No additions in absence of incriminating material during section 153A search

Rajat Minerals Pvt. Ltd. Vs DCIT (ITAT Ranchi)

Rajat Minerals Pvt. Ltd. Vs DCIT (ITAT Ranchi) Conclusion: Various additions/disallowances made by AO were clearly beyond the scope of authority vested under s.153A owing to absence of any incriminating material or evidence deduced as a result of search in so far as completed assessments were concerned and the same was not permissible in ...

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No addition against Vyapam accused as surrendered income duly reflected in books of accounts

Vinod Bhandari Vs PCIT (ITAT Indore)

Where there were two funds one which was already taxed and other had not and there were remittances during the accounting year for a certain sum, the source of which was not indicated then the presumption was that the remittances should have been from the fund which had already suffered tax. Thus, assessee was entitled to the telescoping ...

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Addition of Fabricated Agricultural Income as Income from Other Sources justified

Shri Parvinder Singh Vs ITO (ITAT Delhi)

णonduct of the assessee in changing stand at different level and claiming lesser agricultural income before the authorities below would clearly show that authorities below were very reasonable in estimating the agricultural income at Rs.14 lacs, though the assessee claimed lesser amount of the same subsequently. Therefore, authorities b...

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Provision for mark to market loss on trading in derivative market allowable

DCIT Vs Edelweiss Commodities Services Ltd. (ITAT Mumbai)

Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on 'Accounting for Equity Index & Equity Stock Futures an...

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Mere statement without backing of credible evidences not justifies addition

Bini Builders Pvt. Ltd. Vs DCIT-Central Range-7(3) (ITAT Mumbai)

Statements recorded during the course of survey proceedings would not have much evidentiary value unless the same were backed by credible evidences. Assessee could not prove the source and nature of transactions, the stated amount was added to the income of the assessee u/s 68 and the original return was processed u/s 143(1) and the only ...

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No banking facility in village- Cash Payment to Truck Driver allowable

New Kalpana Ent Udyog Vs ITO (ITAT Agra)

he auditors in their tax audit report have also not mentioned of any violation of provisions of section 40A(3), as these payments have been made on account of business expediency where insistence of cash by the agents and truck drivers has been established by the appellant....

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Law Tax effect Circular- Income Tax Intelligence Wing is part of I-T Department

ITO Vs Shri Habib Khan (ITAT Jaipur)

ITO Vs Shri Habib Khan (ITAT Jaipur) The exception 10(e) of of Circular no. 03 of 2018 dated 20-08.2018 which has been referred by the ld DR relates to cases where addition is based on information received from external sources in the nature of law enforcement agencies such as CBI/ ED/ DRI/ SFIO/ Directorate General […]...

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No Section 271AAB penalty In absence of mechanism to report investment in tax return

Gauri Shankar Kandoi Vs DCIT (ITAT Jaipur)

Where assessee was not required to maintain any books of account and there was no mechanism to report the investment in the tax return, the said investment could not be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB, therefore, investment so found in purchase of Villa could not be termed as und...

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CIT cannot exercise revision power if AO had taken permissible view on the issues

Eveready Industries India Ltd. Vs PCIT (ITAT Kolkata)

While passing the assessment order AO had followed the permissible view in law which could not be said to be 'unsustainable in law'. Therefore, the jurisdictional facts for usurping the jurisdiction u/s 263, being absent, the action of CIT to exercise revisional jurisdiction was without jurisdiction and all subsequent actions were 'null' ...

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Home loan interest can be included in cost in Capital Gain Computation

ITO Vs Smt. R. Aishwarya (ITAT Chennai)

Assessee is entitled to include interest in the capital cost while computing capital gains U/s 48 of the Act. Judicial discipline requires us to follow the order of a co‑ordinate bench....

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