All ITAT

Nature of transaction depend upon facts & circumstances of case & not merely on rules or principle 

Haresh Khiamal Nanwani Vs ACIT (ITAT Mumbai)

Haresh Khiamal Nanwani Vs ACIT (ITAT Mumbai) The issue under consideration is whether ACIT is correct in treating the sale of investments in immovable properties as a business activity rather than considering it as capital gains, in spite of the appellant holding the flats for more than 36 months. Assessee state that, he had shown [&helli...

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Principle governing identification of comparable transactions would be same, irrespective of TP method

Infogain India Pvt Ltd Vs DCIT (ITAT Delhi)

Comparison of activities undertaken /functions performed was important for determining the comparability between controlled and uncontrolled transactions/entity....

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Passing ex-parte order without discussing merit of case is not justified in law

Bimla Devi D/o. Shri Phool Chand Vs ITO (ITAT Delhi)

Bimla Devi D/o. Shri Phool Chand Vs ITO (ITAT Delhi) The issue under consideration is whether the ex-parte order passed by CIT(A) without discussing merit of the case is justified in law? ITAT studied the matter and state that it is pertinent to note that the CIT(A) has passed ex-parte order and dismissed the appeal […]...

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Reduction in price of stock-in-trade while computing business income allowable

Addl. CIT Vs PNB Gilts Ltd. (ITAT Delhi)

ACIT Vs PNB Gilts Ltd. (ITAT Delhi) The issue under consideration is whether diminution or reduction in price of the stock-in-trade can be allowed while computing business income? In the given case, the assessee, PNB Gilts Ltd is a Non-Banking Financial Company (NBFC), filed its return of income declaring total income. The return of incom...

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Section 68- No addition for duly explained cash deposited in bank

ACIT Vs Siddhartha Bhargava (ITAT Kolkata)

ACIT Vs Siddhartha Bhargava (ITAT Kolkata) The issue under consideration is whether Cash deposits in bank account held as unexplained u/s 68 is justified? During the assessment proceedings, the assessee had produced bank account of the assessee in Punjab National Bank (PNB) and HSBC. On verification of the bank accounts, it was found that...

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No addition for TP Adjustment towards interest on debentures invested in AE

Gurgaon Investment Ltd. Vs DDIT (ITAT Mumbai)

Gurgaon Investment Ltd. Vs DDIT (ITAT Mumbai) The issue under consideration is whether addition made on account of Transfer Pricing Adjustment towards interest on debentures invested in the Associated Enterprise (AE) Vital Construction Pvt. Ltd. (VCPL) is justified or not? Assessee, a non-resident company incorporated in Mauritius. Throug...

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No addition for suppressed receipts in case AO failed to consider revised return of income

IDBI Capital Markets & Securities Ltd. Vs DCIT (ITAT Mumbai)

Since AO had not considered revised return of income which was filed within prescribed period of limitation for the difference between income disclosed in return and total receipts as per Form 26AS, therefore, the matter was remanded back to AO with direction to verify the fact and grant relief to assessee in accordance with law....

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Depreciation on golf course- Plant & Machinery or Land & Building

Landbase India Ltd. Vs. ACIT (ITAT Delhi)

Landbase India Ltd. Vs. ACIT (ITAT Delhi) Depreciation on the golf course – Whether depreciation should be allowed considering it as ‘plant and machinery or land or building. Matter: 1. Applicable Rate of Depreciation on Gulf course.  Facts of the case 2. The Assessee is a company engaged in the business of operation of golf [&he...

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No section 68 addition as AO not disputed vortex of evidences furnished by assessee

Karuna Garg Vs ITO (ITAT Delhi)

Since neither AO conducted any enquiry nor had brought any clinching evidences to disprove the evidences produced by assessee and assessee had furnished all details including bank statement, share brokers note, ledger account copies, share certificates, in support of purchase and sale of shares and mode of payment and receipts of proceeds...

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Section 194C TDS not applicable on terminal handling charges

DCIT Vs Keshodwala Foods (ITAT Rajkot)

As per the circular no. 723 dated 19.09.1995 states that where the provisions of Section 172 are to apply, the provisions of Section 194C and 195 relating to tax deduction at source are not applicable....

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