Jaykumar Mangilal Nagori Vs ITO (ITAT Pune) It is indisputable that the assessee could not lead any evidence to demonstrate that the user of the car was restricted only to business purposes and did not percolate for personal use. Even the auditor has also mentioned that the personal element in vehicle expenses could not be […]
R R M Trading Co. Vs ACIT (ITAT Delhi) ITAT find that AO has restricted the payment of interest to the related parties @ 18% to 12% on the ground that it is excessive and unreasonable looking to the fact that assessee has paid interest to the partners @ 12% which is in accordance with […]
Joharimal High School Vs ITO (ITAT Cuttack) Undisputedly rather admittedly, the assessee does not enjoy registration u/s.12AA of the Act and as per e-return filed before the Bench, as per column 3, the assessee has shown receipt of income of Rs.97,10,521/- and as per column 4(i), amount applied during the previous year or expenditure incurred […]
Sharda Educational Trust Vs JCIT (ITAT Delhi) The Bench is of firm view that the foundation of issuing show cause notice for penalty u/s 271(1)(c) of the Act, being crumbled by a verdict of this Tribunal, by deletion of additions, the penalty order alone cannot stand by its own against the assessee. Reliance in this […]
Essel Mining & Industries Limited Vs DCIT (ITAT Mumbai) ITAT held that sale of Renewable Energy Certificate (Carbon Credit) of income received by the assessee is a capital receipt and could not be business receipt or income nor it is directly linked with the business of the assessee nor any asset is generated in the […]
DCIT Vs Vinod Chimanlal Modi (ITAT Ahmedabad) It is observed that sufficient documentary evidence was placed on record by the assessee before the learned CIT(A) to establish that M/s. S.S. Enterprises is a proprietary concern of M/s. Gunesh India Pvt. Ltd. and on the basis of the same, a finding was recorded by the leaned […]
Gurmeet Kaur Khurana Vs ITO (ITAT Chandigarh) The relevant facts of the case are that the assessee had invested an amount of Rs.6 lacs for immovable property with M/s Bajwa Developers Ltd. The investment was made vide cash payments. The transaction was flagged. It was noticed that no tax return was filed by the assessee. […]
Urmila Madhukar Ved Vs ITO (ITAT Pune) This appeal by the assessee emanates from the order passed by the CIT(Appeals)-7, Pune on 11-09-2019 in relation to the assessment year 2010-11. 2. The only issue raised in this appeal is against the denial of exemption u/s.54 of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) […]
Held that impugned expenditure cannot be held to be capital and it is not in the nature of personal expenditure or for any violation of law. Disallowance of CSR expenditure unjustified.
Asst. CIT Vs Renaissance Services BV (ITAT Mumbai) Held that the receipts of the assessee from training services and computer reservation services including reimbursements shall not be chargeable to tax both under the Act as well as under the Treaty. Facts- The assessee is a company incorporated in the Netherlands and is tax resident of […]
