Learning Curve Edutech Solutions Pvt. Ltd. Vs PCIT (ITAT Mumbai) ITAT held that PCIT cannot revise an assessment order under sections 263 of Income Tax Act, 1961 in respect of issues already covered during assessment. The law is very well settled that revision jurisdiction under section 263 of the Act could be done only in […]
ITO Vs Jitendra Shanabhai Patel (ITAT Ahmedabad) CIT(A) observed that there was no large number of purchase and sale of land by the assessee. In fact, the acquisition of agricultural land owned by the assessee was done by the Government and thus Section 10(37) of the Act are attracted. As regards consideration of the rural […]
Microstrategy Singapore Pte Limited Vs DCIT (ITAT Delhi) Insofar as the issue of treating the amount received towards provisions of software related services as FTS, we have noticed that the Assessing Officer has not brought any cogent material on record to demonstrate that while providing the software related maintenance service, the assessee has made available […]
Since, the said amount pertains to late fee and service tax, therefore the provisions of TDS does not apply to the late fee and service tax, hence we delete the addition of Rs.10,48,125/-, made by the Assessing Officer.
Umang Sitani Vs ITO (ITAT Delhi) During the year, the assessee has received Rs.2.58 Cr. on account of compulsory acquisition of his land comprising an amount of Rs.79.17 lacs on account of compensation and Rs.178.92 lacs on account of interest on land compensation, the fact of which is not in dispute. The AO treated the […]
Coastal Fertilisers Ltd Vs ITO (ITAT Kolkata) We note that the cash sum of Rs. 94,50,000/- was deposited in the bank account held with Union Bank of India, account no. 495601010033544 on 16.11.2016. This date of deposit falls in post-demonetization period. On 08.11.2016 demonetization scheme was announced scrapping of currencies in the Rs. 1,000/& Rs. […]
C. Krishniah Chetty & Co. Pvt. Ltd. Vs ITO (ITAT Bangalore) The grounds raised by the assessee, are only seeking set off of current year loss against income from house property and carry forward of loss to the future years amounting to Rs.76,26,766/-. The Ld.AR vehemently submitted that, the assessee incurred expenses in terms of […]
Hemera India Pvt. Ltd Vs DCIT (ITAT Delhi) ITAT held that once the revenue admitted that they were consultancy charges paid for introduction of client then that would fall in the definition of payments made to intermediary or liaison agents for channelizing, arranging or soliciting work order. There is no finding whatsoever that any inquiry […]
DCIT Vs Interjwel private limited (ITAT Mumbai) The assessee submitted that in a diamond business world over there are estimated 8000 – 10,000 different qualities of diamonds price of which depends on various factors and note to diamonds can have the same price as valuation also depends upon the perception of individual businessman. Assessee therefore […]
If the assessee did not adhere to the surrender made during the survey, it was for the AO to bring on record cogent material or other evidence to support the additions rather than rely on the statements simpliciter.
