Penalty U/s. 271AAA cannot be levied if revenue NOT Made enquiry as regards manner of deriving of undisclosed income

The Jt. Commissioner of Income-tax Vs Shri Jayendra N. Shah (ITAT Ahmedabad)

Where revenue itself failed to enquire from assessee as regards the manner in which undisclosed income admitted under section 132(4) was derived, the assessee could not be held guilty of not substantiating the manner of deriving of such undisclosed income, therefore, no penalty under section 271AAA could be levied....

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AO not justified in treating share application money as unexplained without rebutting evidences filed by Assessee

Shakti Hardware Collection Pvt. Ltd Vs DCIT (ITAT Mumbai)

Where assessee having received share capital furnished evidences, i.e. addresses, PAN No., copies of returns and bank statements of subscribers, etc., AO was not justified in treating share application money as unexplained without rebutting such evidences....

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Exemption U/s. 54 for Reinvestment in 3 residential houses having common amenities?

A.C.I.T. Vs Smt. Reshmi P. Loyalka (ITAT Kolkata)

Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of the Act by construing all the three uni...

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TP: Provision for bad & doubtful debt & bad debts written off are operating expenses

Hyundai Motor India Engg. Pvt. Vs Dy. Commissioner of Income tax (ITAT Hyderabad)

Hyundai Motor India appeal: Including bad debts and provision for bad and doubtful debts as operating expenses is necessary for the purpose of computing profit and loss of comparable companies, the margins of comparable companies ...

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Section 40(a)(ia) not applicable to charitable or religious trust before 01.04.2019

Pediatric Infectious Diseases Academy Vs I.T.O. (ITAT Kolkata)

Where the income of the assessee was exempt under section 11 and the assessee was not carried on the business, section 40(a)(ia) had no application. Moreover, the insertion of Explanation 3 to Section 11 by the Finance Act, 2018 making inter alia the provisions of Section 40(a)(ia) applicable in case of charitable or religious trust or in...

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Limitation period to file a Rectification Application- Computation Date- Order Communication Vs. Passing Date

Shri. Jagmohan Gurbakshish Singh Vs. The DCIT (ITAT Chandigarh)

The Registry has put a note that the applications are time barred by five days. However, Ld. Counsel for the assessee has submitted that in view of the settled legal position of law, the applications cannot be treated as time barred. He in this respect has invited our attention to the relevant provisions of section 254(2) of the Income-ta...

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Mere delay in submitting ITR-V does not make return invalid to deny benefit of carry forward of losses

M/s. Electronics & Controls Power Systems Pvt. Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The learned Commissioner (A) ought to have appreciated that the return of income was filed electronically within the due date and filing of ITR-V was a formality and delay in filing ITR-V cannot deprive the assessee from claiming carry forward loss duly determined for the relevant assessment yeare....

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Deduction U/s. 80IC not eligible on Interest Income on FDRs Pledged as Security Deposit in lieu of tender of contracts

Conventional Fastners Vs ITO (ITAT Delhi)

A.O. noted that the deduction under section 80IC is to be allowed on the profits derived from eligible business. The interest earned on the FDRs cannot be said that interest income earned from manufacturing activities of the assessee. It can only be said that interest income on FDRs is attributable to business activities but cannot be sai...

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Mere Provision not eligible for Adjustment against Book Profit it must be Ascertained Liability

M/s. Southern Power Distribution Company of Andhra Pradesh Ltd. Vs DCIT (ITAT Hyderabad)

In accordance with the view expressed by the third member, Hon'ble Vice-President, Hyderabad, the ground of appeal No.4 is partly allowed and the AO is directed to allow the deduction from the book profit of sum of Rs.22.89 crores while computing the taxable income u/s 115GB of the I.T. Act. The ground of appeal No.4 is therefore, treated...

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Commission paid to non-residents for services rendered abroad cannot be construed as incomes accrued or arisen in India

State Bank of India Vs Asstt. CIT (ITAT Mumbai)

Commission earned by non-resident for services rendered abroad could not be construed as incomes accrued or arisen in India and accordingly disallowance made by AO by invoking section 40(a)(i) was set aside....

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