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Allocation of expenditure incurred by one unit to another without adequate base is unjustified

July 9, 2022 954 Views 0 comment Print

The expenditure incurred on Dombivali unit cannot be allocated to only EOU Toluja unit without any basis or sufficient material available on record.

Deduction u/s 80IB(10) includes commercial establishments/ shops also

July 9, 2022 594 Views 0 comment Print

The only issue remains for adjudication is whether the assessee is entitled to claim deduction u/s. 80IB(10) of the Act in respect of housing project undertaken and constructed by it despite the fact that nominal part is commercial area.

No section 54 deduction on Property purchased in the name of married daughter

July 9, 2022 9384 Views 0 comment Print

Assessee had purchased property in the name of married daughter, although she was divorced, but she was an independent for purpose of the Income Tax Act. Therefore, benefit of deduction under section 54 cannot be allowed, when property has been purchased in the name of married daughter

Provision amount based on materiality concept can’t be treated as unascertained liability

July 9, 2022 1314 Views 0 comment Print

Held that based on materiality concept, the amount of provision made, can’t be termed as unascertained liability, as the % for which provision is being made had been derived based on technical study, past experience of the company and the industrial standards.

Section 2(22)(e) doesn’t apply to unregistered shareholder

July 9, 2022 534 Views 0 comment Print

Provisions of section 2(22)(e) of the Act are not applicable as the assessee was not a registered shareholder of the company

Reassessment u/s 148, in absence of notice u/s 143(2), unjustified

July 9, 2022 5532 Views 0 comment Print

Search was initiated against the assessee. However, notice was not issued u/s 143(2). AO reopened the matter and issued notice u/s 148. Held, reassessment of proceedings u/s 148, without issuance of notice u/s 143(2), is unsustainable in law

Ad-hoc disallowance in arbitrary manner not justified

July 9, 2022 4728 Views 0 comment Print

Kailas Chand Agrawal Vs DCIT (ITAT Raipur) Our careful consideration of assessment records and the records of appellate proceedings it transpired that, neither of the lower tax authorities had pointed any such voucher, the genuineness of the expenditure therein claimed to have been incurred by the assessee wholly and exclusively for the purpose of its […]

Faceless Appeal – Opportunity for personal hearing not granted- Order set aside

July 9, 2022 1836 Views 0 comment Print

NFAC has erred in not granting an opportunity to the appellant bank to present the case through the video conferencing as specified under the Faceless Appeals Scheme 2020

Disallowance u/s 40(a)(i) justified if assessee failed to deduct TDS

July 8, 2022 1005 Views 0 comment Print

Penta Media Graphics Ltd Vs DCIT/ACIT (ITAT Chennai) Disallowance u/s 40(a)(i) justified if assessee failed to deduct TDS on payment for software development consultancy charges to foreign companies. Conclusion: Since assessee had not deducted TDS under section 195 on payment for software development consultancy charges was made to foreign companies and failed to file any […]

Proceeds of cash sales deposited in bank- addition unjustified

July 7, 2022 3111 Views 1 comment Print

Assessee consistently deposited sale proceeds realized by way of cash, such deposit is in accordance with law, addition deleted

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