In our considered view the presumption cannot be real adjudication of an issue. The very purpose of income tax proceedings is to correctly assess the tax liability of an Assessee in accordance with law but not under presumption as held in this case.
Das Bahuuddeshy Vishwast Sanstha Vs Exemption Ward (ITAT Pune) It is seen as an admitted position that the assessee received a sum of Rs.15.00 lakh from one of its trustees, which amount was spent on building construction of the school. The case of the assessee is that the amount was a corpus donation and hence, […]
Rajesh Mittal Vs ITO (ITAT Dehradun) The only issue pertains to application of provisions u/s 44AD of the Income Tax Act, 1961. The assessee earned income from sale & purchase of derivatives which the AO held that the same should be treated as business income. The assessee has also incurred losses in the derivatives trading […]
The genuineness and the creditworthiness of the lenders cannot be disbelieved as the lenders filed returns and also filed confirmations. Therefore, I am of the view that the assessee has proved the genuineness, identity and creditworthiness of the lenders and, therefore, the Assessing Officer is directed to delete the addition made towards bogus un-secured loans.
SNS Constructions P. Ltd. Vs ITO (ITAT Delhi) In this case there was a difference of Rs. 14,25,463/- between books of account and the payment received as per Form 26AS. The Assessing Officer treated the amount of Rs. 14,25,463/- as undisclosed receipts and added the same to the income of the assessee. Thereby the Assessing […]
Merely that there were huge turnover i.e. deposits and withdrawal in the bank account of the assessee without correlating the same with the accounts and with the nature of the business of the assessee, in our view, that was not enough to form a belief of escapement of income of the assessee for the assessment year under consideration.
There is no prohibition for the NRI for accepting the gifts from the relatives. In the absence of any prohibition, no adverse inference can be drawn against the assessee based on the prevailing system in the society.
Stella Maris Church Malpe Vs ITO (Exemptions) (ITAT Bangalore) We notice that the date of hearing of the appeal i.e. 23.12.2021 was announced on the earlier occasion on 6.11.2021. On that day, the counsel of the assessee Smt. K. Soumya, Advocate has taken note of the date of hearing and hence there was no necessity […]
Suzuki Suiting Pvt. Ltd. Vs I.T.O (ITAT Ahmedabad) Admittedly, the difference in the price of the share issued by the assessee and its fair market value and calculated and certified by the C.A. is barely 1% of its total value. The difference being Rs. 2.81 against the share value of Rs. 200/-, it is meager […]
Infosys Ltd. Vs DCIT (ITAT Bangalore) This stay petition is filed by the assessee seeking extension of stay granted by the Tribunal in SP No.83/Bang/2021 dated 29.10.2021 against the outstanding demand of Rs.1029,20,96,950 for the assessment year 2012-13. 2. The ld. AR submitted that the extension of stay was earlier granted by the Tribunal in […]
