ITO Vs Nithyasudha Combines (ITAT Chennai) The next point for consideration is whether the unexplained partners’ capital is assessable in the hands of the assessee or not in terms of section 68 of the Act. Section 68 of the Act can be invoked only when there is a credit in the books of account maintained by the […]
Marriott International Inc Vs DCIT (ITAT Mumbai) The only issue involved in this appeal is that income of royalty arising out of the above trademark of ‘brand’ Marriott’ is taxable in the hands of the assessee or not. Now, assessee has given a registration certificate dated 21st august, 2006 and covers above assessment years. No […]
KRBL Ltd. Vs DCIT (ITAT Delhi) During the course of assessment proceedings, the appellant submitted that the cash purchases were made by it from Mandi Samitis located across UP from farmers and hence did not fall under the ambit of the provisions of section 40A(3) of the Act, as the same were covered by Rule […]
DCIT Vs IFCI (ITAT Delhi) Issue- On the facts and circumstances of the case, the Ld. CIT (A) has erred in deleting the disallowance made on depreciation of finance leased assets amounting to Rs. 1,31,63,444/- holding that it is one of the business of assessee. Held- Depreciation of finance least assets is related to the […]
M. M. Engineers and Consultants Vs PCIT (ITAT Cuttack) At the outset, a perusal of the balance sheet clearly shows that there is nothing in the balance sheet of the assessee under the term ‘sundry creditors’. We are alive to the fact that this is a limited scrutiny assessment, which is done under CASS. In […]
Keshav Saran Vs ACIT (ITAT Delhi) In the present case, the assessee has actually filed the return of income and the Assessing Officer in the satisfaction note noted that the assessee has not filed return of income. Thus, we safely presume that the Assessing Officer has initiated reassessment proceedings by mentioning wrong and incorrect facts […]
It is well settled proposition of law that the apprehension, howsoever strong, cannot substitute material evidences. A.O. was not justified in treating part of liabilities as unproved on presumptions, surmises and conjectures
Sri Channamallikarjuna Trust Committee Gangavathi Vs CIT (Exemption) (ITAT Bangalore) Sec. 80G applies only to charitable trusts or institutions. It does not apply to religious trusts or institutions whereas scheme of exemption u/s 12A applies to both charitable as well as religious trusts. Section 80G of the Income Tax Act’1961 provides deduction while computing the […]
Pranav Saran Vs ACIT (ITAT Delhi) There are divergent views on this taxability of interest on the enhanced compensation awarded u/s 28 of the Land Acquisition Act wherein the Hon’ble Punjab & Haryana High Court has consistently taking a view that it is an income to be treated under the head ‘income from other sources’. […]
ITAT held that that the A.O. has ventured on a wrong assumption of facts though the agreement was available on hand with the A.O. in the original assessment proceedings. Considering the facts and circumstances are of the opinion that the reopening on the wrong assumption of facts by the assessing officer cannot be sustained.
