Discrepancies in the silver jewellery cannot be said to be from an unexplained source as no such fact or allegation has either been made in the Survey. The discrepancy in the silver stock was in the regular course of the business of the assessee.
DCIT Vs Archean Chemical Industries Pvt.Ltd. (ITAT Chennai) 13. The provisions of section 56(2)(viib) has been inserted to the statute by the Finance Act, 2012 w.e.f. 01.04.2013 and as per said provisions, where a company, not being a company in which public are substantially interested, receives in any previous year, from any person being a […]
It was the submission that assessee has acquired multiple units and, therefore, the assessee is not entitled to claim of exemption u/s. 54F
Kalubhai Ranchhodbhai Dhakecha Vs ITO (ITAT Ahmedabad) A perusal of the assessment order however reveals that there is nothing mentioned in the order that the opening balance was found unsubstantiated. The assessment order only finds a mention of the fact regarding the quantum of opening cash balance 9,06,927/- which included 4,03,585/- agricultural income and 2,78,391/- […]
ITAT held that revenue should also be careful when filing the appeals against the order of the appellate authorities. Not all orders of the appellate authorities are erroneous; a little care in filing these appeals would go a long way.
In the present case before us, the delay is for few hours which could be condoned as there is a reason that there is malfunctioning / virus attack in the computer system and consequent data loss which is beyond the control of the assessee.
ACIT Vs Kalinga Mining Corporation (ITAT Cuttack) We are not going into merits of the appeals. Only because an opportunity of hearing as prescribed u/s.250(1) of the Act has not been provided by the ld. CIT(A) to the AO and there is a clear violation of principle of natural justice in respect of opportunity to […]
Expenditure incurred would be allowable as deduction, notwithstanding the fact that no business income was earned by the assessee.
Mohammad Bhai Esufali & Sons Vs ITO (ITAT Pune) The only dispute is about wastage/evaporation claimed by the assessee at 1.23%/0.89%. These figures have emerged from the tabulation made in the impugned order on page 4, where the assessee gave a comparative analysis showing that the wastage/shortage in the immediately preceding year was higher at […]
Vasanthan Mukundan Peedikakkandy Vs ACIT (ITAT Pune) At the outset, we note that this appeal was filed with a delay of 931 days before the CIT(A). An affidavit filed explaining the said delay which is reproduced by the CIT(A) in impugned order at page Nos.11 to 13. On perusal of the same, we note that […]
