ITAT Ahmedabad held that genuineness of source of purchase and sale of shares thereof remained unexplained and hence concluded that the sale of such shares were only accommodation entry and accordingly addition of entire sale consideration upheld.
Supertex Industries Ltd Vs DCIT (ITAT Mumbai) Undoubtedly, the assessee was referred to the board of industrial and financial Reconstruction Under the provisions of the sick industrial Companies act. Assessee was declared a sick company u/s 3 [1] [o] of the SICA. Rehabilitation scheme of the assessee was approved by the board of industrial and […]
Assessee submitted that corpus donation is in the nature of capital receipt and thus not taxable in the hands of assessee trust irrespective of not being registered under section 12A of Act.
Assessment proceedings commence with filing of Income Tax return and not when notice is issued for the first time under section 143(2)
ITAT Mumbai held that onus is on the assessee to establish that the specified expenditure incurred was wholly and exclusively for the purpose of the business, disallowance of expenditure justified in absence of such establishment.
ITAT Mumbai held that expenditure incurred on such foreign travel cannot be disallowed on the reason that it was a pleasure tour and not meant for the purpose of business, as assessee furnished all the relevant details with supporting evidences together with the purpose of foreign travel.
ITAT Chandigarh held that denial of cross-examination, based on which addition on account of unrecorded sales was confirmed, demolishes the very foundation of making addition and hence such addition is unsustainable in law.
Satish Kumar Contractor Vs ACIT (ITAT Delhi) Counsel for the assessee vehemently submitted that the AO was not justified in making the addition on substantive basis in the hands of the assessee. He submitted that the assessee had filed a Supplementary Partnership Deed which clarified about the liability of the assessee firm. It was further […]
Section 250(6) of the Act mandates that the Ld. CIT(A) while deciding the appeal is required to pass order on points of determination (grounds of appeals), decision therein on and reasons for such decision.
Sarabjeet Singh Vs ITO (ITAT Amritsar) The brief fact of the case that the assessee is a trader &filed his return u/s 139(1) by taking the benefit of presumptive scheme u/s 44AD of the Act. During the F.Y. 2010-11 related A.Y. 2011-12 the turnover was 15,50,000/- & declared total income of Rs.1,40,880/-. The notice u/s […]
