Kalra Papers Pvt. Ltd. Vs ITO (ITAT Delhi) The penalty provisions of section 271(1)(c) of the Act are attracted, where the Assessee has concealed the particulars of income or furnished inaccurate particulars of such income. It is also a well-accepted proposition that the aforesaid two limbs of section 271(1)(c) of the Act carry different meanings. […]
Held that co-operative banks are liable to deduct TDS on payment of interest on time deposits only from 01.06.2015 and not before that.
Held that in the present case the approving authority has acted casually and granted the approval u/s. 153D in a mechanical manner without judicious exercise of power. According, approval granted u/s 153D was quashed and consequently the assessment order u/s 153A was also quashed.
Held that there is no material/ evidence to say that the assessee was having any business connection in India. Addition unsustainable.
It is held that the Penalty Notice is defective, therefore, the penalty levied under section 271(1)(c) of the Act, is not maintainable.
T P D 101 Uthangarai Milk- Producers Co-operative Society Ltd. Vs ITO (ITAT Chennai) The assessee supposed to have been filed audit report as required u/s.44AB of the Act, on or before 31.10.2015. However, such audit report has been filed on 05.03.2016, which is before the date of completion of assessment proceedings u/s.143(3) of the […]
ACIT Vs Ecocat India Pvt. Ltd. (ITAT Delhi) There is no quarrel on the proposition that the DSIR has approved the weighted deduction for capital expenses. Those expenses were in a sum of Rs. 2,97,57,596/- which is acknowledged in the assessment order by the AO. What has not been permitted u/s 35(2AB) of the Act […]
Royal Accord Realtors Pvt. Ltd. Vs DCIT (ITAT Mumbai) In a taxing statute one has to look merely at what is clearly said in the section. There is no room for any intendment. There is no concept of equity in tax law. Nothing is to be read in, nothing is to be implied. One has […]
Sahyadri Vividdhodesha Areca Vs ITO (ITAT Bangalore) Held that object of section 80P(4) was to exclude cooperative banks that function at par with other commercial banks and noted that as primary agricultural credit societies are not entitled for obtaining a banking license would not be hit by this provision. Facts- Assessee is a society registered […]
Church’s Auxiliary For Social Action Vs ACIT (ITAT Delhi) In the case of India Brand Equity Foundation vs. Assistant Commissioner of Income Tax (E), Trust, Ward-II, New Delhi [(2012) 23 com 323 (Del)] it was held that amount spent outside India for participating in a fare held outside India cannot be treated as application of […]
