The quantification of loss, which is well beyond the limited scope of ‘mistake apparent on record’ under section 154], could not have been disturbed in the proceedings under section 154, and what cannot be done under section 154, cannot be done under section 263 r.w.s. 154 either.
Approval granted by superior authority in mechanical manner solely relying upon the implied undertaking obtained from AO in the form of draft assessment order, defeated the very purpose of obtaining approval under section 153D and consequently, impugned assessment relatable to search was non est and a nullity and was, therefore, quashed.
Draipl-Mskel (JV) Vs ITO (ITAT Ahmedabad) In the present case, the expense claimed by the assessee for interest was disallowed by the AO on account of non-deduction of TDS. The disallowance made by the AO was also subsequently confirmed by the learned CIT (A). Now, the issue which require consideration and the adjudication is whether […]
The Hon’ble ITAT deleted the transfer pricing adjustment on account of interest on receivables due to failure of revenue authorities to find out even a single comparable in assessee’s segment charging interest in uncontrolled market conditions.
Skava Electric Pvt. Ltd. Vs ACIT/DCIT (ITAT Bangalore) ITAT held that assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return of income u/s 139(1) of the I.T.Act. It was further held by the ITAT that […]
DCIT Vs Honeywell Automation India Ltd (ITAT Pune) Conclusion: Interest on income-tax refund amounting to Rs.1.18 crore cannot be charged to tax on the processing of return u/s.143(1) during the year under consideration for the raison d’etre that the regular assessment made in the year 2017 resulted into creation of demand and wiping out the […]
Lovely International Pvt. Ltd. Vs ACIT (ITAT Kolkata) We find from the discussion at para 5 (supra) of this order and the finding of Ld PCIT given below para 5 corroborates that the AO in fact had issued notice u/s 142(1) and called for all the details of the share subscribers/share premium and pursuant to […]
Smt. Tapasi Singh Vs ITO (ITAT Kolkata) It is observed that all the four donors who had given the gifts in question to the assessee during the year under consideration were engaged in the business and in the returns of income filed regularly for the year under consideration, the business income earned by them was […]
ITO Vs Indian Youth Centre Trust (ITAT Delhi) The assessee company is a trust registered u/s 12A of the Act and is also registered u/s 80G(5)(vi). The return filed by the assessee trust was subjected to the scrutiny assessment. In the course of the scrutiny assessment the Assessing Officer took a view that the receipts […]
Sh. Chander Mohan Lall Vs ACIT (ITAT Delhi) A plain reading of section 40A(2) of the Act would make it clear that where the payment made to a related party, in the opinion of the Assessing Officer, is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for […]
