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Document which is already on file of AO cannot be treated as additional evidence

DCIT Vs Ashok Walia (ITAT Kolkata)

DCIT Vs Ashok Walia (ITAT Kolkata) As far the second limb of Assessing Officer’s grievance, i.e. against the admission of additional evidence by way of admitting a copy of acknowledgment of the return dated 31.07.2008, we find that this contention is also devoid of legally sustainable merits. A document which is already on the file [&he...

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Addition on non-CASS issues without obtaining due permission from superior authorities not sustainable

Nazare Vikas Karyakari Seva Shakari Society Ltd Vs ITO (ITAT Pune)

Addition on non-CASS issues made without obtaining due permission from superior authorities was in contravention of CBDT guidelines and, therefore, could not be sustained....

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Directing, supervising and looking after Sanatan Dharam School not amounts to imparting of education

Sanatan Dharam Shiksha Sammittee Vs CIT (Exemptions) (ITAT Delhi)

Sanatan Dharam Shiksha Sammittee Vs CIT (Exemptions)  (ITAT Delhi) t is pertinent to note that from the perusal of the by-laws of the society, all the clauses are general clauses which do not point out any charitable activity. In fact, from the objectives the society will purchase and sell immovable property as per society’s needs. [&h...

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Tax administration not expected to collect taxes based on ignorances of assessee

Shri Dilpreet Singh Vs ITO (ITAT Chandigarh)

Shri Dilpreet Singh Vs ITO (ITAT Chandigarh) Section 148 Conclusive proof as to escapement of income at notice stage not required At the stage of issue of notice under section 148 of Income Tax Act, 1961, the only question to be seen is whether there was relevant material, on the basis of which a reasonable […]...

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Expense on Valuation of Know-How allowable under section 37(1)

M/s. Theis Precision Steel India Private Limited Vs ITO (ITAT Mumbai)

M/s. Theis Precision Steel India Private Limited Vs ITO (ITAT Mumbai) From perusal of Section 37 of the Act, we find that all expenditure incurred in the course of business of the assessee is allowable except personal expenditure and capital expenditure. Admittedly, professional fee has been paid for valuation of know-how of business and,...

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No adjustment if impact of outstanding receivable considered in Working Capital

M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi)

M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi) Facts of the Case ♣ Barco Electronic Systems Pvt. Ltd. ( taxpayer) is engaged in business of manufacturing of projectors and parts, trading in visual display products and provision of software development services. ♣ During the year under consideration, the taxpayer entered...

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Penalty not leviable if vagueness & ambiguity in recording of satisfaction

Chandu Laxman Chavan Vs DCIT (ITAT Pune)

Chandu Laxman Chavan Vs DCIT (ITAT Pune) While levying penalty, the Assessing Officer invoked only the charge of “furnishing inaccurate particulars of income”. It is evident that while recording satisfaction the Assessing Officer was not clear in his mind as to which charge u/s. 271(1) (c) is to be invoked for initiating penalty. The ...

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Reassessment based on Documents already in hand of AO not Valid

DCIT Vs Sovereign Pharma Pvt. Ltd. (ITAT Pune)

DCIT Vs Sovereign Pharma Pvt. Ltd. (ITAT Pune) A bare perusal of reasons for reopening would show that the Assessing Officer has erred in invoking the provisions of section 148 r.w.s. 147 after the expiry of four years to cover up his own follies. It is not the case of Revenue that the assessee has […]...

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Bogus Share Capital | Addition upheld | Creditworthiness of shareholders not proved

M/s Royal Rich Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s. Royal Rich Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai) We are of the considered view that the onus is on the assessee company to bring on record the cogent evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction which in the instant case the assessee is not […]...

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Mere disallowance of expense cannot result into concealment of income

Alfa Bhoj Limited Vs ACIT (ITAT Delhi)

Alfa Bhoj Limited Vs ACIT (ITAT Delhi) With respect to the claim of the deduction of deferred revenue expenditure of Rs. 2950195/– the assessee submitted that the above expenditure has been incurred by the assessee for exploring the future business opportunities. The learned AO disallowed the above sum u/s 37 of the income tax act [&hel...

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