Harish N. Salve Vs ACIT (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble Tribunal held that providing scholarships to students in foreign university is a business expenditure. Facts: Assessee is an Advocate by profession and is stated to derive income from Business, Capital Gain and Other Sources. Assessee filed his return of […]
ITO Vs Mayuri Constructions (ITAT Hyderabad) The brief facts of the case are that the assessee is a firm engaged in the business as civil contractor filed its return of income for the AY 2008-09 on 14/10/2008 declaring total income of Rs. 65,254/-. Initially, the return was processed U/s. 143(1) of the Act and thereafter […]
More Credit Securities (P) Ltd. Vs ITO (ITAT Delhi) We find the Ld. CIT(A) while deleting the addition made by the A.O. under section 68 of the I.T. Act, 1961 has noted that assessee has filed the copies of the returns of income for A.Y. 2010-11 of all the applicants, copies of their audited balance-sheets […]
Sunandan Kumar Minocha Vs ITO (ITAT Delhi) ITAT held that assessee is eligible for claim of exemption u/s 54 in respect of purchase of 3 different residential houses and amendment brought in the Finance Act, 2014 w.e.f. 01.04.2015 will not be applicable in AY 2013-14. FULL TEXT OF THE ORDER OF ITAT DELHI Aforesaid appeal […]
Mac Industries Vs ITO (ITAT Surat) No disallowance as AO did not get jurisdiction to go behind net profit shown by Profit and Loss Account except adjustments as per Explanation 3 Conclusion: Addition on account of interest incomes to be excluded in the computation of book profits was not justified by AO as per Explanation […]
Adama Solution P. Ltd. Vs ADIT (ITAT Delhi) ITAT allowed the issue raised by the assessee holding that the addition/disallowance made by the learned assessing officer of late deposit of employees contribution to the provident fund and ESI, as it is deposited before the due date of the filing of the return of an income […]
S.V. Engineering Constructions India (P) Ltd. Vs DCIT (ITAT Visakhapatnam) It is settled issue that no debatable issues are permitted to be made adjustments u/s 143(1) of the Act. In the instant case, what was added in the intimation u/s 143(1) was the employees contribution to PF and ESI. Hon’ble Madras High Court in the […]
DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai) The ld. CIT(A) gave a categorical finding that the transactions carried out with the aforesaid three parties i.e. Jawala Real Estate Pvt. Ltd., Shreeniwas Cotton Mills Limited & Lodha Developers Private Limited, which are subject matter of levy of penalty […]
Chodavaram Vs Asst. Director of Income Tax (ITAT Visakhapatnam) We are of the considered view that as in the instant case, the employees contribution qua ESI & PF for the Asst. Year: 2019-20 has been deposited before the due date of furnishing the return of income u/sec. 139(1) of the Act and therefore cannot be […]
Ridhi Sidhi Mills (India) Pvt. Ltd. Vs DCIT (ITAT Jodhpur) In the present cases, it is not in dispute that the assessees deposited the contribution of PF & ESI belated in terms of section 36(1)(va) of the Act, however, the said deposits were made prior to filing of return of income u/s 139(1) of the […]
