Incom Cables Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) In the present case, there is no dispute that the Director of the assessee Company who was looking after the functioning of the assessee Company, has joined to the course in Harward Business School and Management and the assessee Company has incurred the expenditure of Rs. […]
ACIT Vs Rakhi Properties and Leasing Pvt. Ltd. (ITAT Mumbai) We observe that Assessing Officer completed the assessment based on the reasons recorded for reopening that assessee has received share application money from Mr. Shirish C. Shah, who provides accommodation entries. Subsequently when the remand report filed before Ld.CIT(A) in which Assessing Officer has agreed […]
CIT(A) did disposed of the case, ex parte of assessee. Under section 250 (6) of Income Tax, CIT(A) is expected to decide the appeal with reasons determining the points thereon.
ABB Limited Vs Additional CIT (ITAT Bangalore) Learned AR has given a table, wherein it is claimed that excess payment of advance tax for the 1st and the last quarter has been ignored while calculating interest u/s 234C of the I.T. Act. ITAT directs A.O. to examine the correctness of the claim of the assessee […]
It is to be noted that penalty under Section 271(1)(c) of the Act is not automatic. If assessee offers reasonable explanation, then, penalty cannot be imposed.
DCIT Vs Tata AIG General Insurance Co. Ltd. (ITAT Mumbai) The facts clearly shows that the assessee has incurred an expenditure of ₹29,46,886/- on non EDP and EDP equipments under IT expenses. This expenditure is related to purchase of Pen drives, laptop adapters, batteries and hard disk, etc. The learned Assessing Officer made the disallowance […]
The two-member bench held that transformation of articles to bring new articles into existence amounts to manufacturing and allowed deduction under section 80IC of the Income Tax Act, 1961.
Plivo Communications Private Limited Vs ACIT (ITAT Bangalore) Hon’ble Supreme Court in the recent judgment in the case of M.M.Aqua Technologies Limited v. CIT reported in (2021) 436 ITR 582 (SC) had held that retrospective provision in a taxing Act which is ‘for the removal of doubts’ cannot be presumed to be retrospective, if it […]
ITAT held that lower interest received on loan given to related party for business purpose cannot be subjected to provisions of section 40A(2)(b) of the Act.
DCIT Vs Clarion Technologies Pvt. Ltd (ITAT Pune) ITAT held that stand of the Revenue that assessee cannot be allowed the benefits of section 10A of the Act merely because the prescribed Audit Report in Form No.56F was not filed in the return of income, is quite erroneous. ITAT note that the AO passed order […]
