Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s.10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination to check the nature of transaction.
ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) Since no specific query was raised, at the time of recording statement under section 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclosed income, which were found and seized. Therefore, assessee was not […]
ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) Completed assessments can be interfered with while making assessment under section 153A only on the basis of some incriminating material unearthed during search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made […]
M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore) At the very outset, it was submitted by ld. DR of revenue that as per para 4.2 of the assessment order for Assessment Year 2014-15 and para no. 4.3 of the assessment order for Assessment Year 2015-16, it is noted by the AO that […]
Maruti Countrywide Auto Financial Services Pvt. Ltd. Appeal: Loss On Foreclosure Of Loan Held To Be Deductible While Computing Its Income
DCIT Vs HMS Real Estate Pvt. Ltd. (ITAT Delhi) It is held that when an assessee whose business is to develop real estates, is in a position to perform certain acts towards the acquisition of land, that would clearly show that it is ready to commence business and, as a corollary, that it has already […]
Hon’ble ITAT Mumbai in recent case of Airport Retail P. Ltd. vs. DCIT ITA No. 4816/Mum/2015 date of decision 09.01.2019 has decided that TDS u/s 194H is not application on bank charges paid for credit card payments and conversion charges of foreign exchange into cash. Hon’ble tribunal has examined the nature of transaction has concluded that there was no principal – agent relationship between assesse and bank and thus liability of deduct TDS u/s 194H is not attracted.
M/s. Varsity Education Management Pvt. Ltd. Vs DCIT (ITAT Mumbai) In the instant case, there is no dispute to the fact that the assessee has received the sum of Rs. 1030/- per share as Share Premium. It is the case of the assessing officer is that he will accept the share premium only to the extent […]
M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) When the revised return is accepted and the income is assessed as per the revised income, there is no scope for penalty. In the case of Kirit Dahyabhai Patel vs ACIT, (2017) 80 Taxmann.com 162 (Guj), the Hon’ble High Court held that in view of specific provision of Section […]
Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai) Assessee deriving income from multiple sources can adopt provisions of I.T Act for one source & DTAA for other The Tribunal held that in case of multiple sources of income, an assessee is entitled to adopt the provisions of the Act for one source while applying […]
