All ITAT

Addition not justified for mere non-compliance of inquiry U/s. 133(6) & of summons issued U/s. 131

Phool Singh Vs. ACIT (ITAT Delhi)

Merely because 133(6) notices issued to the party returned un-served though it was the same address, which was supplied by supplier while filing its income tax return, no fault can be put on the shoulder of assessee....

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ITAT confirms addition for cash seized by police not explained satisfactorily

Sri. P.P.Sharafuddin Vs. ITO (ITAT Cochin)

Sri. P.P.Sharafuddin Vs. ITO (ITAT Cochin) The amount of Rs. 14 lakh was seized by the police from the assessee on 03.03.2008. At the time of seizure, the assessee did not mention that the amount seized belongs to his uncle. Because of the suspicious behavior and lack of explanation on the part of the assessee, […]...

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Payment of Arbitration Award cannot form part of Cost Base for Margin Calculation

Hyundai Rotem Company Vs. ACIT (ITAT Delhi)

ITAT Delhi, last week held that the transaction of making payment of Rs. 95,50,31,150/- (on account of arbitral award) by Hyundai Rotem Company to the DMRC made on behalf of its AE would not part of the margin calculation to be added to revenue and cost for bench marking the international transaction....

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Reopening of assessment not permitted if no Failure of Assessee to disclose material facts

Biddle Sawyer Limited Vs. ACIT (ITAT Mumbai)

Assessing Officer expected the assessee to disclose, and which were necessary for his assessment but not disclosed. Therefore, factually speaking, we find enough weight in the plea canvassed that there has been no failure on the part of the assessee to disclose the material facts as required by the proviso to Sec. 147 of the Act and thus,...

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Section 153C Assessment is without Jurisdiction if documents seized not belongs to Assessee

A.C.I.T. Vs. Empire Casting Pvt. Ltd. (ITAT Delhi)

While dismissing the appeal filed by the revenue the Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that assessment under Section 153C of the Income Tax Act without jurisdiction when documents seized not belonged to the assessee is invalid. ...

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Allowability of Investment in new asset after furnishing of return U/s. 54

Anita Ajay Shad Vs ITO (ITAT Ahemdabad)

Anita Ajay Shad Vs ITO (ITAT Ahemdabad) When an assessee furnishes return subsequent to due date of filing return under section 139(1) but within the extended time limit under section 139(4), the benefit of investment made upto the date of furnishing return of income under 139(4) cannot be denied on such beneficial construction of section...

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Penalty u/s 271C can be levied for non-deduction of TDS and not for delayed deduction of TDS

ITO Vs. M/s Liver Foundation (ITAT Kolkata)

The Income Tax Appellate Tribunal, Kolkata bench recently ordered that the penalty u/s 271C of the Income Tax Act cannot be levied for the delayed deduction of TDS amount....

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Section 2(22)(e) not attracted if appellant has given his personal properties as collateral security to bank for loan

I.T.O. Vs. Sri Siddhartha Paul (ITAT Kolkata)

The fact that the assessee had given his personal property as collateral security for enabling M/s. Palsons Drugs Pvt. Ltd to obtain loan and other credit facilities is not in dispute. Under the circumstances the proposition of law as laid down by the Jurisdictional High Court in the case of ‘Pradip Kumar Malhotra vs CIT’ (supra) squ...

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CIT(A) has no power to give direction to AO to reopen assessment

ITO Vs. Sri Biswajit Chatterjee (ITAT Kolkata)

CIT(A) has been given power u/s. 251 of the Act to confirm the order of AO reduce, enhance or annul assessment order under the provision of Act but there is no power available to Ld. CIT(A) to give direction to AO for reopening the case of other years. ...

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Assessment order not become nullity for mere non-issue of notice upon legal heirs

Late Shri Atulkumar Mansukhlal Shah Vs. ITO (ITAT Ahmedabad)

The ld.counsel for the assessee while impugning the orders of Revenue authorities took us through section 159 of the Income Tax Act, 1961 and pointed out that as per sub-section (2) of section 159 notice upon legal heirs ought to have been issued by the AO, which the AO has failed to do so, and therefore, the assessment order is a nullity...

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