In the case of ITO vs Snowtex Investment Ltd, the Kolkata Tribunal held that the claim of the assesse for set-off of loss from share dealing should be allowed from the profits from F&O in share transactions, the character of the income being the same and before application of the Explanation
The ITAT Bangalore in the case of M/s Sai Bhagwan Traders vs. ITO held that unaccounted purchases cannot be added to the total income as unexplained investments when there was no discreoency found in stock records.
ITAT Delhi held In the case of Sh. Haripal Singh vs. ACIT that it is settled legal position that that there is no estoppels in law. If in law an item is not taxable, no amount of admission or misapprehension can make it taxable.
ITAT Bangalore held In the case of DDIT (Exemptions) vs. Ohio University Christ College that it is not disputed that the services have been rendered by the faculty members from Ohio University in India as the classes were taken in Bangalore.
ITAT Amritsar held In the case of M/s Aaren Exports vs. DCIT that a Keyman insurance policy is to enable business organizations to insure the life of a Keyman in order to protect the business against the financial loss which may occur in the likely eventuality of premature death.
ITAT held in Dy CIT Vs Ms Nevil Gems that if the assessee had maintained quantitative details of diamonds but had not qualitative and piece-wise details then in that case books of account could not be rejected
Section 50C will get attracted only when there exists difference on the sale consideration and assessed value for the purpose of stamp duty by the authority of a state government. Where there is no material evidence that the assessee had received more than the fixed component from the developer,
ITAT Pune held In the case of ACIT vs. M/s. Nilesh Steel & Alloys Pvt. Ltd. that the consumption of the electricity for the manufacture of mild steel ingots/billets depends on various factors like quality of raw material which is the major input, voltage of the supply
Hema Hiren Dand vs. JCIT (ITAT Mumbai) Merely because the assessee liquidates its investment within a short span of time, which had given better overall earning to the assessee, would not lead to the conclusion that the assessee had no intention to keep on the funds as investor in equity shares
ITAT Delhi held In the case of ACIT vs. M/s Command Detective & Securities Pvt. Ltd. that when all the purchases are accounted in the regular books of accounts, it means the source is explained and the provisions of section 69C are not applicable, as there was no unaccounted expenditure.
