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 […]
Guardian Nutrition & Health Supplements Pvt. Limited Vs ACIT (ITAT Delhi) Brief facts of the case are that assessee is engaged in the business of rental trading of pharmaceutical products. In the present case, Assessing Officer (AO) made proportionate disallowance of interest on ad hoc basis after noting that assessee had both interest bearing funds […]
Gurukrupa Developers Vs DCIT (ITAT Ahmedabad) The learned AR before us inter-alia submitted that the books and other supporting documents of the assessee were impounded by the search team. Therefore, the assessee could not maintain proper books of accounts due to the reason beyond its control. When proper books of account were not available, the […]
Shri Himanshu Prafulchandra Varia Vs DCIT (ITAT Ahmedabad) We find merit in the contention of the Ld. Counsel for the assessee that the failure to disclose the income was by mistake and not deliberate and the assessee had in fact come clean during assessment proceedings before the Revenue authorities even before detection by the Revenue. […]
It is further declared by the Hon’ble Supreme Court that all claims not part of the resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan.
Explore the ITAT Hyderabad ruling in Sri Narsimha Reddy Pindi vs ITO case. Understand how past savings from rental and agricultural income validated the demonetization period cash deposit.
Explore the ITAT Bangalore order in ACIT vs Davangere District Central Co-op Bank. Understand the deduction of losses due to employee embezzlement. Full analysis and implications.
ITAT held that transaction of receipt of donation is a sham, a make believe story, a device adopted by appellant society to bring on record undisclosed income
