Kumar Construction Vs DCIT (ITAT Patna) Claim of the assessee firm rejected by the AO merely on the ground that capital has not been introduced by the partners through banking account is unjustified. Therefore, it is perverse and liable to be rejected and to substantiate the claim of assessee, the AR relied on the decision […]
Kaliannan Ganesan Vs ITO (ITAT Chennai) It transpired that the assessee made cash deposits of Rs.13.30 Lacs post demonetization as tabulated assessment order. Accordingly, the assessee was directed to substantiate the source of the same. The assessee is stated to be engaged in poultry farm business and trading of eggs. AO held that there was […]
South West Drilling and Infrastructure Ltd Vs ACIT (ITAT Delhi) ITGAT find that the facts and circumstances narrate in the order of the authorities below clearly indicate that it is classic case of circuitatious rotation of unaccounted money. The lender has no identity in as much it is nonexistent its sources of credits itself is […]
Harjeet Kaur Vs ITO (ITAT Delhi) Admittedly, the assessee had deposited cash in her bank accounts during the demonetization period. However, before the Assessing Officer, the assessee had explained that such deposits were out of cash withdrawals made earlier by her for the purpose of her daughter’s marriage. The Assessing Officer has partly accepted assessee’s […]
Umeshkuamr Harilal Shah Vs ITO (TDS) (ITAT Ahmedabad) It is undisputed fact that the assessee is not a manufacturer and the scrap which was sold by the assessee was not from the manufacturing activity. The decision of the Special Bench in case of Bharti Auto Product (supra) was observed that scrap means wasted which is […]
ITO Vs Logix Buildtech Private Limited (ITAT Delhi) ITAT held that Penal interest arises out of default in payment of installment / lease rent as per the schedule agreed and the normal interest along with penal interest compounded half yearly was agreed to be paid on the default amount and for the default period as […]
ITAT Chennai held that the VAT payment would not attract the provisions of section 40(a)(iib) of the Income Tax Act and hence, is allowable u/s.37 read with section 43B of the Act
ITAT Lucknow held that statement recorded u/s 133A of the Income Tax Act is not an incriminating material for the purpose of making search assessment u/s 153A.
ITAT Chennai held that deduction under section 10A of the Income Tax Act should be computed after excluding unrealized sale proceeds from export turnover as well as total turnover.
ITAT Mumbai held that assessee is entitled to claim benefit of Article 13(4) of DTAA in respect of entire current year Short/Long Term Capital Gains, without setting of the Brought Forward Short/Long Term Capital Gains.
