Shri Bhaskar Roy Vs ITO (TDS) (ITAT Kolkata) ITAT held that demand raised by the Income Tax Authorities for levying late fee u/s. 234E of the Act for the period prior to 01.06.2015 cannot be sustained and we order accordingly. However, we hasten to add that Hon’ble Karnataka High Court while passing the order had […]
Kanshi Ram through Legal heir Sh. Sanjeev Kumar Vs ITO (ITAT Delhi) On perusal of the notice issued u/s 274 read with section 271(1)(c) of the Act we observe that the notice issued was stereotyped and the Assessing officer has not specified any limb or charge for which the notice was issued i.e., either for […]
Lotus Ornaments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Upon perusal of assessee’s financial statements, it could be gathered that assessee’s own funds in the shape of share capital and free reserves far exceeds the investment made by the assessee and therefore, a presumption would run in assessee’s favor that the investments were funded out of […]
Bajaj Foods Ltd Vs The ITO (ITAT Ahmedabad) Undeniably the interest paid to Barclays Bank by the assessee has been added to the income of the assessee for non deduction of tax at source thereon as per section 195 of the Act treating the said Bank to be a non redident. The order of the […]
Amendment brought by Finance Act, 2021 to section 36(1)(via) and 43B is only prospective in nature and not retrospective and the same to be effective from 1-4-2021 and will apply for and from the assessment year 2021-22 onwards.
DCIT Vs Lotus Logistics & Developers Ltd (ITAT Mumbai) In this case ITAT was hearing the dispute related to addition for unexplained cash credit received in the form of share capital under section 68. ITAT observed that on the same issue in a large number of decisions of the coordinate benches held that once all […]
DCIT Vs Dakshin Haryana Bijli Vitran Nigam Ltd. (ITAT Delhi) The only dispute in this appeal is with regard to the addition of Rs.328,69,90,916/-, on account of non-inclusion of “surcharge accrued/levied on electricity bills yet not realized during the year” in the assessee’s total income. ITAT held that There is no dispute over the fact […]
ITO Vs Kirit Raojibhai Patel (ITAT Mumbai) Sale of transferable development rights did not attract capital gains tax since the cost of acquisition for the same did not exist. Held: AO held that transferable development rights (TDRs) arising out of an existing land was an immovable property, the transfer of such TDRs amounted to transfer […]
Prism Networks Private Limited Vs ACIT (ITAT Bangalore) The Hon’ble Tribunal held that the DRP has not considered the plea of assessee in proper perspective. The fact that the TPO rejected the TP Study of the Assessee cannot be the basis not to consider the claim of the Assessee for inclusion of comparable companies. The […]
In the absence of a statutory provision the duty cannot be cast upon legal representative to intimate factum of death of assessee to department and thus, where AO issued a notice to the assessee under Section 148 of the Act after his death and in such a case it could not have been validly served upon the assessee the said notice being invalid is required to be quashed
