Ashok Kumar Vs ITO (ITAT Chandigarh) Before parting, it needs be highlighted that for India to achieve the status of a USD 5 trillion economy, the banking industry necessarily needs to have a very robust and transparent mechanisms of zero tolerance of abuse of power without which the Indian ambition can only remain a pipe […]
Tapasi Singh Vs ITO (ITAT Kolkata) It is observed that all the four donors who had given the gifts in question to the assessee during the year under consideration were engaged in the business and in the returns of income filed regularly for the year under consideration, the business income earned by them was duly […]
ITAT Chandigarh addresses limitations, record definition, and right to be heard in Amrik Singh Bhullar Vs ITO case. Important insights for taxpayers.
In best judgment assessment, AO had to bring on record certain material with regard to rate of profit admitted for estimation of profit with some comparable cases of similar nature or profit declared in similar industry
Arpit Goel Vs ITO (ITAT Delhi) 1. Assessing Officer is not suppose to arrive at the final conclusion. He is supposed to reach at a reasonable belief, which a prudent man will arrive at, that the income has escaped assessment. It has to be a prima facie case regarding escapement of income. 2. AO is […]
Sudeep Chandra Vs ITO (ITAT Hyderabad) Cost of acquisition is the price paid by the assessee for the purchase of the house and also the expenditure towards the repairs made by him to make the house habitable and no other expenditure is to be allowed u/s 54 of the Act. As regards the details of […]
Renu Proptech Pvt Ltd. Vs ACIT (ITAT Delhi) Considering the plethora of documentary evidences, we find that not only the assessee has established the source of the creditor, but it has also furnished documentary evidences to show the’ source of source’. We find that the AO, while making addition, has made general observations relating to […]
DCIT Vs M/s Interarch Building Products (P) Ltd. (ITAT Delhi) The relevant part of the order of the ld. CIT (A) on this issue pertaining to payments made to Mr . Arvind Nanda, with regard to the vehicle purchase, payment made to M/s Intertec on account of job work and the rental payments has been […]
In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned, since, AO had not made any specific reference to the incriminating material found during the search in respect of additions made by him, therefore, assessment so framed, was bad in law.
Vodafone Idea Ltd. Vs DCIT (ITAT Mumbai) We find that in the instant case, the AO had made disallowance on depreciation on 3G Spectrum Fees to the tune of Rs. 408.01 crores. And if the said disallowance is ignored, the net result of remaining additions would only result in assessed loss and hence no tax […]
