Explore the ITAT Delhi’s decision on Anandtex Int. P. Ltd’s case against addition under section 68 of the Income Tax Act. Learn about the challenges related to share application money and share premium.
Sheela Devi Vs PCIT (ITAT Delhi) ITAT observed total lack of opportunity by PCIT while concluding the proceedings under Section 263 of the Act. It is apparent from the records that solitary show cause notice issued to the assessee was for attendance on the very next date, i.e., 26.03.2021 in substitution of the first show […]
Kalaivani Spinners Pvt. Ltd. Vs ITO (ITAT Chennai) ITAT observed that PCIT himself admits that there are different views possible on claim of deduction u/s.80IA and issue is highly debatable. Once the issue is highly debatable no revision is possible invoking the provisions of section 263 of the Act. Hence, we quash the revision order passed […]
Standard Builders Vs ACIT (ITAT Chennai) ITAT held that reopening could not be done in a mechanical manner and on a mere change of opinion. Further, in case of reopening beyond 4 years, the revenue must allege that there was failure on the part of the assessee to disclose material facts. We find that the […]
Venture Lighting India Vs ACIT / DCIT (ITAT Chennai) ITAT noted that the assessee is consistently following a policy and method of accounting admitting foreign exchange gain or loss on year-on-year basis. The assessee before us filed complete chart from assessment year 2010-11 to 2016-17 as noted above. Before us, the ld. Senior DR could […]
The appellate authority has to decide the appeal on merits even in the absence of assessee and not to dismiss it for default.
ACIT Vs Shri. Mohamed Hassan (ITAT Chennai) Section 251(1)(a) of the Act does not provide power to the Ld. CIT(A) for setting aside the matter to the file of the Ld. AO. The power given to the Ld. CIT(A) in terms of section 251(1)(a) of the Act relates to confirming, reducing, enhancing or annulling the […]
Explore the ITAT Delhi’s decision in Anant Media Pvt. Ltd. vs. ACIT case. Learn about the challenges, legal principles, and the directive to the assessee for a fresh hearing. Understand the implications of the share premium disallowance and the significance of complying with authorities’ notices.
ACIT Vs Benetton India Pvt. Ltd. (ITAT Delhi) The assessee submitted that the advances written off is not a capital loss as it is written off as security deposits against the shops obtained on rent. Such write off of security deposits was incidental to the business of the assessee and was for running its operations. […]
ITAT Mumbai held that for claiming exemption under section 54 Date on which possession is by the Assessee should be taken as the date of purchase and further section only require Assessee to purchase/Construct a residential house within the specified period and source of funds is quite irrelevant.
