For invoking jurisdiction u/s 263 of income tax act, the assessment order passed by assessing officer should be erroneous so far as prejudicial to interest of revenue.
Amritha Raj gets a second chance at appeal in ITAT Bangalore. Non-appearance costs imposed but opportunity granted to present case before CIT(A)
Bharat Rana Chaudhry Vs ITO (ITAT Delhi) ITAT find that sub-clause (iii) of section 271(l)(c) provides mechanism for quantification of penalty. It contemplates that the assessee would be directed to pay a sum in addition to taxes, if any, payable him, which shall not be less than but which shall not exceed three times the […]
Sh. Prem Pal Gandhi Vs ACIT (ITAT Amritsar) The appellant objected to the levy of penalty as bad in law. He challenged that the AO has not mentioned under which limbs of section 27 1(1)(c) of the Act, whether for concealment of income or furnishing of inaccurate particulars, the penalty was initiated. Thus, He has […]
Sri Sivajothi Spinning Mills Private Limited Vs DCIT (ITAT Chennai) ITAT heard both the sides, perused the materials available on record and gone through the orders of authorities below. The ld. CIT(A) (NFAC) has rejected the appeal filed by the assessee on the ground that the due date for filing the appeal was 30.03.2020 and […]
Balani Infotech P. Ltd. Vs ACIT (ITAT Delhi) It is for an assessee as a businessman to come to a conclusion as to what remuneration of the salary is to be paid to the employees and the reasonableness of the expenses is to be judged from the angle of a businessman rather than from angle […]
DCIT Vs Apple Metal Industries Pvt Ltd (ITAT Delhi) Assessment for Assessment Year 2011-12 was completed after making addition on account of unverified share application money amounting to Rs. 8,70,71,936/- and in Assessment Year 2014-15, addition on account of unverified share capital amounting to Rs. 30,00,600/- was made. The impugned assessment order clearly shows that […]
Armajaro Trading India (P) Limited Vs ITO (ITAT Cochin) In the instant case, one of the reasons for limited scrutiny was for the purpose of examining whether the share application money received by the assessee was genuine and was from disclosed sources. It is seen that the assessee had shown an amount of Rs.2,55,94,110 as […]
DCIT Vs Michelin ROH Co. Ltd. (ITAT Delhi) Brief facts of the case are that the assessee has a company incorporated in Thailand and offers a number of services, such as, business planning and coordination, engineering services, product research and development etc. to its Indian subsidiary. On offering these engineering services, the assessee obtained a […]
Association of Indian Forging Industry Vs ITO (ITAT Pune) Association of Indian Forging Industry (hereinafter referred to as appellant) is a not-for-profit company incorporated u/s 25 of the Companies Act, 1956 and is also registered u/s 12A of the I.T. Act 1961, therefore eligible for exemption u/s 11 of the Act. As per the memorandum […]
