Aditya Birla Power Company Limited Vs ACIT (ITAT Mumbai) The undisputed position that emerges out of the above discussion is that the assessee undertook a project and incurred certain expenditure which was reimbursable to him along with development fees upon financial closure of the project. However, the project was ultimately aborted by the assessee and […]
Whether Additions u/s 68 merely on the ground that the assessee could not produce the directors of the share subscribing companies is sustainable.
Ramanand Industries Vs ITO (ITAT Jaipur) It is settled proposition of law that even if the books of account are rejected U/s 145(3) of the Act, it would not ipso facto result to an addition except the income estimated on same reasonable and proper basis lead to an addition. In the case in hand, neither […]
Vijay Mahipal v. ITO (ITAT Kolkata) If the assessee invests the entire consideration in construction of the residential house within three years from the date of transfer he cannot be denied deduction u/s 54F of the Act on the ground that he did not deposit the said amount in capital gain account scheme before the […]
Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) In the present case the Income Tax Department sought to tax fund lying in a Swiss bank account as “Unaccounted Income” in the hands of two residents of Mumbai. The appellants maintained account in Swiss Bank stated that they had no contribution in the said account as […]
At the same time, we cannot also ignore the fact that it was for the Revenue to have allowed smooth switchover from manual to e-filing system of filing TDS returns. The onus and burden was on revenue to provide necessary infrastructure so that tax-payer did not face any inconvenience in filing e-TDS returns.
Sushmita Sen recent appeal: Where the assessee made certain claim which had not been accepted by the Revenue, penalty under section 271(1)(c) thereon deleted
The provisions of section 68 cannot be applied to sundry creditors and the assessee cannot be applied to sundry creditors and the assessee cannot be asked to prove the 3 ingredients of cash credits in respect of sundry creditors.
The assessee is a company and is in the business of investment. An addition of unexplained cash credit u/s 68 of the Act, were made by the Assessing Officer on the ground that the assessee failed to explain the sources of funds for the share capital received by it at a premium. On appeal the ld.
IBM India Pvt. Ltd case: IBM Philippines received the monies in the course of their business and did not have PE in India and therefore the receipt in question could not be brought to tax
