R.S. Diamonds India Private Limited Vs ACIT (ITAT Mumbai) The Assessing Officer noticed that the assessee has deposited a sum of Rs. 45 lakhs into its bank account during demonetization period. It was explained that the above said amount represented cash balance available in its books of account, which included advance received from the customers […]
Shivansh Infraestate Pvt. Ltd Vs (ITAT Lucknow) ITAT find that it is undisputed fact that the assessee has been charged late fee u/s. 234E for various returns filed in the Form-26Q for late filing of the statements. These cases relate to Assessment Year 2014-15. The various Hon’ble High Courts including the Hon’ble Karnataka High Court […]
G. E. Conductors Pvt. Ltd Vs ACIT (ITAT Amritsar) Admittedly, while framing the assessment vide order u/s 143(3) dated 21/3/2014, the assessing officer did not make any reference to section 11 5JB or give any working of section 11 5JB either in the assessment order or the accompanying documents (APB, Pg. 3 to 10). In […]
Held that if a loan or advance is given to a shareholder as a consequence of any consideration which is beneficial to the company, in such a case, the advance or loan cannot be said to be a deemed dividend.
Nitaben Shaileshbhai Patel Vs ITO (ITAT Ahmedabad) ITAT noted from orders of the authorities below that the assessee has remained non-cooperative throughout assessment and also appellate proceedings. Both the assessment order and appellate orders are ex parte orders passed after noting the fact of non-compliance by the assessee to various notices issued to it by […]
Air India Ltd. Vs CIT (ITAT Mumbai) Introduction Appeals were filed before the Hon’ble ITAT against the order of the AIR INDIA LIMITED Vs Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi which was pertaining to the assessment years 2016-17, 2017-18,2018-19 and 2019-20. Grounds of appeal The decision of the Joint Commissioner of Income Tax […]
Bharatkumar Somabhai Patel Vs ITO (ITAT Ahmedabad) The assessee is in appeal before us filing the above appeal with a delay of 2985 days. Even before this Tribunal, 10 opportunities given to the assessee. The assessee is not responded to the hearing notices. The present Affidavit filed by the assessee is without material on record […]
Held that addition u/s. 68 and 69A unsustainable as evidences relating to cash deposited submitted and not doubted by AO and also books of account of the assessee are also not rejected u/s 145(3).
Held that as per section 21(2) of Deposit, Insurance and Credit Guarantee Corporation of India all the funds realized by Bank under liquidation are diverted at source. Such funds are not available to the assessee as income and hence such income is not taxable in the hands of the assessee.
Held that compensation with interest received by the assessee up to the date of land acquired pursuant to the Hon’ble Supreme Court order should be taxed under the head Capital Gains.
