The ld.counsel for the assessee while impugning the orders of Revenue authorities took us through section 159 of the Income Tax Act, 1961 and pointed out that as per sub-section (2) of section 159 notice upon legal heirs ought to have been issued by the AO, which the AO has failed to do so, and therefore, the assessment order is a nullity and deserves to be quashed.
Mr. Hasmukh I. Gandhi Vs. Dy. CIT (ITAT Mumbai) In this case Information was received by CBDT from German Authorities about bank account held by a trust named as Manichi Trust where economically beneficial ownership of the assets is of the appellant and his family members. Specific details such as date of birth, residential address, […]
The fact of the second sale was denied and the same arguments were put forth, namely that (i) the assessee had no knowledge of the second deal and (ii) the purchasers of the property Kanekleta Umengbhai Thakker and Umangbhai HiralalThakker had filed affidavits stating that they paid only Rs.3.70 crores and that the sale deed of Rs. 1.37 crores was executed by mistake.
Where assessee paid interest on term loan which had entirely been used for purpose of purchasing the assets for purpose of business which were hypothecated to bank and it had sufficient interest-free funds to take care of advances, the deduction under section 36(1)(iii) was allowable.
Section 194J would have application only when the technology or technical knowledge, experiences/ skills of a person is made available to others which can be further used by him for its own purpose and not where by using technical systems, services are rendered to others.
Amount received by assessee form a closely held company in the guise of an agreement having no existence in the eyes of law, was to be assessed as deemed dividend under section 2(22)(e) in assessee’s hands on account of his substantial shareholding.
Assessment order shows that it is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made in case of belated filing of the original return of wealth.
Nandadevi Outdoor Leadership School Vs. DIT (Exemptions) (ITAT Delhi) The assessee is engaged in the activities of rock climbing and mountaineering, bag-packing, kayaking, sailing and rafting. It says that it is one of the world‟s biggest outdoor skill trainer and its parent is headquartered in the USA. It offered courses in the Himalayan by instructing. […]
The present four stay petitions are filed by the assessee for the assessment years 2009-10 to 2012-13, seeking extension of the stay earlier granted by the Tribunal on various occasions. In this regard, it was pointed out by the Ld. AR that the assessee had made the following payments out of the total demand, for the assessment years 2009-10 to 2012-13
Exemption from tax to encourage industrialization cannot be equated with refund of tax. They are two different legal and distinct concepts. An exemption is a concession allowed to a class or individual from general burden for valid and justifiable reason.
