Penalty under Section 271E is not permissible in the absence of regular assessment framed against the assessee by the Revenue.
Advances rent during the course of opening of showroom were given in the course of business by assessee and for the purpose of commercial expediency. Therefore, forfeiture of the same by the concerned party had rightly claimed by assesseee as business loss.
K. V. Sridhar Vs ITO (ITAT Bangalore) Sec.56(2)(vii)(a) of Income tAx Act will apply only when any sum of money is received, without consideration, the aggregate value of which exceeds fifty thousand rupees. Admittedly, the assessee received the sum of Rs.1.60 Crores for giving up his rights over some of the items of the suit […]
Imran Mohammed Iqbal Vs ITO (ITAT Ahmedabad) Considering the above facts, vis-à-vis the outstanding balance relating to M/s. Prakash Gold amounting to Rs. 12,05,026/-, the addition having been made finding it to be bogus, since the consistent finding of fact is that the transaction was entered into by the assessee with the said party not […]
Allied Agencies Vs ITO (ITAT Delhi) Hon’ble Apex Court in the case of TS Balaram Vs. Volkart Brothers 82 ITR 50 (SC) clearly held that a mistake apparent on the record must be an obvious and patent mistake and not something which has to be established by a long drawn process of reasoning on points […]
Aspam Foundation Vs CIT (Exemption) (ITAT Delhi) 1. The Assessee herein has preferred the instant appeal against the order dated 31.01.2019 impugned herein passed u/s 12AA(1)(b) r.w.s. 12A of the Income Tax Act, 1961 (for short “the Act”), by ld. Commissioner of Income tax (Exemption), New Delhi (in short “Ld. Commissioner”). 2. In this case, […]
JCIT Vs Sh. Bhanu Chopra (ITAT Delhi) The only issue involved in the instant case relates to acquiring of bonus shares and applicability of the provisions of section 56(2)(vii)(c) of the Act to the same. It was held by the Tribunal that allotment of bonus shares cannot be considered as received for an inadequate consideration […]
Bangalore Metro Rail Corporation Ltd. Vs DCIT (ITAT Bangalore) We note that Ld. CIT(A) dismissed the appeal in limine due to the delay caused in filing the appeal before him. The affidavit that was filed by the assessee before the Ld. CIT(A) reveals that, assessee was subjected to wrong professional advice on the issues that, […]
Frick India Ltd. Vs DCIT (ITAT Delhi) Assessee had made a claim of depreciation of Rs 60% on UPS but the AO restricted the claim of depreciation @ 15% only on the UPS and disallowed the excess 45% namely, Rs.50,320/-. It was submitted on behalf of the assessee that it is settled proposition of law […]
ACIT Vs Keyur Hemant Shah (ITAT Mumbai) Upon perusal, the undisputed facts that emerges are that the assessee has acquired the rights in a duplex flat on 1 2th & 1 3th floor front facing the road admeasuring 1961.75 Square Feets & terrace measuring 881.5 Square Feets as per the attached layout plan along with […]
