Income from assets given on lease, though offered to tax under normal provisions, was not routed through Profit and Loss Account and the accounting treatment given by assessee was in accordance with mandatory AS-19 which mandated assessee to reflect investment in asset under finance lease as lease receivable in balance-sheet on asset side under the head loans and advances.
Raghavendra Lorry Services Vs DCIT (ITAT Visakhapatnam) We find from the order of the Ld. AO, the Ld.AO has followed the directions of the CIT and has estimated the income @ 15% on the gross receipts without allowing the depreciation. It was also found from the submissions of the Ld. AR that the assessee a partnership […]
As entire amount is debited to the Profit and Loss account and accounted in the regular books of accounts, the same cannot be disallowed under Section 69C
JCIT Vs Shree Ganesh Construction (ITAT Ahmedabad) It is observed that even though the original receipt for payment of donation of Rs.50,000/- made to Chief Minister Kanya Kelvani Nidhi was not produced by the assessee as the same was lost or misplaced, sufficient evidence was produced by the assessee to support and substantiate its claim […]
ACIT Vs Padmshree Dr. D.Y. Patil University (ITAT Mumbai) Before us, the main plea of the Ld. CIT-DR was that the development fee collected by the assessee trust on the basis of a single fee receipt from the students, shows that the students didn’t had any option but to mandatorily give/remit the fees (including the […]
Prakash Javia HUF Vs ITO (ITAT Indore) Records placed before us also shows that report of the investigation wing or any enquiry conducted from 3rd persons were not made available to the assessee which thus grossly violates the principles of natural justice. As the assessee never got opportunity to go through these reports this action […]
DCIT Vs Ferrero India Pvt. Ltd (ITAT Pune) The main contention that was advanced by the assessee in this case before the Tribunal was that the existence of international transaction cannot be inferred by the T.P.O in the absence of any actual transaction and the presumption by the lower authorities that the benefit had endured […]
Pamstar Exports Vs ACIT (ITAT Mumbai) Assessee has filed the appeal physically on 26.04.16 which was before the due date of filing the appeal and Ld. CIT(A) has dismissed the appeal holding that assessee has filed the appeal manually which is invalid. Admittedly, the scheme of physical filing of appeal was replaced by electronic /online […]
Shri Dilip Manichand Nahar Vs ITO (ITAT Pune) ITAT held that The reason explained by the assessee in both the notarized affidavits that the appeal was not filed on the advice of his Consultant does not constitute a sufficient cause to condone the delay of 807 days, thus the reasons stated in both the notarized […]
Owens Corning India Pvt. Ltd. Vs ACIT (ITAT Mumbai) We observe that in A.Y. 2006-07 Assessing Officer observed that assessee has claimed depreciation of ₹.93,40,242/- and when the assessee was asked to submit the supporting evidences in support of the above claim, assessee failed to furnish the supporting evidences such as bills, date on which […]
