Vora Financial Services P. Ltd Vs. ACIT (ITAT Mumbai) The provisions of section 56(2) (vii) were introduced as a counter evasion mechanism to prevent laundering of unaccounted income under the garb of gifts‘ particularly after abolition of the Gift Tax Act. The provisions were intended to extend the tax net to such transactions in kind. The […]
Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this appeal is regarding computation of long term capital gain on sale of property located at Ghaziabad. The assessee has declared the long term capital gain on the sale of the said property claiming real […]
Vaani Estates Pvt. Ltd. Vs ITO (ITAT Chennai) Provisions of Section 56(2)(viib) of the Act, cannot be invoked in the case of the assessee company because by virtue of cash being brought into the assessee company by Mrs. Sasikala Raghupathy for allotment of equity shares with unrealistic premium the benefit has only passed on to […]
Vijay Sachdev Vs JCIT (ITAT Delhi) It is well settled law that non-consideration of decision of Jurisdictional High Court is mistake apparent from record. Ld. Counsel for the assessee, therefore, rightly contended that Ld.CIT(A) did not follow the judgement of the Jurisdictional High Court and shall have to rectify the mistake in his order in […]
Where AO had directly made the disallowance under section 14A by abruptly rejecting workings of assessee without having any cogent reason to deny the claim made by the assessee no expenditure was incurred for earning exempt income, the disallowance was deleted.
On the facts and circumstances of the case and law, the Ld. CIT(A) has erred in not appreciating the action of the A.O. in making an addition of Rs. 2,,88,65,116/- treating the capital gain arising as a result of sale of flat No. 1807, Ashok Towers, Mumbai, as short term capital gain
This is an Appeal by the Assessee directed against the order by the Commissioner of Income Tax (Appeals)-2, Jalandhar (‘CIT(A)’, for short) dated 05.10.2016, partly allowing the assessee’s appeal contesting its assessment u/s. 143(3) of the Income Tax Act, 1961 (‘the Act’, hereinafter) dated 12.10.2015 for Assessment Year (AY) 2013-14
M/s Outworks Solutions [P] Ltd Vs JCIT (ITAT Delhi) No doubt, the assessee claimed write off as bed debt but it is equally true that the assessee did explain the sequence of events which prompted it for the said write off. There is no denying that the assessee does not fulfill the conditions mandated in […]
Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra) The receiver of the donations has maintained the register of donors indicating the names and addresses of the donors and their identity as well in the form of Voter Card, Bank account, etc. The CIT (A) has found and opined in his order that these donations have been […]
M/s. Nov Sara India Pvt. Ltd Vs Addl. CIT (ITAT Delhi) Software development expenditure which was held to be capital expenditure by the Assessing Officer holding that it has given a benefit of enduring nature to the assessee. The claim of the assessee is that same is a license fee and, therefore, it cannot be […]
