Mahesh K. Bhutiya Vs ITO (ITAT Rajkot) We have noted that the Revenue has accepted the income returned by the assessee from his business by applying 5% profit rate to his turnover of Rs. 20,85,825/-. It is evident therefore that it is an accepted fact that the assessee is a very small businessman and it […]
Ravindra Champalal Khinvasara Vs DCIT (ITAT Pune) It is an admitted position that the assessee is otherwise eligible for deduction u/s.80IB(10) in respect of one of its projects, namely, ‘Khinvasara Fort’. The AO did not dispute the otherwise allowability of deduction of income from the ‘Khinvasara Fort’ project, but observed that the assessee could not […]
HC after analyzing the provisions of section 48 and 112(1) of the Act has concluded that the assessee is entitled to avail the beneficial tax rate under section 112(1) of the Act.
Venkatesharaiyer Subramanian Vs ACIT (ITAT Chennai) There could be no quarrel on the fact that post-amendment to Sec. 54F, as applicable from AY 2015-16, deduction u/s 54F could not be claimed on purchase / construction of more than one residential house. However, the factual matrix would reveal that the assessee has made investment in one […]
Naresh Chand Vs Income Tax Officer (ITAT Delhi) In the instant case, the sale deed was made in the month of October, 2013 therefore, the Assessee was supposed to invest u/s. 54EC of the Act within ‘six calendar months’ starting from November onwards and upto the month of April, 2014, which in the instant case […]
Subhag Projects Private Ltd. Vs ITO (ITAT Cuttack) A perusal of the order of the ld. CIT(A) shows that four opportunities have been granted to the assessee by issuing notices through ITBA System via e-Mail. It was submitted by the ld. AR that notices have been received but the assessee was unable to correspond with […]
Senapati Satija Vs ACIT (ITAT Delhi) In Section 271B of the Act, the discretion has been given to the Assessing Officer to direct the assessee to pay by way of penalty a sum equal to one-half percent of the total sales etc. etc. The provisions empower the Assessing Officer to levy the penalty as per […]
Lake View Hospitality Vs DCIT (ITAT Mumbai) As per the provision of section 43B of the Act, any sum payable by the assessee by way of tax, duty, cess or fee shall be allowable in computing the income of that previous year in which such sum is actually paid by the assessee. In the present […]
Sudhi Jain Vs ITO (ITAT Cuttack) Assessee has filed her return of income at one place i.e. at Kolkata under her PAN A****2218B and the transactions done under PAN A****6846F are also duly reported and disclosed in the said return of income. No doubt has been shown by the revenue authorities on this contention of […]
Aadarh Developers Vs ACIT (ITAT Rajkot) Admittedly, the assessee is a developer and not a works contractor. Therefore, the revenue has to be recognized by the assessee as per accounting standard 11 issued by the ICAI and not as per the accounting standard 7 which is applicable to the contractor. The accounting standard 11 says […]
