ITAT Kolkata held that non-compliance to summons issued u/s 131 of the Act or non-appearance of the directors of the subscribing companies cannot be basis for making addition as the assessee has proved the identity, creditworthiness of the investors and genuineness of the transactions.
Bhavmeet Singh Bhatia Vs ACIT (ITAT Delhi) AO noted that the assessee has not filed the return of income for AY 2011-12 whereas the copy of the return of income available in assessee’s paper book clearly reveals that the assessee did file the return of income for AY 2011-12. It is also clearly discernible that […]
Dr. Sankaran Sundar Vs ITO (ITAT Bangalore) The penalty imposed u/s 271D of the I.T.Act is independent of assessment proceedings completed u/s 143(3) of the I.T.Act. Even without completion of assessment u/s 143(3) of the I.T.Act, penalty u/s 271D of the I.T.Act can be imposed for violation of provisions of section 269SS of the I.T.Act. […]
ITAT Mumbai held that expenditure relating to film which was not released and hence not co-relatable to any income, cannot be disallowed as the expenses were incurred wholly and exclusively for the purpose of the business.
Ambesh Shrivastav contests capital gain assessment. Sale deed registration and possession date critical in ITAT Indore case.
Selvaraj Shanthamani Vs ITO (ITAT Chennai) Assessee is aggrieved by confirmation of certain additions of Rs.13.51 Lacs which represent deemed letting value of four properties owned by the assessee. Village Administrative Officer has certified that these properties are vacant sites. The said certificates were furnished by the assessee during e-proceedings also. The assessee, vide submissions […]
ITO Vs Pioneer Khadan Product Pvt. Ltd (ITAT Kolkata) On perusal of the Circular No. 17/2019 dated 08.08.2019 and the materials available on record, it reveals that this circular makes it very clear that the revised monetary limits shall apply retrospectively to pending appeals as well. Hon’ble apex court in Commissioner of Customs vs. Indian […]
It is time that Government seriously considers protecting its legitimate interests by ensuring some mechanism to ensure that tax liability on capital gains is duly recovered from borrower whose property is sold, and when it is not possible to do so on account of borrower’s genuine financial difficulties, from person who receives proceeds of sale of such assets.
ACIT Vs ORG Informatics Limited (ITAT Ahmedabad) Assessee stated that the issue of FCCB is a Foreign Currency Bond issue and it is basically a debt instrument in the nature of loan and all issue expenses related to that are allowable as revenue expenses. This issue is not a public issue but is made to […]
Since additions have been deleted, the very foundation to visit assessee with penalty does not survive. Hence, no penalty is imposable upon assessee
