Income Tax dispute: Anugraha Shelters challenges capital gain assessment. Joint Development Agreement not treated as possession under sec.53A of Transfer of Property Act.
Interest earned from investments made with Co-operative Bank, not being Co-operative Bank was not deductible either under section 80P(2)(d) or under section 80P(2)(a)(i). Such interest income was to be assessed as income from other sources, however, deduction under section 57 was to be given in respect of expenditure for earning interest income.
Pavel Garg Vs ACIT (ITAT Delhi) Annual value of house property cannot be determined on ad-hoc basis when rent realized by assessee in subsequent years is on record ITAT finds that the AO has computed 10% of the value of investments in house property whereas the ld. CIT(A) reduced the amount to 5% of the […]
Refex Industries Limited Vs DCIT (ITAT Chennai) From the factual matrix as enumerated in preceding paragraphs, it could be gathered that the assessee was engaged in refrigerant gases which are used mostly in Air Conditioners, refrigerators and refrigerating equipments. With a view to expand its business and with a view to facilitate import of gases, […]
ITO Vs Thyrocare Technologies Ltd. (ITAT Mumbai) The assessee is providing pathological testing services through its diagnostic laboratories. The assessee has made arrangement with various sample collection centres referred to as Thyrocare Services Providers (TSPs) for collection of samples and forwarding the same for testing to the assessee. It is an admitted fact that the […]
Trimurti Films Pvt. Ltd. Vs ACIT (ITAT Mumbai) In the given case, the assessee was using the bungalow and land together for the film production as part of business assets. Since the film production is stopped, it has separated the bungalow and vacant land. It uses the bungalow for storage for its own purpose and […]
ACIT Vs Ravi Parkash Aggarwal (ITAT Delhi) Primarily, we find that the reasons recorded by the assessee are too sketchy and does not instill any confidence with regard to the reasons recorded for reopening. It is not even clear whether the assessee has received entries pertaining to loans or purchases. The details of the report […]
Sharda Mandir High School Vs CIT (ITAT Mumbai) The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has ruled that the unregistered Association of Persons formed by agreement merging two charitable Trusts eligible for exemption under Income Tax. The appellant Sharda Mandir High School which is an Association of person (AOP), against order passed by […]
DCIT Vs Sanverwala Jewellers Pvt Ltd (ITAT Indore) In this case Assessing Officer merely doubted the investment made by the share applicants for the reason that they did not submit any proof regarding agricultural activities done by them. It is therefore quite evident that the Assessing Officer himself accepted the identity of the share applicants […]
ACIT Vs ISMT Limited (ITAT Pune) It is settled position of law that the Assessing Officer cannot rely on the same books of accounts which are rejected for the purpose of making any other additions as held by the Hon’ble Andhra Pradesh High Court in the case of Indwell Constructions vs. CIT, 232 ITR 776 […]
