Sanjay S. Dutt Vs ACIT (ITAT Mumbai) The solitary issue urged in the present appeal by the ld. Representative for the assessee is with regard to assessee’s claim of exemption under section 54F of the Act. Undisputedly, the assessee was joint owner of property having 27% share. The 73% share in property was that of […]
Hiren Himmatsingh Rathod Vs ITO (ITAT Ahmedabad) It is a fact that the assessee had incurred the cost for making the new property inhabitable before taking over possession of the same but considering the provision of the act we do not find any embargo in granting relief to the assessee under Section 54 of the […]
Ashim Krishna Bhatta Vs ACIT (ITAT Kolkata) ITAT note that the assessee is an operator of trucks and lorries on hire. During the year, the assessee has incurred expenditure on replacements of old truck bodies which was treated as revenue expenditure however wrongly shown under the head depreciation by claiming 100% of the said expenditure […]
JCIT Vs ADF Foods Ltd. (ITAT Ahmedabad) In this case, the assessee himself has claimed that certain payments are covered in provisions of Section 5, 9, 195 of the Act and also under DTAA. Therefore, tax was not applicable. As per this letter, the assessee has explained that it is engaged in the business of […]
Lambda Therapeutic Research Ltd. Vs DCIT (ITAT Ahmedabad) We find that the assessee has not demonstrated any benefit derived from its associated enterprises namely Lambda USA whereas it has advanced interest free loan of EURO 49,999/-. Thus, the question arises whether there is a need to make any adjustment on account of notional interest under […]
Smt. Nalini Anilbhai Amin Vs DCIT (ITAT Ahmedabad) The proceedings, in the instant case, under section 147 of the Act were initiated by the AO on account of escapement of income of the capital gain generated on the sale of the property. This fact can be verified from the reasons recorded by the AO for […]
Explore ITAT Kolkata’s ruling in Anju Chamaria vs ITO regarding 271B penalty. Analysis of turnover, audit requirement, and key legal insights provided.
If property is used as stock-in-trade, then it would become and partake character of stock and any income derived from stock would be ‘income from business’ and not ‘income from house prperty.
Pranav Kumar Vs DCIT (ITAT Delhi) We have carefully considered the rival submissions made by both the sides and perused the material on record. The issue in the present appeal is with respect to levy of penalty under section 271(1)(c) of the I.T. Act, 1961. In the present appeal, the show cause notice dated 27.11.2017 […]
Assessee had not explained expenses incurred for earning agricultural income, Assessing Officer was to be directed to make a disallowance to extent of 25 per cent of expenditure on account of earning of agricultural income and pass an order accordingly
