudited on that date. The FMV of the shares was determined on the basis of said balance-sheet. The […]
Jitendra Singh Vs Union of India (Allahabad High Court) On merits, it has been submitted, no liability of GST may arise on payment of royalty to conduct mining activity. Reliance has been placed on a an interim order dated 15.11.2021 of this Court passed by a division bench in Writ Tax No. 475 of 2021 […]
ITO Vs Nithyasudha Combines (ITAT Chennai) The next point for consideration is whether the unexplained partners’ capital is assessable in the hands of the assessee or not in terms of section 68 of the Act. Section 68 of the Act can be invoked only when there is a credit in the books of account maintained by the […]
Ramvir Singh Vs Commissioner of Customs (CESTAT Delhi) CESTAT find that the appellant has received full set of documents through the freight forwarder and there was no reason for him to doubt the genuineness of the exporter. Further, as the goods were factory stuffed and sealed, the appellant – CHA has no reason to doubt […]
Jindal Steel & Power Limited Vs Principal Commissioner of CGST & CX (CESTAT Kolkata) It is undisputed that the compensation was received by the Appellant. Coal blocks allocated to the Appellant as well as to several others were cancelled as per the judgment of the Hon’ble Supreme Court. Thereafter, they were allotted to new companies. […]
DCIT Vs IFCI (ITAT Delhi) Issue- On the facts and circumstances of the case, the Ld. CIT (A) has erred in deleting the disallowance made on depreciation of finance leased assets amounting to Rs. 1,31,63,444/- holding that it is one of the business of assessee. Held- Depreciation of finance least assets is related to the […]
M. M. Engineers and Consultants Vs PCIT (ITAT Cuttack) At the outset, a perusal of the balance sheet clearly shows that there is nothing in the balance sheet of the assessee under the term ‘sundry creditors’. We are alive to the fact that this is a limited scrutiny assessment, which is done under CASS. In […]
Keshav Saran Vs ACIT (ITAT Delhi) In the present case, the assessee has actually filed the return of income and the Assessing Officer in the satisfaction note noted that the assessee has not filed return of income. Thus, we safely presume that the Assessing Officer has initiated reassessment proceedings by mentioning wrong and incorrect facts […]
It is well settled proposition of law that the apprehension, howsoever strong, cannot substitute material evidences. A.O. was not justified in treating part of liabilities as unproved on presumptions, surmises and conjectures
Pranav Saran Vs ACIT (ITAT Delhi) There are divergent views on this taxability of interest on the enhanced compensation awarded u/s 28 of the Land Acquisition Act wherein the Hon’ble Punjab & Haryana High Court has consistently taking a view that it is an income to be treated under the head ‘income from other sources’. […]
