Section 54/54F: New residential house need not be purchased by assessee in his own name

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai)

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai) The provisions of section 54 of the Act are beneficial and are to be considered liberally for reasonable bonafide cause but investment in residential property is mandatory which is not in dispute in this case. The Assessing Officer was not justified in rejecting the case law relied on […]...

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Deduction U/s. 80P not allowable to Co-operative society if it provides Credit facility to other than members

ITO Vs M/s. Siddasiri Pattin Souharda Sahakari Niyamit (ITAT Bangaluru)

Where assessee-society was engaged in activity of finance business and was also engaged in activity of granting loans to general public as well, it could not be termed as co-operative society meant only for its members and providing credit facilities to its members, hence assessee was not entitled to deduction under section 80P....

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In case of Limited scrutiny AO cannot make additions or disallowances on other issues

Shri Vijay Kumar Vs ITO (ITAT Chandigarh)

Shri Vijay Kumar Vs ITO (ITAT Chandigarh) The main contention of the Ld. Counsel for the assessee is that the Assessing Officer while making the impugned additions has exceeded his jurisdiction. That the case of the assessee was selected for limited scrutiny issue i.e. regarding security transaction. The Assessing Officer could not find a...

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Addition justified for Unverified corpus donation 

Angika Development Society Vs Asstt. Director of Income Tax (Exemption) (ITAT Delhi)

Where corpus donation could not be verified as donor was not co-operating in providing details, it was rightly treated as unexplained cash credit under section 68....

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Cash Sale of Car cannot be doubted without inquiry| Addition not justified

Mr. Satyender Yadav Vs The Income Tax Officer (ITAT Delhi)

Mr. Satyender Yadav Vs ITO (ITAT Delhi) It is not in dispute that assessee is owner of the Car. The assessee explained that car is sold for cash of Rs.3,21,900/- to Shri Parvender Singh who has executed an affidavit in favour of the assessee, confirming the purchase of the Car. The A.O. did not examine […]...

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Income from commercial exploitation of properties is business income

DCIT Vs M/s ATC Realtors Pvt. Ltd. (ITAT Guwahati)

Where assessee's main objects were acquiring, constructing, operating and maintaining of multiplexes, business centres, etc., income derived from such activities was to be treated as business income and not income from house property....

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Mere discrepancy in Form 26AS & 16 not amounts to concealment

Chalapati Katiki Vs ITO (ITAT Hyderabad)

Taking into account the amount mentioned in Form 26AS it could not be said that the assessee had concealed amount or furnished inaccurate particulars of income. However, penalty was restricted to the tax sought to be evaded on the amount of commission income not disclosed by assessee....

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Penalty cannot be levied if addition itself was debatable

M/s Google India Pvt.Ltd. Vs ACIT (ITAT Bangalore)

Additions in respect of which penalty was confirmed has been accepted by Hon’ble Karnataka High Court, leading to substantial question of law. Thus when Hon’ble High Court admitted substantial question of law on additions, it becomes apparent that issue is certainly debatable. In such circumstances penalty cannot be levied under secti...

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Order must be passed in reasonable time in absence of prescribed statutory time limit with reference to collection of taxes

Adani Enterprise Ltd. Vs DCIT (ITAT Ahmedabad)

Adani Enterprise Ltd. Vs DCIT (ITAT Ahmedabad) We notice that no time limit has been prescribed for passing order under s.206C of the Act. The CIT(A) has assumed that in the absence of statutory time limit provided, the provisions of Section 201(3) of the Act providing time limit for deduction of tax at source can […]...

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Basic administrative expenses incurred after setting up but before commencement of business allowable

Vil Media (P) Ltd. Vs DCIT (ITAT Hyderabad)

 Assessee having already set up its business was eligible to claim basic administrative expenditure as business expenditure though business operations were commenced in the subsequent year....

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