ITO Vs Rachna Arora (ITAT Chandigarh) Solitary issue in the present appeal pertained to claim of exemption u/s 54 of the Act of Long Term Capital Gains earned by the assessee being invested in another property. The shares of three co-owners namely the assessee, her son in law and her daughter in the purchased property […]
Spytech Buildcon Vs ACIT (ITAT Jaipur) As per sub-section (3) and (4) of section 43CA, the benefit of prior agreement is granted if the consideration is received at the time of agreement other than cash. In the case in hand, the booking is claimed to have been made prior to 01/04/2013 whereas the sale deeds […]
Shri Rajesh Chunara Vs ITO (ITAT Jaipur) On perusal of the AIR information, it is noted that the information talks about the assessee and another person by name of Ashok K Chanara, name of the bank which has issued the credit card, the transaction amount of Rs 3,82,079/- and date of transaction i.e, 31.03.2008. The […]
Since the jurisdiction of PCIT(E) was being limited to verification of two issues, one with regard to the ‘lease hold land’ and the second about the fee concession and on both accounts, CIT (E) had not drawn any adverse inference and, therefore, the order of CIT(E) denying the registration u/s 12AA was bad in law.
PCIT was not justified in assuming the jurisdiction under section 263 when the case of assessee which was selected for limited scrutiny was never converted to full scrutiny and assessee had submitted all the details as called for by AO from time to time for the reasons for which the case was selected for limited scrutiny.
Bombay Chamber of Commerce & Mackinnon Mackenzie Building Vs ITO (ITAT Mumbai) Concluion: In present facts of the case, while allowing the appeal, it was held that the activities of Assessee comes under “charitable purpose” as defined under Section 2(15) of the Act and is eligible for exemption, because the amounts received by the assessee […]
Madan Mohan Tiwari Vs ITO (ITAT Delhi) Once information received by AO were shown in objections as incorrect, entire jurisdiction on such reasons cease to exist and thus reopening should be dropped. Such non application of mind therefore at recording reasons as well as disposal of objections invalidate entire reopening. FULL TEXT OF THE ORDER […]
BMC Software Asia Pacific Pte Ltd. Vs ACIT (International Tax) (ITAT Pune) Facts of the case: ♦ The assessee is a Singapore based company, which has not filed its Income Tax Return for the AY 2010-11. However, the assessee company has earned income from sale of Software Licenses and income from Support, Maintenance and Training […]
CIT had power to correct an error, which was prejudicial to the interest of the Revenue in the order of AO, even if it was approved by the Joint Commissioner, who was also falling below the rank of the Pr. Commissioner. Whatever was to be excluded by the law had already been provided under that Section and the only exception were the issues ‘decided and considered’ in the appellate orders.
JNS Instruments Ltd. Vs PCIT (ITAT Delhi) The Commissioner can regard the order as erroneous on the ground that in the circumstances of the case the Income-tax Officer should have made further inquiries before accepting the statements made by the assessee in his return.The reason is obvious. The position and function of the Income Tax […]
