Efacec Switchgear India P. Ltd. Vs ACIT (ITAT Delhi) Assessee submitted that since tools, dies, jigs etc. are used by the appellant for its business of manufacturing switchgear products, the same are plant & machinery. Without these equipments it is not possible for appellant to manufacture switchgear products. Hence, the same are in the nature of […]
K.S. Nutrition and Food Pvt. Ltd. Vs ITO (ITAT Delhi) Assessee, inter alia, submitted that the Assessing Officer was not justified in assuming jurisdiction u/s. 153C of the Act in the present case, as the assessment year under consideration does not come within the compass of the block of six assessment years, if it is […]
With regard to the evidentiary value of data recovered from computer in the form of digital data and other documents listed in earlier part of this order is concerned, section 132(4) of the Income-tax Act, permits the authorised officer to seize books of accounts and other documents.
Bishnupur Public Education Institute Vs CIT (Exemption) (ITAT Kolkata) The adjudicating authorities under the Income Tax Act are quasi-judicial authorities. They can grant approval with retrospective effect if such mechanism is provided in the Act. There is no such provision nor there is any power to condone the delay after considering the reasonable reasons. A […]
Yogesh Mehra Vs DCIT (ITAT Mumbai) Co-ordinate Bench has given categorical finding that all these loans and advances given to different companies by other companies are in the nature of loans and advances out of commercial consideration and business expediency. The co-ordinate Bench has given detailed reasons which stated that company has purchased land in […]
Atulbhai Ravjibhai Patel Vs DCIT (ITAT Ahmedabad) Regarding the issue raised with respect to the excess disallowance of Rs.14,16,000/- be deleted as it is attributed due to arithmetic error, the assessee by way of his submission submitted that there was a typographical error in reporting the details of the employees’ contribution to PF in the […]
Wanbury Limited Vs DCIT (ITAT Mumbai) ITAT find that during the year, the assessee has not earned any exempt income and further assessee denied that it has incurred any expenditure. Now therefore it is mandatory on part of the learned assessing officer to record a satisfaction that the claim of the assessee is not correct. […]
ITO Vs Rahul Bharatbhushan Jain (ITAT Ahmedabad) Therefore, for applicability of s. 40A(3) of the Act, if a person makes different payments in cash to same person in excess of Rs 20,000 (w.e.f. A.Y. 2018-19 Rs 10000/-) in a single day even though on separate cash memos, such aggregate payment will be disallowed u/s 40A(3). […]
Purushotamdas Goenka Vs ACIT (ITAT Mumbai) We find that in this case ,three properties owned by the assessee in Amritsar namely Madanmohan Malviya Road, Amritsar, Punjab, property at Moonlight Building, Katra Ahluwalia and Ramkin Joint property at MM Malviya Road, Amritsar remained vacant throughout the year though the same were let out in A.Y. 2015-16. […]
Vijay Arvind Raykar Vs ITO (ITAT Pune) The assessee is a builder. He is in the business of construction and sale of residential/ commercial properties. The AO observed that certain residential units have been sold by the assessee at a price less than the value adopted for Stamp Duty purpose by the State Government. During […]
