Penalty u/s.271E was not leviable as the belief of assessee that return of advance from customers was not prohibited by section 269T was a bonafide belief.
ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) Clause (iic) inserted in Explanation 1 to section 115JB by the Finance Act, 2015 is remedial and curative in nature as it was brought in the statute to provide similar benefit to the member of the AOP which was earlier applicable to the partner of the […]
M/s Hero Moto Corp Ltd. Vs DCIT (ITAT Delhi) As regards to Ground, relating to disallowance of cost of scrap material amounting to Rs.6.34 lacs, it can be seen that in the course of the business of manufacturing, the process generates some scrap on account of rejection of components, obsolescence of components, etc. In the […]
M/s. Enchanting Travels Pvt. Ltd. Vs The Income Tax Officer (ITAT Bangalore) We find that TPO has already taken the total 10 comparables and with respect to 8 comparables, assessee has no objections. With respect to Kerala Travels Interserve Ltd., we have carefully perused its financial statements and we find the main revenue is from different […]
It is seen that the company has completed full-length animated commercial film during the year under consideration. We note that no separate revenue and expenditure on this activity of making animated film is reported in the Annual Report. Since the activity of making animated film is functionally different from the activity of software development services and thus the segment of ‘software development and services’ of the company, cannot be compared with the functions of the assessee.
Supermax Personal Care Private Limited Vs ACIT (ITAT Mumbai) We are of the opinion that the endeavor of the departmental officers to tax the transaction in question as capital gains was not supported by the any legal base.First and foremost there was no transfer of capital asset,which is the basis for invoking the provisions of […]
M/s. Orison Transport Vs DCIT (ITAT Cuttack) Belief of the assessee that return of advance from customers is not prohibited by section 269T was a bonafide belief. Therefore, the levy of penalty u/s.271E of the Act of Rs.21,49,943/- cannot be sustained. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the assessee against […]
M/s. Commitment Mortality Vision Education Society Vs ACIT (ITAT Delhi) In the instant case by way of collusion between the FIITJEE Group and the assessee, the funds have been given to the Group entities in the name of disbursement of scholarship etc. This collusion is evident from the statement of Sh. Aseem Gupta as how […]
Recently, in Aristo Pharmaceuticals Pvt. Ltd. vs. ACIT [ITA No.6680/Mum/2012 with ITA No.5553/Mum/2014 and ITA No.5479/Mum/2015, A.Y.: 2009-10, 2011-12 & 2012-13, decided on 26.07.2018], briefly stated, the assessee-company was engaged in the business of manufacturing and sale of pharmaceuticals products filed its return of income for A.Y. 2005-06 on 31.10.2005
Sonu Khandelwal Vs ITO (ITAT Jaipur) Section 150(1) provides exception to the limitation provided U/s 149 for issuing notice U/s 148. Therefore, Section 150 of the Act can be pressed into service in a particular case of reopening based on the directions or giving effect to the order of the appellate authority only when the time […]
