The claim of the Department was prior to the date of Resolution Plan approved by the NCLT, and therefore, the present income tax proceedings is hit by section 31(1) of Insolvency and Bankruptcy Code, 2016, which has overriding effect vis-à-vis the Income Tax Act, 1961.
As per the Hindu Law every member of HUF has a pre-existing right in the property of the HUF and any amount given to a member therefore from the HUF property tantamounts to only giving him what actually belonged to him and there is no question therefore of the same being any amount given for no consideration or in the nature of gift, which are covered in the scope of Section 56(2)(vii) of the Act.
. Expenses such as reflooring, painting of walls, false ceiling, temporary wooden structures were incurred to produce the right ambience to attract customers
DCIT (E) Vs Electronics & Quality Development Centre (ITAT Ahmedabad) Insofar as the grant of Rs.6,18,22,000/- received by the assessee-trust from the Government of Gujarat is concerned, it is observed that the said grants were directly taken by the assessee-trust to the corpus funds in the balance-sheet. The Assessing Officer, however, did not accept this […]
ACIT Vs Ankur Foundation P. Ltd (ITAT Chennai) The assessee claimed bad-debt of Rs.20 Lacs written-off against Mr. K.M.Pitchai. The same was held to be not allowable under any of the provisions. During appellate proceedings, it was explained that the assessee paid land advance of Rs.25 Lacs to Mr. Pitchaiin AY 2006-07. Since Mr. Pitchai […]
Rishipal Investments and Finance (P) Ltd. Vs ITO (ITAT Delhi) We find, the AO, in the instant case, reopened the assessment on the basis of the report of the Investigation Wing that the assessee has received accommodation entry of Rs.23,50,000/- from four companies, the details of which are given in the reasons recorded. We find, […]
ACIT Vs Sreeleathers (ITAT Kolkata) Firstly the survey statement has been recorded by DDIT(Inv) in some third party case and not that of assessee. Secondly the deponent has been administered oath before his statement was recorded, which is not in accordance to Section 133A of the Act and the Hon’ble Supreme Court in Khader Khan […]
Suresh Kumar Agarwal Vs JDIT (ITAT Jaipur) ITAT perused materials available& observed that learned CIT (A) erred in upholding the order by the AO, Where the assessee admitted his delay in reply for the notice and delay in complying the summons. Assessee submitted that he was a small business contractor and he was not aware […]
Yogesh Parashram Pangarkar Vs ITO (ITAT Pune) As per Income Tax Rule 6F the appellant i.e. Doctor has to maintain the books of accounts mentioned in the Rule 6F. The ld.AR submitted that the appellant is maintaining cash book and petty cash book. Even before the ld.CIT(A) the appellant had submitted that the appellant maintained […]
Hariom Associates Vs ITO (ITAT Pune) It is seen that the assessee purchased the land in the financial year ending 31-03-2006. Development expenses amounting to Rs.2.00 lakh were also incurred in that year. Before the close of the year ending on 31.3.2006, the assessee came to know about a litigation going-on on this plot. Development […]
