The Assessing Officer has no power to review; he has the power to re-assess. But re-assessment has to be based on fulfillment of certain pre-condition and if the concept of ‘change of opinion’ is removed, as contended on behalf of the Department, then, in the garb of re¬opening the assessment, review would take place.
Latish Chandar Samnani Vs ITO (ITAT Pune) The issue in the present case is with respect to disallowance of freight for expenses. The Assessing Officer had disallowed the expenses at 20% on adhoc basis which was restricted to 10% by CIT(A). Before us, it is assessee’s submissions that if the addition is restricted to 5% […]
Assessee had not disputed that he is common shareholder in both companies, however, contended that provisions of section 2(22)(e) have no application, inasmuch as, loan advanced was in ordinary course of its business.
ITAT Delhi held that both support services and reimbursement of expenses are not in nature of Fees for Included Services (FIS) under India – USA DTAA and hence not taxable in India.
ITAT Mumbai held that in the absence of any evidence on allegation that some person provided the entry to convert unaccounted money for getting benefit of LTCG in the grab of exempt LTCG u/s 10(38) of the Income Tax Act the same cannot be accepted.
DCIT Vs Amrapali Eden Park Developers Pvt. Ltd. (ITAT Delhi) AO observed that the assessee has claimed expenditure on account of purchase from certain parties who are involved in merely issue of purchase bills (Bogus Purchase) and effecting payments through banking channels for commission and not actually supported with the physical transfer of goods. Furthermore, […]
ACIT Vs IQOR India Services Pvt. Ltd. (ITAT Delhi) Assessee submitted that there are a number of decisions of the co–ordinate Benches, wherein, with reference to India-Philippines DTAA, it has been held that, even, in absence of FTS clause, the income would be governed under the other provisions of DTAA, hence, has to be treated […]
Shilpa Vitthal Jadhav Vs ITO (ITAT Pune) AO considered sale of plot as per development agreement of Rs.50,00,000/- as the share of assessee but, I find no reference whatsoever regarding the exact share of assessee pointing out in the said development agreement. The contention of ld. AR is that the AO considered the said amount […]
ACIT Vs Mercedes-Benz India Pvt. Ltd (ITAT Pune) In the line of business of assessee i.e. manufacture and sale of passenger cars, the automobiles which were manufactured were governed by Central Motor Vehicles Act (CMV Act) and Central Motor Vehicle Rules (CMV Rules). Under the said regulations, it is mandatory to seek approval from the […]
Sagar Uttam Murhe Vs DCIT (ITAT Pune) Case law (2020) 120 com 187 CIT vs. Padmavati (Mad) (HC) holds that such an assessment could not exceed the scope of the prescribed ‘limited‘ scrutiny except as per the due process of law. This is indeed coupled with various coordinate benches decisions reiterating the very legal proposition. […]
