Even though for whatever reason/over-sight the assessee had not disclosed the loan as liability in the balance sheet and since the incurring of interest on it has been disallowed being personal in nature and the source of loan is from Vijaya Bank as noted by the AO, the loan amount of Rs.2,33,950/- cannot be taxed as it is a liability and not income, so, I am inclined to direct the deletion of Rs. 2,33,950/-.
Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) Regarding the issue of applicability of section 50C of the Act, the assessee objected for adopting value of 50C as per guidance value, at the time of assessment, a letter requesting for reference to the valuation itself was also made by letter dated 19.03.2015 addressed to the […]
Addition of amount representing 15% of sale proceeds deducted by the Monetary committee from e-auction sale of mineral stock belonging to assessee and which was contributed to Special Purpose Vehicle, as per the direction given by Hon’ble Supreme Court was justified as the same constituted trading receipts in the hands of assessee, but at the same time it was allowable as deduction u/s 37(1).
ITO Vs Shri Ganesh Cement Pvt. Ltd. (ITAT Kolkata) In this case assessee company has shown receipt of fresh subscription to its share capital of Rs. 50.30 crores during the relevant assessment year (AY 2012-13). According to AO for the purpose of proper verification and examination into the existence, and creditworthiness of the share subscribers […]
Binod Kumar Mahato Vs PCIT (ITAT Kolkata) The reasons for scrutiny selection through CASS, is to examine the cash deposits in savings bank account, as these are more than the turnover. The Assessing Officer stuck to these reasons and completed the assessment u/s 143(3) of the Act. Aggrieved with this order, the assessee carried the […]
Huawei Telecommunications (India) Pvt. Ltd.Vs. DCIT (ITAT Delhi) The taxpayer challenged disallowance/confirmation of Rs.1,010,856,249/- & Rs.128,611,894/- for Assessment Years 2012-13 & 2013-14 respectively on account of provision for customer claim on the ground that the amount provided by the taxpayer pertaining to actual delays/defaults occurred as per the terms of the contract entered between the […]
AO, accordingly, took the view that each of the unit is separate house. Since deduction u/s 54F of the Act is not permitted, if the assessee is having more than one house property, the AO rejected the claim for deduction u/s 54F of the Act.
During the course of assessments the Assessing Officer found that the assessee claimed expenseunder the head ‘Assistance to Law Students’, and when asked, submitted that the assistance paid to law students Diksha Sharma and Krishna Prasad K. V. at Oxford is the justification for such claim.
Shri Praveen Kumar Vs ITO (ITAT Jaipur) As per facts of the present case, the assessee was student and studying for said period in Birla Institute of Technology as a regular student of M.Sc. Animation and Design and was tenant of Shri Abhishek Agarwal, who was into business of real estate in name and style […]
It is necessary to bring on record, to be taken care of by the CBDT, that present appeal has been filed just to generate unnecessary litigation without examining well-reasoned findings returned by the ld. CIT (A) which can be curtailed if proper scrutiny/vetting by the senior officers, who are at the helms of the affairs, is made before approving any case for filing appeal before a higher forum.
