Held that principle of res judicata is not applicable to decision of revenue authorities and, therefore, decisions given in an assessment for an earlier year are not binding either on assessee or on department in a subsequent year.
Held that a domestic transaction of purchase from the related party is not required to be considered as a specified domestic transaction under section 92BA.
Held that the assessee entered into forex derivative transaction with the ICICI Bank to hedge the foreign currency risk involved in the transaction. Thus, expenses claimed were revenue in nature as the derivative transaction entered into by the assesse was not in the nature of speculative transaction.
Held that fees like entrance fees as well as life membership are part of the corpus fund and accordingly are in the nature of capital receipt.
Baid Trade Fina Pvt. Ltd. Vs ITO (ITAT Kolkata) Facts in brief are that the assessee filed its return of income on 26.09.2010 claiming TDS of Rs. 79,028/- as per Form 26AS, however in the intimation/order dated 25.04.2011 u/s 143(1) of the Act, the assessee was not granted the credit of TDS without assigning any […]
If an assessee has cash available prior to demonetization and if he opted to deposit the same multiple times, there is no prohibition in law for such deposits.
Phool Singh Vs ITO (ITAT Delhi) ITAT do not find any merit into the objection of the assessee that the land in question being agricultural land cannot be treated as capital asset. The sale-deed itself goes to demonstrate that what was being transferred was an industrial land. Therefore, there is no ambiguity on these facts. […]
Krishna Knitwear Technology Ltd. Vs DCIT (ITAT Mumbai) ITAT held that since proceedings under I&B code have already been initiated/decided and moratorium has been declared by prohibiting all the proceedings against the corporate debtors including execution of any judgment, decree or order of any court of law, tribunal, arbitration panel or other authority, present appeals […]
Assessee has shown reasonable cause for not filing the return of income before due date of return. ITAT direct AO to delete penalty levied under Section 271F
Bhopal Dugdh Sangh Sahakari Maryadit Vs DCIT (ITAT Indore) The registry has informed that the appeal has been filed after a delay of 3 years and 276 days. The Ld. AR submitted that the assessee is a co-operative society registered under the provisions of M.P. Co-operative Society Act, 1960, engaged in the production and distribution […]
