The Income Tax Appellate Tribunal Bangalore bench while dismissing revenues appeal recently ruled that Credit co-operative society engaged in providing credit facilities, etc., to its members is eligible for deduction under Section 80P of the Income Tax Act, 1961.
M/s Sharmilee Furnishing P. Ltd Vs. I.T.O (ITAT Delhi) There is no dispute to the fact that the department conducted inquiry in the case of third party where the name of the assessee was also written to have received accommodation entry and accordingly, the AO reached to a conclusion while recording reasons that the income of the assessee has escaped assessment and it is a fit case for initiation of proceedings u/s 148 of the Act and the case was selected for scrutiny and assessment was made by making necessary additions.
Unless return of income already filed is disposed of, notice under section 148, cannot be issued, i.e., no reassessment proceedings can be initiated so long as assessment proceedings pending on the basis of the return already filed are not terminated.
Advocate Akhilesh Kumar Sah ACIT vs. Noida Toll Bridge Co. Ltd. (Delhi ITAT) Mercantile based accounting requires income and expenditure of a financial year has to be taken in account in the same, concerned financial year. In ACIT vs. Noida Toll Bridge Co. Ltd. & vice versa [ITA Nos. 5246, 5247, 5248, 5249 and 5286/Del/2012, […]
M/s. Bokaro Power Supply Co. Ltd. Vs. DCIT (ITAT Delhi) In the case of Swadeshi Cotton Mills Vs. CIT Ltd. (supra) the Hon’ble Supreme Court has held that, ‘where the amount paid is partly penal and partly compensatory, the amount to the extent that it is compensatory could be allowed as deduction’. Further, Hon’ble Jurisdictional […]
It was held that where DMAT account and contract note showed details of share transaction, and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income u/s 68.
it has been submitted that assessment proceedings before the AO were earlier being taken care of by the tax counsel, who, however, stopped attending the proceedings without intimating the assessee as differences had developed between the assessee and the counsel.
Phraseology of section 14A of the Act itself specifies that the satisfaction contemplated is required to be arrived at having regard to the accounts, an approach which is conspicuous by its absence in the present case.
ACIT Vs Krishna C. Tandon (HUF) (ITAT Mumbai) In this case penalty proceedings were initiated during quantum assessment for furnishing of inaccurate particulars. The assessee contested the same on the premises that full particulars were furnished in the return of income and there was no concealment of income and mere change of head of income […]
Tribunal found that roaming charges cannot be considered as fee for technical services, therefore, the provisions of Section 194J of the Income-tax Act, 1961 is not applicable.
