All ITAT

Bona fide reason to believe that there is escapement of income is sufficient for issue of notice under section 148

ACIT Vs Rani Shankar Mishra (ITAT New Delhi)

19. As per our considered view, at the time of issue of notice, it is sufficient that prima-facie reasons and material should be with Assessing Officer that there is escapement of some income. At the time of issue of notice the Assessing Officer is not required to conclusively establish that there is escapement of income, mere bona-fide r...

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Part Performance of Transaction fall within ambit of section 2(47) of IT Act

R. Kalanidhi Vs ITO (ITAT Chennai)

11. Keeping in view the nature of the transaction between the Assessee and the so called Developer, coupled with the transfer and the possession of the immovable properties, we find that the transaction amounts to conveyance in favour of the purchaser of the properties and the transfer was completed on the date when the purchases were exe...

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Imposition of penalty on basis of findings given in assessment proceedings

Ashok Grih Udyog Kendra (P.) Ltd. Vs ACIT (ITAT Lucknow)

7. We have carefully considered the rival submissions and have also perused the materials available on record. The decisions cited at the time of hearing of appeal were duly considered. It is apparent from the record that the assessee company had debited a sum of Rs.2,37,370/ - under the head `travelling expenses' and claimed the above ex...

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Increase in turnover cannot be the sole criteria for steep increase in remuneration payable to director

Shree Laxmi Marketing Pvt. Ltd. Vs ACIT (ITAT Pune)

15. In so far as the assessee's contention that as the remuneration paid to the directors were increased in a properly called meeting of the Board of Directors, such payment is to be considered as reasonable and not excessive, we are of the view that this contention of the assessee would be of no much assistance to the assessee as discuss...

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Enquiry to be made by AO under section 40A (2) (a) of IT Act in case payment of remuneration to director is excessive or unreasonable

Jagdamba Rollers Flour Mills Ltd. Vs ACIT (ITAT Nagpur)

7. After going through the orders of the learned Members as well as the orders of the lower authorities, I am of the view that no disallowance was required to be made for the reasons given hereafter. The question for consideration is whether on facts of the case, the disallowance was justified in view of the specific provisions of section...

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Determination of annual value of a IInd house which is not let out

Ramesh Chand Vs. ITO (ITAT Agra)

4.3 Both the authorities below have taken a view that though section 24(b) does not draw any distinction between a property that is self-occupied and one that is not, the assessee having not disclosed any income (annual value) there-against, and which can only be in respect of one house property, which stands already specified by him (the...

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Date which is material and relevant for purposes of computing limitation period in certain cases under IT Act

Prakash Bhalaji Bafna Vs ACIT (ITAT Pune)

7. There was a search and seizure action against the assessee on 10-10-1995. In pursuance thereto, the A.0 initiated proceedings u/s 158BC of the Act. Notice u/s 158BC read with section 158BD dated 10-9-1996 was issued to the assessee requiring the assessee to prepare and file the return of income in the prescribed form setting forth his ...

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Assessment of income from running of business centre

Harvinderpal Mehta HUF Vs DCIT (ITAT Mumbai)

7. Rival submissions of the parties have been considered carefully. The question for our consideration is whether the income accruing to the assessee should be assessed as `business income' as claimed by the assessee or partly as `income from house property' and partly as `income from other sources' as held by the Assessing Officer Office...

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When assessee has retracted statement, an addition should be supported by enough material in possession of department

ACIT Vs Ravi Agricultural Industries (ITAT Agra)

11. I have carefully considered the rival contentions and gone through the impugned orders. The Hon'ble Supreme Court in the case of Pullangode Rubber Produce Co. Ltd. v. State of Kerala (1973) 91 ITR 18 (SC) has clearly held that an admission by the assessee is not conclusive evidence and it is always open to the assessee who made the su...

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Treatment to be given to income from delivery based share transactions

Gopal Purohit Vs. JCIT (ITAT Mumbai)

Gopal Purohit v. JCIT- The delivery based transaction should be treated as of the nature of investment transactions and profit there from should be treated as short-term capital gain or long term capital gain depending upon the period of holding; employment of an infrastructure so as to keep a track of the developments in the share market...

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