The Assessee is a company. It is engaged in the business of growing and manufacturing and selling of tea. The assessee’ s tea estate is located at Harishnagar Tea Estate, P.O.Harishnagar via Bhishalgarh Vill.Gokul Nagar District Sepahijala, Tripura West – 799102. During the previous year a portion of the assessee’s tea plantation comprising of land together with tea gardens thereon was acquired
There is also no finding that the assessee has misused or not used the donations for any other purpose than the purpose for which they have been given i.e., for educational purpose. In such circumstances, we are of the opinion that the exemption under section 11 of the Act cannot be denied in toto to the assessee with regard to the voluntary donations received by the assessee.
In a significant ruling delivered on Friday, a division bench of the ITAT Bengaluru held that the benefit of section 54F of the Income Tax Act, 1961 can be extended to the cost incurred by the assessee on alteration / renovation on the purchased unit.
Even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet.
Asst. CIT Vs. Gurudatta Shikshan Sanstha (ITAT Pune) Ground raised by the Revenue revolves around the correctness in granting exemption under section 10(23C) of the Act in respect of the additions made under section 68 of the Act. Held by ITAT I find from the records that no action has been initiated by the assessing […]
This appeal, filed by the assessee, is directed against the order dated 5-12-2011, passed by the learned Commissioner (Appeals), in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2008-09.
This is an appeal filed by the assessee against the order of Ld. CIT(A)-6, Kolkata dated 13.01.2017 for AY 2011-12. The first issue raised by the assessee is against the action of the Ld. CIT(A) in confirming the addition of Rs.10,747/- which was made by the AO as donation and subscription account.
Where assessee did not explain satisfactorily about excess gold found from his employee’s possession, addition made under section 69 was as such, rightly made.
This appeal by the Assessee arises out of the order of the Learned Principal Commissioner of Income Tax -1, Kolkata [in short the ld CIT] in M.No. Pr. CIT-1/Kol/Revision u/s. 263/2016-17/13718-21 dated 16.02.2017 passed u/s 263 of the Act against the order passed by the DCIT
During the course of assessment proceedings, in response to each of the queries raised by the assessing officer in relation to observations of the special auditor, the assessee has repeatedly stated that his books of account should be rejected as done in past assessment years.
