M/s. Cooperative Cane Development Union Ltd. Vs. DCIT (ITAT Delhi) The bona fide error or bonafide claim constitutes valid defence against the charge of concealment of particulars of income or furnishing of inaccurate particulars of income. The mere making of a claim which is not sustainable in law cannot amount to furnishing of inaccurate particulars […]
Where assessee had offered actual amount received on sale of property for taxation, revenue authorities were not justified in passing penalty order under section 271(1)(c) by adopting higher sale consideration under section 50C on basis of stamp duty valuation of said property
It is now well settled that a petitioner / plaintiff is the dominus litis and it is open to him to pursue or abandon his case. Withdrawal cannot be denied except when the person making the prayer has obtained some advantage / benefit, which he seeks to retain.
Background It is a matter relating to validity of re-opening of assessment on a technical ground in the case of Mayurbhai Mangaldas Patel v ITO. The learned Ahemdabad ITAT Bench has noted all the facts and circumstances of the case and the law as applicable in very clear manner. It has kept some issues open […]
In our opinion, for determining the income from the property, it should be rate of return on the investment of similar amount in another asset. Therefore, in our opinion, the Commissioner (Appeals) was fully justified in estimating the ALV on the basis of interest which assessee would have earned on the investment of the similar amount.
No scrutiny proceedings can be initiated if notice under section 143(2) is not received by assessee within the prescribed period.
A division bench of the Delhi ITAT, last week held that penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the Arm’s Length Price (ALP) was determined as per the scheme of section 92C in good faith and with due diligence.
The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) Briefly the facts of the case are that the A.O. in the assessment order noted that assessee was asked to explain source of the cash deposit in her bank account maintained with State Bank of India. The assessee attended the proceedings before A.O. and filed […]
Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that loss derived from trading in derivatives carried out prior to 25/01/2006 cannot be treated as speculative loss and it should be treated as normal business loss under the provisions of the Income Tax Act, 1961.
The Income Tax Appellate Tribunal recently proclaimed that the provisions relating to TDS would not be applicable in case of interest paid to a Non-Banking Finance Companies (NBFC) which is also engaged in business of insurance.
