Wanbury Limited Vs DCIT (ITAT Mumbai) ITAT find that during the year, the assessee has not earned any exempt income and further assessee denied that it has incurred any expenditure. Now therefore it is mandatory on part of the learned assessing officer to record a satisfaction that the claim of the assessee is not correct. […]
ITO Vs Rahul Bharatbhushan Jain (ITAT Ahmedabad) Therefore, for applicability of s. 40A(3) of the Act, if a person makes different payments in cash to same person in excess of Rs 20,000 (w.e.f. A.Y. 2018-19 Rs 10000/-) in a single day even though on separate cash memos, such aggregate payment will be disallowed u/s 40A(3). […]
Purushotamdas Goenka Vs ACIT (ITAT Mumbai) We find that in this case ,three properties owned by the assessee in Amritsar namely Madanmohan Malviya Road, Amritsar, Punjab, property at Moonlight Building, Katra Ahluwalia and Ramkin Joint property at MM Malviya Road, Amritsar remained vacant throughout the year though the same were let out in A.Y. 2015-16. […]
Vijay Arvind Raykar Vs ITO (ITAT Pune) The assessee is a builder. He is in the business of construction and sale of residential/ commercial properties. The AO observed that certain residential units have been sold by the assessee at a price less than the value adopted for Stamp Duty purpose by the State Government. During […]
Ratilal & Sons Vs ITO (ITAT Mumbai) For invoking provisions of section 40A(3) of the Act, following conditions need to be cumulatively satisfied:- (i) there should be an expenditure; (ii) expenditure should be in mode other than prescribed by the section; and (iii) amount of expenditure should be more than Rs. 20,000. As stated in […]
DCIT (OSD) Vs Jaihind Projects Ltd. (ITAT Ahmedabad) It is a settled law that vehicles let on hire are eligible for higher depreciation, but in the instant facts, in our view there are apparent factual contradictions which leads us to conclude that the assessee has not been able to irrefutably establish whether vehicles were let […]
Gujarat Sickle Cell Anemia Control Society Vs DCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the provisions of TDS under section 194J and 194C of the Income Tax Act, 1961 applicable to the payments made to medical labs and technicians as per an agreement for the screening of sickle […]
GM Overseas Vs ACIT (ITAT Delhi) Assessee, during the course of assessment proceedings has filed various documents substantiating the identity and credit worthiness of the loan creditor and genuineness of the transaction. The assessee has accepted the loan amount of Rs. 4 crores in two tranches i.e., Rs.2,50,00,000/- and Rs.1,50,00,000/- on 05.01.2010 and 11.01.2011 respectively […]
JCIT Vs Simalin Chemical Industries Pvt. Ltd. (ITAT Ahmedabad) he basis of making the addition on account of undisclosed income of the assessee was the cash found during the course of search proceedings by the excise department. There was the physical cash found by the excise department during the course of search amounting to ₹ […]
Smt. Sarabjit Kaur Vs ITO (ITAT Chandigarh) In both the years under consideration, the assessee has declared income from tuition fee in her return of income and in both the years there were cash deposits in the bank account being maintained by the assessee. The Assessing officer added the cash deposits to the income of […]
