Lakshminarayana Gupta Vs CIT(A) (ITAT Bangalore) The solitary issue that is raised in this appeal is with regard to the disallowance of brokerage claim amounting to Rs.2,17,000/-. It is claimed that assessee had incurred brokerage of Rs. 3,10,000 regarding sale of a property. The assessee has not produced any proof/evidences to substantiate that he had […]
Where assessee had offered business receipts amounting to Rs 41,81,800/- in his return of income which was sufficient to make business advances of Rs 8,05,000/- there was no justifiable reason to not accept the entries in the cash book corresponding to advances of Rs 8,05,000/- made out of said business receipts.
ITAT Amritsar held that provisions of section 68 of the Income Tax Act is inapplicable as assessee does not maintain any books of accounts. Mere possession of pass book cannot be treated as books of accounts. Accordingly, addition u/s 68 unsustainable.
ITAT Pune held that as receipts from business activity is more than 20% of the total receipts, character of charitable purpose as given in section 2(15) will be lost and accordingly, exemption under section 11 of the Income Tax Act not available.
Panexcell Clinical Lab Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT find that the assessee is in the business of drug analysis, clinical trials, and other research activities and as part of the said business, the assessee does lab study of various drugs before their launch in the market. As per the assessee, for the purpose […]
Assessee gets his accounts audited & furnished section 44AB audit report before finalization of assessment order, so section 271B Penalty deleted
ITAT denies condonation of delay & held that Preferring appeal does not mean mere formally filing it but also taking all steps to effectively pursue the appeal
ITAT held that receipts from Satellite Transmission Services cannot be treated as royalty & not taxable at the hands of assessee in India
Kritija Construction Vs ITO (ITAT Pune) The issue in the present appeal relates to the taxability of difference of amounts shown in the Form No. 26AS and reflected in the Profit & Loss Account. It is an admitted fact that in the present case the appellant firm had received advance of Rs.38,88,745/- from one Siddhashila […]
ITAT Delhi directed fresh adjudication to verify whether notice was served upon to the legal heir after the death of the assessee and also to verify the correct name of the assessee.
