Asokan Meena Vs ITO (ITAT Chennai) It is an admitted fact that the assessee has filed her return of income for the AY 2016-17 in ITR-4 and has maintained books of accounts, but for the AY 2017-18, she had filed return of income u/s.44AD of the Act, and estimated net profit without any books of […]
Sh. Vinod Jindal Vs DCIT (ITAT Delhi) Penalty under section 271AAA of the Act was imposed based on the additions made in the assessment order, aggregating to Rs.24,54,184/-. However, while deciding assessee’s quantum appeal, the Tribunal in ITA No. 839/Del/2017, dated 30.06.2022 has deleted addition of Rs. 1 lakh made on account of unexplained cash. […]
Once the mistake is brought to fore and is in knowledge of the authority, it is incumbent upon the authority, who is possessed with all the powers, to take a deep dive into the matter to ascertain the correct facts and understand the mistake as well as see how the effect of mistake was mitigated.
Sunsmart Technologies Pvt. Ltd Vs ACIT (ITAT Chennai) As per Explanation-2 to Sec.9(1)(vii) of the Act, FTS means any consideration (including in lump sum consideration) for the rendering of any managerial, technical or consultancy services, but does not include consideration for any construction, assembling, mining or like project undertaken by the recipient or consideration which […]
C.C.E. & S.T. Vs Modest Infrastructure Ltd (CESTAT Ahmedabad) Whether the duty free material found during the search of the premises of M/s Modest at Warehouse- 2 can be considered as lying outside the bonded warehouse and registered premises of M/s Modest, consequently liable for payment of custom duty as proposed in the show cause […]
Vertex Securities Ltd Vs ITO (ITAT Cochin) The assessee has made an investment in equity shares of Rs.5,84,10,100/-. The dividend from such investment is exempted from the tax. Accordingly, AO computed the disallowance u/s 14A of the Act at Rs.11,84,111/-. The same was confirmed by the Ld. CIT(A). Before us, Ld. A.R. submitted that assessee […]
Issue which requires examination is whether the amount received by assessee towards sale of software products and provision of maintenance services would be taxable as royalty under Article 12 of India-Singapore DTAA.
Kothari Brothers Vs ITO (ITAT Ahmedabad) The assessee submitted that the appeal before the CIT(A) was filed in respect of rejection of rectification application and thereby disallowance of claim for carry forward losses in revised return needs to be looked into. The original return of income for A.Y. 2007-08 was filed on 24.11.2007 declaring total […]
Komara Gounder Chinnusamy Vs ITO (ITAT Chennai) The PCIT has revised assessment order passed by the AO u/s.143(3) r.w.s.147 of the Act, on the issue of trade discount received by the assessee from M/s. SKM Animal Feeds and Foods (India) Pvt. Ltd., amounting to Rs.23,16,261/-. According to the PCIT, although, the assessee has received trade […]
Janardhan Gupta Vs DCIT (ITAT Delhi) ITAT find that as emanating from the facts narrated above, the revenue authorities have disallowed the assessee’s claim of cost of purchase and cost of improvement de hors any corroborative evidences. In our considered opinion, there is no infirmity in the orders of the authorities below as onus is […]
