Merely because assessment order is cryptic one without discussing in detail nature of enquiry conducted and evidences furnished by assessee, it cannot be said that order is erroneous and prejudicial to interest of Revenue.
Overlooking the mandatory provision of law in the original assessment is apparent mistake of law which is rectifiable under section 154.
Ajaybhai I Gogia Vs ITO (ITAT Rajkot) From the fact of the case ITAT observed that there are conflicting judicial precedents on the issue under consideration and therefore, it may be inferred that the issue before us is one in which two views are possible. Further, we note that the Hon’ble Gujarat High Court has […]
I hold that CPC has no jurisdiction of adjustment u/s. 143(1) on this issue where admittedly there were decisions in favour of the assessee from the Hon’ble High Courts
The admitted position in the present case is that the assessee did not file any valuation report to substantiate the fair market value of shares issued in terms of Sec.56(2)(viib) (a)(i) of the Act and Rule 11UA of the Rules.
When the issue-in-dispute was in respect of the receipt of loan and source of which was already available on record, it would not become undisclosed income in the hands of the assessee, as source of the same, was already within the knowledge of the Income Tax Department.
Merely because one of the clauses of trust deed of assessee trust provided that trust could carry on other businesses as decided by trustees, it would not per se disentitle trust from being considered for registration under section 10(23C)(vi) of the Act.
That where the investments are converted into stock-in-trade, the difference between the market value of the investments as on date of conversion and the cost of investments is assessable under the head long term capital gains and taxable in the year in which such securities were sold as a part of the stock-in-trade.
The amount once invested in the capital gain scheme cannot be brought to tax in the year of investment itself without considering the utilization within the period allowed under the said scheme.
Payment of Sewage Tax was claimed as business expenditure, refund of same would be liable to be assessed under the head Business Income.
