All ITAT

Section 54B exemption cannot be denied for absence of legal title due to pending litigation

Chinnappa Anthonappa Vs ACIT (ITAT Bangalore)

The assessee had complied with conditions for grant of deduction under sections 54B inasmuch as he has utilised, within a period of two years from the date of transfer of capital asset, the capital gain in purchasing another land for being used for agricultural purposes, therefore, mere fact that assessee did not get legal title to the la...

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Amount earned on sale of Agricultural land not for Business is capital receipt

DCIT Vs. Kushal Infraproject Industries India Ltd. (ITAT Delhi)

DCIT Vs. Kushal Infraproject Industries India Ltd. (ITAT Delhi) The assessee has admittedly sold the agricultural land as it is so there were no intention to do any business activity, therefore, period of holding would not be relevant. The intention of the assessee is therefore clear that assessee purchased the agricultural land and sold ...

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Section 54F Exemption on residential house acquired abroad

Shri Rajasugumar Subramani Vs ITO (ITAT Bangalore)

Shri Rajasugumar Subramani Vs ITO (ITAT Bangalore) Provision in section 54F comes w.e.f. 01.04.2015 according to which it was clarified that the residential house is to be acquired only in India meaning thereby before this amendment it was not clear as to whether the benefit of section 54F can be given to residential house acquired [&hell...

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MAT on provision for card receivables (NPA) written back by NBFC

Bobcards Limited Vs ACIT (ITAT Mumbai)

Provision for card receivables (NPA) could not be said to be a provision for liability, because even if debt was not recoverable no liability could be fastened upon assessee. Clause (c) of Expln. to section 115JA did not get attracted and AO was not justified in adding back provision for card receivables (NPA) writen back while computing ...

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Mere transaction through banking channel not sufficient to prove genuineness

Hillman Properties Pvt. Ltd. Vs ITO (ITAT Delhi)

Assesssee did not furnish PAN and Bank statements or any of the directors of investor companies merely showing that transactions were carried out through banking channel was not sufficient to prove genuineness of transaction in the matter. When investors having nil income had deposited cash in their bank account immediately before giving ...

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Section 153A Assessment not sustainable if No incriminating material found during search

Sunil Bhalla Vs ACIT (ITAT Delhi)

It is an admitted fact that except jewellery which remained duly explained, no material much less incriminating material was found during search, therefore, in the absence of any incriminating material recovered during search assessment having remained unabated as on date of search could not be interfered with while framing assessment und...

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LTC: TDS deductible on reimbursement to staff for foreign travel leg

State Bank of Bikaner and Jaipur (Now SBI) Vs ITO (TDS) (ITAT Jaipur)

ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B....

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Notional Interest which is part of Purchase price is business income

AGR Matthey of Western Australia Vs ADIT (ITAT Delhi)

AGR Matthey of Western Australia Vs. ADIT (ITAT Delhi) From the records it can be seen that there is no interest credit, since within a day or two of usance of letter of credit by PEC Ltd’s bank to the Assessee, letter of credit stands discounted by the Assessee with ANZ Bank of Australia. The […]...

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Interest expense having direct nexus with interest income is allowable

DCIT Vs Asian Infra Projects Private Limited (ITAT Mumbai)

DCIT Vs Asian Infra Projects Private Limited (ITAT Mumbai) It is quite evident that the business of the assessee was already set-up since the assessee had already reflected income from real estate business during AY 2008-09. The perusal of assessee’s financial statements for year under consideration would show that the assessee has obta...

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Addition cannot be made merely based on AIR Information

Nozaki Finance & Investment (P) Ltd. Vs DCIT (ITAT Mumbai)

Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what has been reported in its books of account, therefore, no addition could be made based on the AIR and ledger of the payer...

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