Income Tax judiciary-2

Reopening after 4 years in absence of failure of Assessee to disclose fully & truly all material facts necessary for assessment is invalid

ACIT Vs M/s Shiv Vegpro Pvt. Ltd. (ITAT Jaipur)

ACIT Vs Shiv Vegpro Pvt. Ltd. (ITAT Jaipur) Reopening after 4 years in absence of failure of Assessee to disclose fully & truly all material facts necessary for assessment is invalid AO has even not mentioned as on what account or transactions the assessee has taken the accommodation entry from Shree Ram Trading Co. It […]...

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Undisclosed sales – Only profit can be added when purchases are recorded

M/s Murlidhar Deendayal Vs ITO (ITAT Jaipur)

Murlidhar Deendayal Vs ITO (ITAT Jaipur) In respect of undisclosed sales only profit can be added when purchases are recorded but sales is undisclosed. For this purpose, reliance is placed on the following judicial pronouncements: (i) CIT v/s President Industries (2000) 158 CTR 372 (Guj) (ii) Bansal Rice Mills v/s ITO (2001)72 TTJ 1 (Chd)...

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Debt free Company- No Adjustment for interest free loan to Associated Enterprise

Value Labs Vs ACIT (ITAT Hyderabad)

Value Labs Vs ACIT (ITAT Hyderabad) The issue which arises in the present appeal is against the adjustment made in the hands of the assessee on account of interest due on outstanding Receivables by treating the same as international transaction. Much reliance is placed on the explanation inserted under section 92B of the Act with [&hellip...

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Second section 263 revision on same subject quashed by ITAT

Amritrashi Infra Pvt Ltd Vs PCIT (ITAT Kolkata)

Second revision u/s 263 quashed by ITAT holding not permissible on the same subject matter on which specific direction given by First PCIT have been complied by AO. Doctrine of merger applied....

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Loose papers cannot be classified as ‘incriminating material’ unless AO establishes nexus

Mani Square Ltd Vs ACIT (ITAT Kolkata)

For instance, scribbling or rough notings found on loose papers cannot be straightaway classified as ‘incriminating material’ unless the AO establishes nexus or connect of such notings with unearthing of undisclosed income of the assessee. This nexus or connect has to be brought out in explicit terms with corroborative material or evi...

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Section 54F exemption cannot be denied for Home Loan default

Goulikar Jawaharlal Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the capital gain deduction u/s 54F of the Income Tax Act, 1961?...

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Section 54 benefit cannot be denied for Procedural Non-Compliance

ITO Vs Smt. Rekha Shetty (ITAT Chennai)

The issue under consideration is whether the benefit of section 54 of the Income Tax Act, being a beneficial provision, can be denied to the assessee due to non-compliance of procedural requirements?...

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Amendment to Section 40(a)(ia) by Finance Act 2010 was retrospective

CIT Vs Archean Granites Private Ltd. (Madras High Court)

CIT Vs Archean Granites Private Ltd. (Madras High Court) The purpose of the amendment made by the Finance Act, 2010 is to solve the anomalies that the insertion of section 40(a)(ia) was causing to the bona fide tax payer. The amendment, even if not given operation retrospectively, may not materially be of consequence to the […]...

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Section 50C cannot be invoked in respect of TDR Rights

Sri Justice B. Subhashan Reddy (HUF) Vs ACIT (ITAT Hyderabad)

whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rights as the same would not come within the meaning of “immovable property”?...

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Reopening of Assessment for Mere Change of Opinion is unjustified

PCIT Vs Shri. K. R. Jayaram (Madras High Court)

Whether the Tribunal was justified in holding that the reopening of assessment was a result of mere change of opinion, even when there is no opinion formed or expressed by the Assessing Officer on this issue in the original assessment?...

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