Dhaval R Ajmera Vs ITO (ITAT Mumbai) Though the assessee has raised several grounds, the only effective issue involved in the impugned appeal is as to whether the ld. CIT(A) was justified in confirming the disallowance of Rs.7,89,745/- on account of alleged purchase of shares through M/s. Alliance Intermediates and Network Private Limited and alleged […]
Investment made by the assessee in another company is on capital account and further, when loss incurred on account of diminishing in value of said investment is capital in nature and thus, same cannot be claimed as deduction u/s.37(1) of the Act.
Twinkle Enviro Tech Pvt. Ltd. Vs ITO (ITAT Mumbai) At the outset, we find that assessee’s case has been referred to Hon’ble National Company Law Tribunal (NCLT) for Insolvency Resolution Process and an Interim Resolution Professional (IRP) has been appointed in the assessee company. In view of the order passed by the Hon’ble NCLT, we […]
If guideline value of the property as on date of agreement of sale is considered, then there is no difference between consideration paid by the assessee for purpose of purchase of property and value assessed by stamp duty valuation authority and thus, provisions of section 56(2)(vii) of the Act, cannot be invoked.
Satyabhama Avadhanula Karimnagar Vs ACIT (ITAT Hyderabad) I find the Assessing Officer on the basis of inquiry conducted u/s 131(1)(d) made addition of Rs.22.00 lakhs being unexplained cash found from the possession of the assessee and made addition of the same u/s 69A rws 115BBE of the I.T. Act. I find the learned CIT (A) […]
Vedika Realty Pvt. Ltd Vs ITO (ITAT Delhi) It is well settled law, the mere filing of appeal is not sufficient until and unless, it is effectively pursued and prosecuted. From the record, orders passed by the authorities below specifically by the Ld. Commissioners and the facts of the case, the conduct of the Assessee […]
NBK Infrastructure P. Ltd Vs JCIT (ITAT Delhi) The Hon’ble Punjab & Haryana High Court in the case of Hari Gopal Singh Vs. CIT 258 ITR 85 held that when the additions are made on estimate basis that by itself does not lead to the conclusion that the assessee either concealed the particulars of his […]
Adilakshmi Srungavarapu Vs ITO (ITAT Visakhapatnam) Admitted facts are that the husband of the assessee in order to retain the property got the property registered in the assessee’s name and has repaid the loans borrowed by him by sale of gold jewellery and personal savings of the assessee. We also find merit in the argument […]
Spinks Impex Vs ITO (ITAT Delhi) Hon’ble Apex court in the matter of PCIT vs. Aarham Softronics [2019] 102 com 343 (SC), pronounced on 20-02-2019. Wherein, it was held an assessee availing exemption of 100% tax on setting up of a new industry, which is admissible for 5 years, and either on the expiry of […]
Liladevi Dokania Vs ITO (ITAT Surat) It is evidently clear that assessee received the rent income, and the Tenant (Deductor) has deducted TDS but has not deposited the TDS so deducted into the Central Government Account. Considering these facts, we note that issue under consideration is no longer res integra. The Hon`ble High Court of […]
