ITAT Delhi held In the case of DCIT vs. D.R.S. Warehousing (North) Pvt. Ltd. that the company was incorporated to provide material handling, storage, transportation, distribution, movers, packing and warehousing facilities which form part of its business.
ITAT Mumbai held in the case of Hiralal Chunilal Jain vs. ITO that addition for alleged Bogus Purchase not sustainable as AO had made the addition solely on the basis of information received from the Sales tax department without making any independent inquiry or following the principles of natural justice before making the addition.
Hon’ble Kolkata ITAT has in its judgement of Madhabi Nag v/s ACIT has placed reliance on The CBDT Circular No.14 of 1955 dated 11.04.1955 and has taken a view that the officers of the department must not take advantage of ignorance of the assessee about his rights
CIT Vs Late Gopal V. Gorwani (ITAT Mumbai) The Assessing Officer, on perusing the aforesaid terms of the agreement was of the view that flats to be constructed by the vendee on behalf of the co–owners is the non–monetary consideration received by them on account of sale of the property.
The ITAT Delhi in the case of Shri Ashutosh Garg vs. ACIT held that when the assessee had produced his copy of bank accounts showing the advancing of loan to non-resident and its repayment collection along with affidavit filed both by non-resident and assessee
ITAT Chandigarh held In the case of M/s HMM Coaches Ltd. vs. ACIT that according to the Arbitration and Conciliation Act, the Arbitral Award is like a decree of the Court and is executable by the Courts. It is, therefore, like an order/judgement enforceable at law and as such, could not be construed as document or evidence.
ITAT Delhi held In the case of G. E. Money Financial Services Ltd. vs. DCIT that where AO has not verified either (a) the allowability of the loss in principle or (b) where the claim is factually correct as quantification of the loss has not been verified by the AO, in both cases exercise of powers u/s 263 is in accordance with law.
ITAT Mumbai held In the case of ICICI Ltd. vs. ACIT that in assessee’s own case for the AY 1995-96, the ITAT referred the case of S.B.I. Home Finance Ltd. v. CIT (2006) 280 ITR 6 in which the Hon’ble Calcutta High Court has held that the leased transactions were genuine.
ITAT Delhi held In the case of ITO vs. M/s Shakti Securities Pvt. Ltd. that merely based on investigation wing information without surveillance of substantiation and without any statement being mentioned therein and without nature of transaction being narrated therein and without tangible material
The ITAT bench of Pune in the case of M/s Thermotech Engineering held that where the assessee has earned exempt income and incurred expenditure by way of interest which is not directly attributable to any particular income
