All ITAT

Subsidy based on reimbursement of sales tax – revenue or capital receipt?

PepsiCo India Holdings Pvt. Ltd, (erstwhile Pepsi Foods Pvt. Ltd.) Vs Addl. CIT (ITAT Delhi)

ITAT, Delhi held that the subsidy received by the assessee from the subsidy received under the West Bengal Incentive Scheme of 2004 was capital in nature and could not be taxed as revenue receipts. ...

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Mere Object clause in MOA not sufficient to claim rent as Business Income

New Horizon Logiware (P) LTD Vs ITO (ITAT Delhi)

New Horizon Logiware (P) LTD Vs ITO (ITAT Delhi) AO has discussed the facts in detail and the relevant clauses of the lease deed and also mentioned that the said warehouse was already rented to present tenant (Tupperware) by earlier owner from whom assessee has purchased this building in this year. As per AO, the […]...

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If exempt income is Nil, section 14A will not apply

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad)

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad) It is settled position of law that the provisions of section 14A can be applied to quantify the expenses in relation to exempt income. Since the exempt income is Nil, section 14A will not apply. The Rule 8D can be applied only when there is difficulty in […]...

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Advance rent & security deposit cannot be treated as deemed dividend

Shri Jinendra Kumar Jain Vs ACIT (ITAT Delhi)

Shri Jinendra Kumar Jain Vs ACIT (ITAT Delhi) It is, therefore, clear from the evidence on record that assessee in fact, has let-out the joint property to the tenant company and has received advance as well as security deposit of the aforesaid amounts. The authorities below rejected the claim of assessee because the amount of […]...

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Deduction U/s. 80P to cooperative society on Interest earned on FDs and saving bank deposit

Jawala Cooperative Urban Thrift & Credit Society Ltd. v. ACIT (ITAT Delhi)

Jawala Cooperative Urban Thrift & Credit Society Ltd. Vs ACIT (ITAT Delhi) Funds kept in bank could be said to be ready for utilization by the assessee, cooperative society, in its business of providing credit facilities to its members, and therefore, the income from such monies, kept in bank, were attributable to the business of [&he...

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Notice u/s 143(2) issued by AO before return filing has no meaning

Shri Sudhir Menon Vs The Asst. Commissioner of Income Tax (ITAT Mumbai)

Shri Sudhir Menon Vs ACIT (ITAT Mumbai) The assessee filed return of income under section 148 of the Act vide letter dated 23.05.2013 stating that the original return of income can be treated as return filed in response to notice under section 148 of the Act. It means that the assessee has filed return of […]...

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ITAT order cannot be termed erroneous for negligence of Dept

Income Tax Officer Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai)

ITO Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai) If we examine the facts of the present case it can be seen that in the previous year relevant to the assessment year under dispute, the assessee had received certain unsecured loan and share capital investment which were examined by the Assessing Officer during the assessment […]...

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Reassessment u/s 147 void in absence of fresh tangible material with AO

ACIT Vs M/s Goldmohur Design and Apparel Park Ltd. (ITAT Mumbai)

ACIT Vs M/s Goldmohur Design and Apparel Park Ltd. (ITAT Mumbai) Under the new provisions of section 147, an assessment can be reopened if the Assessing Officer has ‘reason to believe’ that income chargeable to tax has escaped assessment; but if he wants to do so after a period of four years or merely on […]...

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Notice U/s. 148 valid despite no fresh material if Return was processed U/s. 143(1)

Ajay Narayan Bhoir Vs ACIT(ITAT Mumbai)

Ajay Narayan Bhoir Vs ACIT (ITAT Mumbai) In case of return of income processed under section 143(1), the only condition to be satisfied for reopening is that taxable income has escaped assessment and the assessee’s plea that no fresh material was there before the AO warranting re-opening, was not relevant. FULL TEXT OF THE ITAT [&hellip...

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No Penalty for withdrawal of higher depreciation claim during assessment

Waman Hari Pethe Sons (P) Ltd. Vs DCIT (ITAT Mumbai)

Where assessee had claimed depreciation on building at revalued figures and later on withdrawn the excess depreciation during the course of assessment proceedings to buy peace, the imposition of penalty under section 271(1)(c) was invalid because mere making of wrong claim would not automatically lead to an inference of furnishing inaccu...

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