We have no hesitation in holding that Ld. AO was not within his jurisdiction to frame the reassessment in the name of non-existing entity and such reassessment order dated 10.03.2014 is nullity and not sustainable in the eye of law
If the assessee actually received service Tax from its customers and kept it without depositing the same within due date of filing of return of income u/s.139(1) of the Act, then only the AO has to invoke the provisions of Section 43B and bring that amount to tax.
Tokai Rika Minda India Private Limited Vs DCIT (ITAT Bangalore) On the issue of Transfer Pricing (TP) adjustment to be restricted to AE transactions, we find that the Assessee has rightly contended that section 92 of the Act can be applied only in respect of international transactions i.e., transactions with AE. The ITAT in the […]
Bansal Propbuild Private Limited Vs CIT (ITAT Jaipur) The Bench observed that the assessee is engaged in agriculture produce and the same was sold during the year under consideration. However the AO has not treated as agriculture income. The assessee has filed application under Section 154 of the Act on 10.01.2019 mentioning therein that the […]
Shri Selvaperumal Govindraj Vs ITO (ITAT Chennai) We noted that the legal position is very clear that profit rate as mentioned in the provisions of Section 44AD of the Act, cannot be applied to commission agents who are doing business of agency commission or earning commission income only in view of provisions of Section 44AD(6)(iii) […]
As a matter of facts, the income tax Act in section 251 of the I.T.Act dealing with the power of ld.CIT(A) does not provide for any power to the ld.CIT(A) to dismiss the appeal for non-prosecution.
M/s Nishit Fincap Private Limited Vs ITO (ITAT Delhi) In this case The original assessment was completed u/s 143(3) on 03.12.2010 determining the total income at Rs.48,360/-. I find the assessment in this case was reopened on the basis of information obtained from the Investigation Wing, according to which, during the search and seizure operations […]
Bangalore Electricity Supply Company Ltd Vs DCIT (ITAT Bangalore) This appeal came up for hearing before this Tribunal on 8.3.2022 and it was pointed out to the ld. AR for the assessee that the appeal was not signed by the competent authority and it was signed by General Manager (CT&GST), BESCOM. It was pointed out […]
Where assessee did not offer capital gain in the year in which JDA was entered then the fact will not disentitle then to get deduction for cost of acquisition of flats obtained pursuant JDA while offering capital gain from sale of such flats in a later year.
Purna Chandra Rout Vs ITO (ITAT Delhi) In case of the difference between the Assessee’s books of account and as per Form No. 26AS, then on the said difference, only embedded portion of the profits is to be taken into consideration and the addition is to be made thereon but entire turnover cannot be added […]
