The issue under consideration is whether the CIT is correct in restricting the disallowance u/s 69C against bogus purchase at rate of 12.5% of the bogus purchases?
DCIT Vs Jugal Kishore Garg (Derewala) (ITAT Jaipur) The ld. CIT(A) observed that it is evident that the surplus being referred to by the Ld. AO is not profit from the projects but the receipts of ‘on money’ credited to the capital accounts of the partners which has been considered in the additional income offered […]
Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT) The ITAT Mumbai has put to rest an important controversy in the case of Mukesh Sohanraj Vardhan vs Income Tax Officer Mumbai decided on 28 August 2020 by holding that the extra consideration received on cancellation of Booking of Flats constitutes a ‘Capital Receipt’ and cannot be taxed as […]
whether assessee is considered as monthly tenant or deemed owner of the premises u/s.27(iiib) read with Section 269UA(f)(i) of the Act and accordingly whether rental income is taxable u/s.22 as ‘income from house property’ or not?
Resale Price Method (RPM) is a GP margin based method. It is a traditional transaction method. It primarily compares controlled and uncontrolled transactions. Under RPM we can tolerate slight differences in the products distributed by the two types of distributors as long as the broad category of products distributed is the same.
Syed Maqsoodulla Vs ITO (ITAT Bangalore) In the present case also the assessee’s turnover was Rs.9,45,200/- and offered income of Rs.4,84,158/– u/s. 44AD of the I.T. Act. If the AO wants to make any addition, he shall ignore income returned by the assessee and proceed to scrutiny the accounts so as to make any addition. […]
Mersen India Pvt. Ltd. Vs JCIT (ITAT Bangalore) In the present case admittedly the assessee filed original return of income based on unaudited accounts within the due date of filing i.e. on 30.09.2008. Later the assessee filed the Revised Return of Income on 1.4.2009 which is the basis of audited books of accounts which is […]
The issue under consideration is whether reopen assessment u/s 147 based on the same material which is examined by AO in original assessment is justified in law?
Shri Kokkarne Prabhakara Vs. ITO (ITAT Bangalore) Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92% of gross receipts, would also defeat the purpose of presumptive taxation as provided under section 44AD of the Act or other such provision. Since the scheme of presumptive taxation […]
Agencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) Invocation of Section 263 of Income Tax Act, 1961 to initiate Penalty proceeding not sustainable when addition itself deleted by ITAT Brief facts of the case are that assessment u/s 143(3) of the Act was completed on 30-12-2017 by the AO and thus the AO made the […]
