Sponsored
    Follow Us:

Technical infirmity, is of no practical significance if additions on merits cannot be sustained

May 3, 2014 1499 Views 0 comment Print

“As evident from a plain look at the ground of appeal, the actual grievance of the appellant is not on merits but on the legal issue regarding limitations on the powers of the CIT(A) on the ground that post 1st June 2001

Allhabad HC- Satisfaction note necessary for initiating 153C

May 3, 2014 2007 Views 0 comment Print

A bare perusal of the provision contained in Section 153C of the I .T. Act leaves no doubt that, as is provided under Section 158BD, where the Assessing Officer, while proceeding under Section 153A against a person who has been subjected to search and seizure under Section 132(1)

Adjustment in book profit for depreciation not permissible in depreciation amount is certified by the auditor

May 3, 2014 4419 Views 0 comment Print

It is an admitted fact that the assessee has changed the method of depreciation from straight line method to written down value method. Deprecation has been calculated in accordance with the new method from the date of assets coming into use.

Sec 154 cannot be resorted for applying sec 115JB of Income Tax Act,1961

March 26, 2014 3755 Views 0 comment Print

In the case of Cardinal Drugs Pvt Ltd.Hon’ble ITAT has observed that there was no scope for the A.O. to have resorted to the provision of Section 154 of the Act for the purpose of enhancing the income of the assessee.by stating as under:- The A.O. on long drawn process of reasoning should not have passed the order under Section154 of the Act. The issue raised by the A.O. in proceeding under Section 154 of the Act is highly debatable which requires the issue to be reconsidered by the A.O.about applicability of the provision of Section 115JB of the Act which was notraised by the A.O. in assessment or appellate proceedings.

Quality & lavishness of construction is not incriminating material

March 2, 2014 2068 Views 0 comment Print

Agra ITAT in the case of ACIT Vs. Shri Yogendra Kumar Singhal has held that Quality & lavishness of construction is not incriminating material. Reference cannot be made to the Valuation Officer in the absence of incriminating material/document found during the course of search

Re-appreciation of seized material in subsequent proceedings by the AO is unjustified

March 2, 2014 1535 Views 0 comment Print

Hon’ble ITAT Agra in the case of ACIT V/s. Kalyani Chaturvedi held that Re-appreciation of seized material in subsequent proceedings by the AO is unjustified and quashed the Re-assessment Order. Hon’ble ITAT has held as under

Recognition U/s. 80G(5) cannot be rejected for Mere non Commencement of one of the activities mentioned in object clause

January 15, 2014 1198 Views 0 comment Print

ALLAHABAD High Court Rejects Revenue’s denial of Sec 80G(5) recognition on the ground that the assessee-trust did not commence one of the activities mentioned in object clause- The fact that the assessee was still to commence the activity of establishing a hospital for imparting medical treatment would not by itself result in the rejection of the claim for recognition.

SC : Dismisses Revenue’s SLP; Search-warrant in joint names makes block-assessment invalid

January 5, 2014 507 Views 0 comment Print

SC has dismissed the revenue appeal in which the Allahabad High Court had confirmed the ITAT stand of quashing the assessment order on the ground that the assessment order in the name of individuals could not be made when the warrant of authorisation was issued in the joint names of Ashok Chawla, Smt. Madhu Chawla and Shri Anuj Chawla.

Merely applicability of sec 50C will not prove escapement of Income

January 2, 2014 3920 Views 0 comment Print

Section 50C is not final determination to prove that it is a case of escapement of income. The report of approved valuer may give estimated figure on the basis of facts of each case. Therefore, on mere applicability of section 50C would not disclose any escapement of income in the facts and circumstances of the case.

Omission of notice u/s 143(2) of the Act is not merely a procedural irregularity

October 31, 2013 2941 Views 0 comment Print

Facts of the case in brief are that the assessee filed his return of income belatedly on 26/03/2010 showing taxable income of Rs. 6,03,414/-, which was processed under section 143(1) of the I.T. Act, 1961 (hereinafter referred to as Act, for short on 05/04/2010.

Sponsored
Sponsored
Search Post by Date
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31