All ITAT

Reassessment u/s 147 without any tangible material to support escapement of income not justified

SPR & RG constructions Pvt. Ltd. Vs ACIT (ITAT Chennai)

SPR & RG constructions Pvt. Ltd. Vs ACIT (ITAT Chennai) The issue under consideration is whether the reasons for reopening of assessment u/s 147 are justified? The reasons recorded for reopening are on the basis of the audited accounts of the assessee i.e., specifically perusal of Schedule 30 of the profit and loss account and [&helli...

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No Section 263 revision for difference of opinion between AO & CIT

Maharashtra Engineering Vs PCIT (ITAT Pune)

Issues have been examined by the A.O and just because the opinion as arrived by the A.O is at a variation of the opinion of the learned Pr. CIT, would not grant the learned Pr. CIT the powers of revision u/s 263 of the Act....

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No comparables to be selected in ALP determination if comparables differs in turnover

NXP India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Exclusion of comparables from the list of comparables on basis of turnover, functional difference for determination of Arms Length Price was valid. ...

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Exemption u/s 54 allowed if purchase amount paid by assessee irrespective of name on agreement of Son

Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore)

Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore) The issue under consideration is that if the assessee reinvested capital gains in purchase of new residential house in the name of assessee and his son together then whether assessee in entitle to the full amount of exemption u/s 54? As per Section 54, it mandates that the […]...

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Loan from directors – Section 68 addition- Additional Evidence- ITAT restore matter to AO

Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore)

Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore) The issue under consideration is that whether the loan received from two directors can be considered as unexplained cash credit u/s 68 of the Act? In the given case, the assessee has received amount from two of its directors. The assessee could file only ledger account extract […]...

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Interest paid on Loan cannot be set off against interest earned on Fixed Deposit

Smt. Zeelia Zeena Mayzean Shenoy Vs ITO (ITAT Bangalore)

Smt. Zeelia Zeena Mayzean Shenoy Vs ITO (ITAT Bangalore) The issue under consideration is whether or not income paid on interest against the fixed deposits can be said to have been incurred ‘wholly and exclusively’ for the purpose of earning interest income from fixed deposits? In the present case, the assessee made fixed depo...

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Prior period expenses of fixed assets allowable in the year of crystallisation

DCIT Vs Dakshin Haryana Bijli Vitran Nigam Ltd. (ITAT Delhi)

The assessee has written off the assets which were not found/traceable and as the assets were scattered over different areas, the entire exercise of listing of such fixed assets got crystallized during the year and hence, the booking of the expenditure under head prior period expenses of fixed assets, merits to be allowed in the hands of ...

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Set off of unabsorbed depreciation allowed irrespective of continuity of business in next year

DCIT Vs Regency Property Investment Pvt. Ltd. (ITAT Mumbai)

The issue under consideration is whether set off of the ‘unabsorbed depreciation’ can be allowed irrespective of continuity of the business in next year?...

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Deduction u/s 80G cannot denied merely because such payment forms part of CSR

First American (India) Pvt. Ltd Vs ACIT (ITAT Bangalore)

The issue under consideration is that whether the expenditure incurred for CSR will also be qualified for deduction under section 80G?...

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CIT(A) cannot dismiss an appeal in a summary manner

Kaushalkumar G Patel Vs ITO (ITAT Ahmedabad)

On perusal of the impugned orders would indicate that the ld.CIT(A) has simply concurred with the  AO  without formulating specific points and taking note of details available before the Id.CIT(A). In a way, the appeals were dismissed in summary manner. This act is amounting to miscarriage of justice. This exercise of power at the end o...

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