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Despite late filing of Form 67, assessee deserved the credit for taxes paid in Nepal since the provisions of DTAA (in this case DTAA with Nepal) had an overriding effect over other provisions of the Act.
It was felt that the minute details of matching of accounts, working out the exact quantum of turnover from the bank accounts and matching of vouchers with expenses claimed could not be done by this Bench of ITAT.
ITAT order was based on the fact that assessee had discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions.
Assessee had not challenged the validity of reopening, though for the first time, assessee had challenged the action of AO by taking plea that AO should have assessed assessee under section 153C and not section 147/148.
ITAT Bangalore held that delay of 85 days in filing of appeal before CIT(A) condoned on medical grounds. Accordingly, matter remitted back to CIT(A) for fresh consideration on merits.
The assessee is a souharda cooperative society duly registered under the Karnataka Souharda Sahakari Act, 1997 and is engaged mainly in the business of accepting deposits from members and lending credit facilities to its member.
ITAT Ahmedabad held that addition towards undisclosed receipts not sustainable since the amount stand reconciled. Accordingly, order set aside and appeal filed by the assessee allowed.
Madras High Court granted stay on payment of 10% of tax demand since the respondent/ department failed to furnish proof against alleged demand. Accordingly, order set aside and stay granted.
Delhi High Court held that in case of investment in two residential properties, exemption under section 54F of the Income Tax Act is available in respect of only one of the two residential properties. Accordingly, appeal dismissed.
Assessee had given reasons that as per the previous counsel, late Shri R.R. Jain (C.A.) had given advice no separate appeal against the order passed u/s 263 was filed before ITAT.
