By this income tax appeal, the appellant assessee challenges the orders of the Assessing Officer, the Commissioner of Income Tax as also the Income Tax Appellate Tribunal holding that the assessee had traded in shares and the income was liable to be taxed as business income.
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, on Wednesday furnished an order which ensure that tax payers are not charged penalty for unspecified reasons.
ACIT Vs. Everest Industries Ltd. (ITAT Mumbai) 1. The only grievance of the revenue in this appeal is that the provisions of section 50C of the Act mandates that where a transfer of capital asset being land or building or both is for consideration less then its value as adopted/assessed by the State Government for […]
We are of the view that assesse has not filed any Certificate of Registration granted u/s. 12AA of the I.T. Act, 1961, which is mandatory for availing the exemption u/s. 11 to 13 of the Act
Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad) F&O business carried out through recognized stock exchange cannot be treated as speculative loss in view of the exceptions carried out under s.43(5) of the Act. As per clause(d) of first proviso to section 43(5) of the Act inserted by the Finance Act, 2005 with effect from […]
Where revision petition was filed by assessee in respect of its individual and also for firm’s return to claim expenses in firm’s return which were claimed in its personal return, CIT was not justified in dismissing revision application without looking into the matter, therefore, it was remanded back to CIT to consider afresh.
Sunbeam Auto Private Limited Vs Pr. CIT (Delhi High Court) 1. These four writ petitions are by Sunbeam Auto Private Limited seeking inter alia the quashing of an order dated 30th March 2015 passed by the Principal Commissioner of Income Tax-8 (Pr CIT) under Section 264 of the Income Tax Act, 1961 (‘Act’), dismissing the […]
While dismissing the appeal of revenue, the New Delhi bench of Income Tax Appellate Tribunal in its recent order allowed a claim of expenditure by a Company for traveling expenses incurred on behalf of its Associated Companies.
IT authority has no option/jurisdiction to meddle in the matter either by directing the assessee to maintain its accounts in a particular manner or adopt a different method for valuing the work-in-progress.
Since, the determination of arm’s length price in the appeal effect order has not lead to any transfer pricing adjustment, with no effect on income of the assessee, hence, penalty provisions are not applicable in this case, therefore, we cancel the orders of the authorities below thereby deleting the penalty in dispute.
