Paramount Probuild Pvt. Ltd. Vs DCIT (ITAT Delhi) Held that when there is no incriminating material was unearthed during the course of search in respect of an issue, then no addition in respect of such an issue can be made in the assessment u/s 153A & 153C of the Act. Facts- The assessee Company is […]
Chirag M. Shah Vs ITO (ITAT Ahmedabad) It is observed that it is crystal clear that there are provisions under the IT Act; namely, section 199 of the IT Act, 1961 and Rule 37BA of the IT Rules, 1962 and the proper mechanism is also provided under the Act and Rules. Thus, respectfully following the […]
Nekkanti Sea Foods Limited Vs PCIT (ITAT Visakhapatnam) That the export entitlements (MEIS) and the duty drawback of promotion scheme is an income asssessable under the head “profits or gains from business or profession” accordingly, eligible for deduction u/s 80IB(11A). Facts- The assessee is engaged in the business of export of frozen shrimp and other […]
It is the net profit and net income which has to be added and not the gross profit since indirect expenses are also incurred in the business.
Kundan Builders Vs ACIT (ITAT Pune) The assessee contended that the addition made by the AO basing on statement recorded u/s. 131 of the Act without there being any documentary evidence to such statement. The CIT(A) sought remand report from the AO which is reproduced at Page No. 11 and 12 of the impugned order. […]
Where AO made disallowance of transportation expenses claimed by assessee for non-deduction of tax at source under section 194C; in view of the fact that there was no contract between the assessee and transporters, the provisions of section 194C could not be invoked
Heritage Infracon Pvt. Ltd. Vs DCIT (ITAT Delhi) At the outset learned counsel for the assessee submitted that in quantum proceedings the Tribunal vide its order dated 4.12.2019 was pleased to delete the addition made by the Assessing Officer. Revenue has not disputed the fact that the assessment has been quashed by the Tribunal in […]
Tanya Automobiles Pvt. Ltd. Vs ACIT (ITAT Delhi) It was pointed out by the Ld. Counsel for the assessee that the quantum appeal arising out of assessment order has been decided vide ITA No. 1842/Del/2017 and the addition has been deleted. The fact could not be controverted by the Revenue. The Bench is of firm […]
Methods (India) Pvt. Ltd. Vs DCIT (ITAT Bangalore) Karnataka High Court in the case of Essae Teraoka Pvt. Ltd Vs. DCIT (supra)¸ had held that the assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return […]
ACIT Vs Swapnadeep Krushi Paryatan Kendra (ITAT Pune) The AO has imposed penalty only with reference to the amount of Rs.1.50 crore which was suo motu declared by the assessee in the return. In that view of the matter, the ratio laid down in MAK data Pvt. Ltd. (supra) has no application to the facts […]
