Vishwanath Ramchandra Panvelkar Vs DCIT (ITAT Mumbai) We notice that the AO has expressed doubt only on the MOU entered by the assessee with M/s Samarth Enterprises, since it was not registered. However, the AO is placing reliance on the very same MOU to express the view that the assessee should have forfeited the advance […]
ITO Vs 67th Annual Conference of CSI-2015 (ITAT Chennai) ITAT noted that the payments made by the assessee entity in accordance with bye-laws / specific purpose for which it was constituted and the AO has not disputed the nature of contribution made by assessee or the receipts transferred being directly in nexus with the income […]
Koshambh Charitable Trust Vs ACIT (ITAT Ahmedabad) We have given our thoughtful consideration and perused the materials available on record, as well as the Paper Book filed by the assessee. As it can be seen from page no. 32 of the paper book which is the screenshot of the Income Tax portal wherein for the […]
whether the CIT(A) justified in confirming the addition of Rs.1,26,80,413/- on account of long term capital gain in the hands of the assessee instead of Jayantilal Oswal in the facts and circumstances of the case.
Explore the ITAT Ahmedabad ruling in Sangitaben Doshi vs. ITO case. The order discusses the disallowance of LTCG on Kappac Pharma shares based on conjectures.
Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad) CIT(A) upheld the penalty of Rs.19,50,000/-,levied u/s 271AAB of the Act @ 30% of the undisclosed income of Rs.65 lacs, noting that the assessee had failed to fulfill the following conditions by the specified date as required by the section : a) filing its return declaring the undisclosed […]
PAN of assessee should be cancelled by Income Tax department and credit for advance tax and TDS should be granted to assessee as per law.
Assessee found to be negligent, casual & noncompliant. So ITAT, refuse to condone inordinate delay of 789 days in filing appeal
If expenses are incurred for business, the same should be allowable as deduction and it is not necessary that expenditure may result in income or there must be substantial income.
Ramgopal Thirani Family Trust Vs DCIT (ITAT Kolkata) We observe that the claim of assessee is that it is a Private Beneficiary Trust and thus, it was required to file its return of income on ITR-5, but inadvertently it filed ITR-7, which is meant for charitable trust claiming exemption(s). Before ld. CIT(A), it was submitted […]
