In present facts of the case, the Hon’ble ITAT held that ITR and bank statements were sufficient to prove the genuinety and for creditworthiness under Section 68 of Income Tax Act.
Held that an employee holding a civil post under a state is eligible for exemption towards amount of gratuity received under section 10(10) of Income Tax Act
Held that benefit of carried forward business losses and unabsorbed dep. u/s. 72A available only if the amalgamation/demerger is genuine
Issue relating to the land vacation compensation charges claimed by the assessee in the year under consideration was duly examined by the Assessing Officer by making the necessary inquiries and after satisfying himself on perusal of the relevant details and documents placed on record by the assessee
Held that addition of the amount of unsecured loan sustained as the assessee failed to establish the genuineness of the loan transactions except filing the affidavits.
Held that the assessment order passed by the AO is erroneous in so far as it is prejudicial to the interest of the revenue and thus, the CIT has rightly exercised his jurisdictional powers
Held that the addition made on account of excess depreciation claimed, having been surrendered by the assessee itself without any prior detection by the Revenue, the excess claim having been demonstrated to have been made for bonafide reasons, it is surely not a case for levy of penalty at all.
Held that the expenditure incurred on mere registration of trade-mark is a revenue expenditure
DCIT Vs Kalyan Aqua & Marine Exports India Pvt Ltd (ITAT Visakhapatnam) We find that even though it is claimed by the Ld. AR that there was a technical error which prevented the assessee from filing/uploading the Form-10CCB along with return of income filed U/s. 139(1), the Ld. AR could not produce the Form-10CCB claimed […]
Term two years has been interpreted to mean that not during the whole period of two years, even if the land is used for some days in the earlier year, it would be sufficient for compliance of provisions of section 54B
