ITAT Ahmedabad held that addition u/s 68 alleging bogus capital gain simply on the basis of some report finding unearthed in case of third party without cogent material is unsustainable
ITAT Bangalore held that invocation of provisions of section 263 justifiable as AO failed to reconcile the claim of long term capital gain exemption with the amounts furnished in Form 10DB
ITAT Delhi held that processing fees for purchase of business assets is allowable as deduction as the loan has been taken for purchase of assets which are used for the business of the assessee.
ITAT Chennai held that claim of depreciation and other related expenses is allowed to the company as the cars, registered in the name of directors, are used for the purpose of business.
ITAT Delhi held that AO duly accepted foreign exchange gain offered to taxation in earlier Assessment Year, hence AO cannot disallow foreign exchange loss assuming it to be a contingent loss in the year under consideration.
Lakhwinder Singh Panag Vs ITO (ITAT Chandigarh) A perusal of the record shows that in the quantum proceedings the explanation of the assessee that addition u/s 40A(3) on facts was not warranted, was rejected. The addition stood made. The issue was carried in appeal before the CIT(A) who also confirmed the addition by his order […]
Shivaji Bhimaji Gaikwad Vs ITO (ITAT Pune) No section 40A(3) disallowance for Cash payment for land as part of sale consideration which is incorporated in purchase deed Brief facts relating to the issue on hand are that the assessee is an individual and derives income from land deals and construction. The assessee filed return of […]
It is seen from the record that the assessee had filed various evidences in the form of affidavit etc. The learned CIT(A) has brushed aside those evidences without even verifying the veracity of such affidavit. Merely stating that the affidavit was procured subsequent to marriage, in my considered view is not justified.
M. Prabaharan Vs ITO (ITAT Chennai) Before us, the Chartered Accountant Shri Jeevarathinam categorically admitted in writing that the duplication of assets has happened while calculating the depreciation as per Income Tax Act while computing the tax computation sheet by his staff. He admitted that while doing so, the staff has wrongly computed the deprecation value […]
ITO Vs Solid Machinery Co Pvt Ltd (ITAT Mumbai) It was noticed that the assessee has made purchases of textile items, i.e. fabrics, worth Rs 19,22,05,946 from a large number of entities, and sold all these goods to three entities- namely Global Softech Limited, Ravi Raj Industries, and Tayal Energy Limited, for amounts aggregating to […]
