All ITAT

Depreciation on Motor Car cannot be disallowed partly on Personal use assumption

ACIT Vs. Claridges Hotels Pvt. Ltd. (ITAT Delhi)

When motor vehicles are in the gross block of the company and used for business it cannot ipso facto lead to an inference that the depreciation has to be partly disallowed on the assumption that these are partly used for personal use: Claridges Hotels case....

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Assessee cannot adopt valuation of DVO after adopting stamp value

Narendra Singh Vs. Asst CIT & Vice-Versa (ITAT Jaipur)

When assessee himself had adopted value of land as per Stamp Duty Authority for computation of long-term capital gain, then he could not claim adoption of the value of land as estimated by DVO, as he filed return of income and paid taxes, also there was no scope of reduction....

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CIT not to examine books while granting of registration U/s. 12A

Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi)

Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi) Coming to the powers of the Commissioner as to whether while granting registration under section 12A he is required to examine the books of account etc. or he is only to satisfy himself regarding the objects of the trust and genuineness of the activities of the trust, […]...

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Mere furnishing of confirmations & PAN not sufficient to prove creditworthiness of creditors

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune)

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune) Mere furnishing of confirmations and PAN are not sufficient to prove the creditworthiness of the creditors. The assessee has to prove financial capacity of the creditors. The assessee was required to furnish evidence that would show financial worth of the creditors, such as bank statements...

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Expenditure incurred for day-to-day improvement of existing business is capital expense

Spectrum Coal & Power Ltd. Vs ACIT (ITAT Mumbai)

The grounds of appeal in ITA No. 1295/Mum/2012 for AY 2000-01 & ITA No. 1296/Mum/2012 for AY 2001-02 are common. In both these appeals the assessee has taken as many as eight grounds of appeal...

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Loss from share forfeiture is Loss from business if Assessee is a Share Trader

Tanvi Financial Services Private Limited Vs Income Tax Officer (ITAT Hyderabad)

If the assessee has subscribed to the preferential warrants as an investor, then the share application money assumes the character of capital expenditure and the loss incurred by the assessee on forfeiture of the initial payment already made by the assessee is capital in nature. But if the assessee is trading in shares and in the course o...

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Subsequent use of property not material for section 54F exemption

ITO Vs. Smt. Saida Mohammad (ITAT Jodhpur)

This appeal filed by the Revenue is directed against the order of the ld. CIT(A), Bikaner dated 20.05.2016 pertaining to A.Y. 2012-13....

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Addition for Jewellery within limits prescribed by CBDT circular not sustainable

Smt. Ritu Bajaj Vs. The Dy. C.I.T (ITAT Delhi)

The jewellery found in possession of the Assessee and his family is within the normal limits of the jewellery which as per the Board’s Circular not to be seized during the search proceeding of the Income Tax Act. Moreover, in the case of Haroon Mohd. Unni Mumbai vs Department of Income Tax, the Assessing Officer conducting the search su...

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Interest on home Loan availed of to repay earlier loan is allowable U/s. 24(b)

Akulu Nagaraj Gupta Subbaraju Vs. ITO (ITAT Bangalore)

If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest paid on the second loan would also be allowed as deduction under section 24....

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CIT (A) cannot accept additional evidence without calling remand report from AO

ITO Vs Mehrasons Jewellers Pvt. Ltd. (ITAT Delhi)

On the facts and circumstances of the case & in law, the Ld. CIT(A) erred in deleting the addition of Rs.95,00,000/- made by the AO on account of unexplained cash credit from an entry operator completely ignoring the findings given by the Honble Delhi High Court in cases like CIT V. Nova Promoters 342 ITR 169, CIT v. NR Portfolio [2013] 2...

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