DCIT Vs Automac Diesels (ITAT Bangalore) ITAT held that addition can be made in respect of the employees’ contribution in regard to PF/ESI, which has not been deposited within the stipulated date as per the respective Act, since in the case on hand, the assessee has not deposited the employees, contribution within the due date […]
AO has clearly conducted the enquiry and revenue did not pin point the error on the part of the assessing officer the order passed after due application of mind cannot be subjected to proceeding u/s. 263 of the Act.
ITAT Ahmedabad held that only certain percentage of alleged bogus purchases should be disallowed. Disallowance of entire alleged bogus purchase unjustified when corresponding sale of finished product has been subjected to tax.
ITAT Mumbai held that bitumen, bitumen emulsion, cut back bitumen, modified bitumen produced by the assessee certainly fall in the category of “mineral oil” for the purpose of section 80IB(a) of the Income Tax Act, 1961.
ITAT Kolkata held that CBDT instruction no. 3/2016 exempt referring the specified domestic transactions with AE to TPO. Thus, revisionary order directing AO to pass fresh assessment order after making reference to TPO is unsustainable.
ITAT Delhi held that addition u/s 69A of the Income Tax Act unsustainable as cash deposit of INR 4.50 cr. is income under the scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the same is cleared by a valid declaration under the scheme.
ITAT Delhi held that power incentive granted by the Government of West Bengal is actually given for sole intention of setting up new industry and attractive private investment and hence the same is capital receipts and not chargeable to tax.
ITAT Kolkata held that the scheme of merger/ amalgamation once approved by the Honble High Court is binding on the Income-tax authorities and cannot be disturbed/reconsidered.
ITAT Rajkot held that in absence of any specific provisions under the Income Tax Act, notional income on advance cannot be brought to tax. Accordingly, addition deleted.
ITAT Mumbai held that set-off of losses when there is a change in shareholding involves interpretation of various provisions and laws and hence it is not a mistake apparent from record. Accordingly, rectification power under section 154 cannot be invoked.
