Income from FDRs are treated as income from other sources under Section 56 of the Act. The expenses related to the said interest income earned by the assessee has to be allowed which is permissible under the Statute of law.
Gaus Mohammad Vs ITO (ITAT Allahabad) Assessing Officer as well as the CIT(A) doubted the genuineness of the Will in question without conducting any enquiry or examination of the genuineness. The assessee has produced the affidavit of one of the attesting witness of the Will to prove the Will executed by his father. Therefore, it […]
A. Nagarajan Vs ITO (ITAT Chennai) Upon careful consideration of factual matrix, it emerges that the assessee’s land has been acquired by NHAI for which the assessee has been compensated at certain rates. On one of the parcels of land, a farm house is situated for which separate compensation has been paid. The primary argument […]
Held that repair expenditure of propaganda van, a gifted vehicle, was alleged to be met by the donor. The onus was on assessee to negate the allegation of revenue. However, no such onus was discharged. Disallowance of expenditure justified.
Prior period expenses charged to profit and loss account cannot be deducted from profit of year for computing book profit under Section 115JB
Held that the re-assessment and addition of the duly accounted cash sales of the assessee as unexplained cash credits u/s 68 by the AO without rejection of the books of account of the assessee u/s 145(3) of the Act is unjustified
Allen Career Institute Vs JCIT (ITAT Jaipur) Disallowance of Rs.2,01,515/- on account of New Electricity Connection charges. In Ground of Appeal disallowance of Rs. 2,01,515/- made relating to the claim on account of electric connection charges, is agitated. The AO noted that the assessee had claimed expenditure of Rs.2,37,076/- for new electricity connection charges. When […]
Held that impugned order without any DIN is in violation of CBDT circular no. 19/2019 dated 14.08.2019 and hence held as invalid.
Held that treating value of international transaction as NIL without searching for transaction between non-associated enterprises is unsustainable in law
Held that the sale of SIL shares held by the assessee as investment is to be treated as short term capital gain and not as business income.
