Bansiwala Iron & Steel Rolling Mills Vs DCIT (ITAT Jaipur) Since the A.O. is a quasi-judicial authority, who has to collect the evidences, material and then to adjudicate the matter after due and complete application of mind. The A.O. expected to record his own satisfaction before reaching to any conclusion. In our view, the A.O. […]
DCIT Vs Dalmia Bharat and Industries Ltd. (ITAT Delhi) Now the questions arising before us in this group of appeals were as Under:- i. Whether assessment framed u/s 153C read with S; ection 143 (3) for assessment year 2006 – 07 and 2007 – 08 are barred by the limitation. ii. Whether the assessment order […]
ACIT Vs Tulip Star Hotel Ltd. (ITAT Delhi) It remains an undisputed fact that the assessee was incorporated on 10.09.1987, made investments in V. Hotels Ltd, which had acquired Centaur Hotel in Mumbai from the Government intending to revive the business of such hotels, but in view of legal dispute with regarding to Centaur Hotel […]
ITAT Jaipur: Challenge against PCIT invoking Section 263 for large share premium. AO’s proper examination defended. Grounds and merits discussed.
Bennett Coleman & Co Ltd Vs DCIT (ITAT Mumbai) What is being termed as a guarantee is the obligation of the assessee company, in terms of “agreement for the sale and purchase of entire equity share capital of Virgin Radion Holdings Ltd UK” dated 30thMay 2008, which has led to the actual crystallization of sale […]
Naina Saraf Vs PCIT (ITAT Jaipur) Section 56(2)(vii)(b)(ii) cannot be applied prior to a A.Y. 2014-15 as section comes into effect from A.Y. 2015-16 The Finance Act, 2013 inserted clause (ii) in S. 56(2)(vii)(b) reading as under: ‘(ii) for a consideration which is less than the stamp duty value of the property by an amount […]
JCIT Vs Reliance Life Sciences Pvt. Ltd. (ITAT Mumbai) We agree with the submissions of the Ld. Counsel for the assessee that since assessee has not earned any exempt income and therefore no disallowance is warranted u/s. 14A of the Act. In the case of Joint Investments Pvt. Ltd. v. CIT [372 ITR 694] the […]
DCIT Vs Jaguar Buildcon Pvt. Ltd. (ITAT Delhi) We find that there is no dispute that the assessee has received share application money from six companies, out of which, from three companies assessee has received premium for sums aggregating to Rs.103,80,00,000/-. In the case of Ganesh Buildcon Pvt. Ltd., Feelgood Creation Pvt. Ltd., and Beyond […]
Vedvan Consultants Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground is directed against the addition of Rs.94,33,788/- u/s 36(1)(va) of the Income Tax Act, 1961. Brief facts as noted from the impugned order are that an addition u/s 36(1)(va) has been made by the DCIT, CPC, Bangalore on account of delay in depositing the […]
Reliance Industries Ltd. Vs PCIT (ITAT Mumbai) Upon perusal of assessment order under consideration, it is quite evident that an order was passed by Ld. AO u/s 143(3) r.w.s. 147 of the Act. One of the reasons to reopen the case was the allegation of Ld. AO that income from assets given on lease, though […]
