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Mr A supposed to invest Rs 5 crores in start-up. He is holding 100% shareholding in his company(1% in the name of nominee to comply with the provision of Companies Act,2013).
Since assessee did not file the Audit Report in Form No.56F as required under the law, AO had rightly disallowed deduction claimed u/s.10AA.
Where income was offered on presumptive basis under section 44AD, there was no need to maintain books of accounts therefore addition made against the vegetable vendor was deleted for failure to substantiate the unexplained cash deposit.
ITAT Varanasi held that principles of natural justice demand that both the parties, i.e. assessee as well as AO, shall be given opportunity of being heard, before being condemned and any prejudice is caused. Impugned order not satisfying the same is liable to be set aside.
ITAT Kolkata held that denial of deduction under section 80IA of the Income Tax Act on the basis of vague and ambiguous reasons is unjustified. It is settled law that when assessee is entitled for deduction the same should not be disallowed merely because of any bona fide mistake or error.
ITAT Amritsar held that section 68 of the Income Tax Act is not empowered to allow addition of sundry debtors/ advance to growers. Accordingly, addition of the same deleted.
ITAT Delhi held that when the investment in house property is done jointly, claim under section 54 of the Income Tax Act is restricted to the 50%.
Delhi High Court held that recourse to provisions of section 263 of the Income Tax Act sustained as prima facie view concludes that AO has committed an error in law.
ITAT Delhi held that capital gain cannot be taxed in the hands of the person who sold the property as attorney of the owner. The same is taxable only in the hands of the owner of the property.
