Batliboi Limited Vs DCIT (ITAT Mumbai) Issue regarding non-taxability of Rs.4,27,43,000/- by treating the same as capital receipt for the purpose of Section 115JB of the Act though not claimed before the lower authorities by the assessee, is being claimed for the first time before this Tribunal. We find that this is purely a legal […]
Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) We have perused the assessment order and the order of the CIT(A) as well as the materials placed on record and referred to in terms of Rule 18(6) of the Income Tax (Appellate Tribunal) Rules, 1963. On perusal, we observe that at the time of original assessment proceedings, […]
Sushila Birla Memorial Institute Vs ITO (ITAT Kolkata) There is no dispute of the fact that the assessee Trust exists solely for philanthropic purposes and not for the purpose of profit. There is also no dispute of the fact that the annual receipts of the assessee do not exceed the amount prescribed. The only issue […]
Sony Pictures Networks India Private Limited Vs ACIT (ITAT Mumbai) By means of this stay application, the appellant seeks to get extension of demand amounting to Rs.71,12,41,378/- already stayed by the Tribunal for the assessment year 2010-11, till the disposal of appeal. The Ld. counsel for the appellant submits that the Tribunal vide its order […]
We are of the view that the AO has re-opened the assessment on mere change of opinion, because it is the assessing officer who took a different view at the time of reopening of assessment, i.e., he has entertained an opinion that the family members should have transferred the gold to the assessee firm and then the assessee firm should have held the gold on its own account.
Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad) In the instant case before us, we have observed that the objects of the donor viz. assessee only permitted to engage in activities to establish and run hospitals, nursing homes, welfare homes, rest houses for the good and benefit of the people, and other objects which are […]
TRN Impex Pvt. Ltd Vs ITO (ITAT Delhi) It is not in dispute that reopening of the assessment was made on the basis of the search conducted in the cases of Shri Deepak Agarwal and Shri Mukesh Kumar. Their statements were also recorded which were adverse in nature against the interests of the assessee. Certain […]
Smt. Harmohinder Kaur Vs. DCIT (ITAT Amritsar) The Apex Court in the cases of Central Bureau of Investigation vs. V.C. Shukla (supra) and Common Cause (A registered Society and Ors Vs. Union of India & Ors.(supra) analyzed the position of law with regard to the loose sheets/diary in which some noting has been made by […]
Dabur Invest Corp Vs JCIT (ITAT Delhi) Only issue before the Coordinate bench in that case was in which year the income accrues. It was not the issue before the coordinate bench that whether the money received by the assessee as an option price is a revenue receipt or a capital receipt. In the facts […]
Suraj Stones Corporation Ltd. Vs ITO (ITAT Bangalore) Without issuing summons under section 131 of the Act to a party who filed confirmation, no adverse inference can be drawn by the AO. It is clear from the orders of the revenue authorities that they not made any reference to the documentary evidence filed by the […]
