ITAT Delhi held that amendment to section 36(1)(va) are effective from 1st April 2021 and hence disallowance of employees’ contribution to EPF and ESI paid before due date of filing return of income is unsustainable
ITAT Bangalore held that deletion of unexplained investment without verifying the reflection thereof in the books of accounts and also without verifying consolidated statement of accounts is untenable in law. Matter remanded to verify the books of accounts
Karb Associates Pvt. Ltd Vs DCIT (ITAT Kolkata) Even if, the assessee does not make prayer to the A.O for referring the valuation to the DVO while disputing the valuation of the property made by the Stamp Duty Authority, then A.O being a quasi-judicial authority was duty bound to act fairly and suo-moto refer the […]
TDS credit was allowed as the commission income was not managerial service under India Germany Double Taxation Avoidance Agreement (DTAA).
Gujarat State Electricity Corporation Ltd. Vs DCIT (ITAT Ahmedabad) During the course of assessment, the Assessing Officer has noticed that assessee has accounted interest expenses twice of Rs. 11.90 crores, therefore, the same was disallowed and also levied penalty of Rs. 1,46,48,271/- u/s. 271(1)(c) of the act on the combined amount of disallowance u/s. 14A and […]
Ujjivan Small Finance Bank Vs ADIT (ITAT Bangalore) In this case The CIT(A) had denied the benefit of lower tax rate u/s 115BAA of the I.T. Act for the reason that the assessee has not filed the return of income on or before the due date specified u/s 139(1) of the I.T. Act. In this […]
Assessee in respect of premium paid to insurance company could not be brought to tax subject to the fact that assessee should not avail deduction u/s 80C of Act in respect of premium paid towards that insurance policy.
In this case AO has not applied his own mind before issuing notice and to arrive at conclusion that assessee has escaped an income and made addition on the basis of report submitted by Investigation Wing. So, Learned AO issued notice purely on borrowed satisfaction. In our considered opinion, in such case addition cannot be made.
Information received from Directorate of Income tax (investigation) cannot be considered to be information received from an external source.
Books were never rejected by Assessing Officer and thus business loss cannot be disallowed without taking cognizance of all relevant aspect of matter
