In a crucial decision, ITAT Delhi rules in favor of Nimit Kumar Aneja, allowing depreciation under section 32. Analysis of the case and its implications for carry-forward of WDV.
Explore the detailed analysis of K. Uttamlal & Company vs ACIT case regarding disallowance of foreign exchange loss on buyer credit. Learn the legal perspective and the final verdict.
Disallowance on delay in payment toward employee’s contribution to PF u/s 36(1)(va) via u/s 143(1) deleted in absence of adequate intimation to the assessee.
Existence of books of account maintained by assessee was a condition precedent for making addition under section 68. Where assessee had not maintained books of account, there was no legal scope to invoke provisions of section 68 and as such, addition made on such premise was to be deleted.
Bangalore Bench of the Tribunal in the case of M/s. Shetty Constructions v. ACIT has held that rejection of books of account is a precondition for making reference to the DVO.
The document impounded herein is duly supported by all the correct entries as per assessee’s stand itself, addition u/s 68 tenable
Even if the assessee was unrepresented, CIT(A) should have adjudicated the issues before him based on the case record before him but unfortunately, CIT(A) chose not to do so and dismissed the assessee’s appeal without examining the case on merits. Therefore, the condonation of delay was allowable and substantial justice required that the issues should be re-examined by CIT(A).
It is not open to the First Appellate Authority i.e., CIT(A) to set aside the order of the A.O. and order a remand or to give any directions. Hence, CIT(A) was not justified in giving direction to the A.O. to levy penalty u/s. 271AAA of the I.T. Act, 1961.
ITAT Chennai ruled in favor of Om Balaji Stores, finding no justification for disallowance u/s 40A(3). Detailed analysis of the case and the importance of documentary evidence.
Short term capital loss not claimed while filing return u/s 139(1). Loss was claimed for the first time via return u/s 153A. Claim denied according to provisions of section 80.
