Manjula Finance Ltd Vs ITO (ITAT Delhi) It is an undisputed fact that the assessee being the absolute owner of the shares gifted , had full enjoyment rights including to alienate, discard and even demolish, unless prohibited by some statutory provisions, it is within the powers of the assessee to make gift at its free […]
Flower valley Agro Tech Pvt. Ltd Vs ITO (ITAT Mumbai) We find that certain trees lying on assessee’s land were cut since the same were obstructing the hire tension wires of the Electricity Company. For the same, the assessee was compensated for Rs.10.14 Lacs during the year. We observe that the assessee was engaged in […]
Sir Ratan Tata Trust Vs DCIT (ITAT Mumbai) Conclusion: Commissioner was clearly in error in invoking powers under section 263 on the ground that the Assessing Officer failed to examine the investments of the trust complying with the provisions of Section 11(5) and Section 13(1)(d) as how the trust was treating the investment, i.e., in […]
Nilesh Ajit Kumar Jain Vs ITO (ITAT Mumbai) A perusal of the assessment order shows that the assessment was reopened to examine misuse of Client Code Modification for tax evasion. No addition was made by the Assessing Officer in respect of the issue for which the assessment was reopened. It is a well settled law […]
Capital Infra Projects Pvt Ltd Vs DCIT (ITAT Delhi) The quarrel is in respect of loan received from M/s Pabla Leasing and Finance Pvt. Ltd amounting to Rs. 3 crores in each A.Y treated by the Assessing Officer as unexplained cash credit and, accordingly, additions have been made under section 68 of the Act. The […]
Maheshwari Roller Flour Mills Pvt. Ltd. Vs ITO (ITAT Delhi) Learned Counsel submitted that initiation under section 147 of the I.T. Act have been done by mentioning the wrong Section 147(b) of the I.T. Act which is deleted from the Income Tax Act w.e.f. 01.04.1989, therefore, reopening is done under non-existent Section in a mechanical […]
Overseas Polymers Private Limited Vs ACIT (ITAT Mumbai) Legislature in Sec. 40(a)(ii) has though provided that ‘any rate or tax levied’ on ‘profits and gains of business or profession’ shall not be deducted in computing the income chargeable under the head ‘profits and gains of business or profession’, but then there was no reference to […]
Shree Bal Properties & Finance P. Ltd Vs PCIT (ITAT Mumbai) Admittedly, the assessee while computing its income in the previous years under the head ‘Income from House Property‘ had claimed deduction u/s 24(b) of the interest paid on loan raised from ‘Janalaxmi Co-op Bank Ltd’, which funds are stated to have been utilized in […]
DCIT Vs Runwal Multihousing Pvt. Ltd. (ITAT Pune) we find that the assessee was regularly following the Percentage completion method by valuing the closing work-in-progress at estimated realizable price. Certain unforeseen circumstances developed. The assessee switched over from the Percentage completion method to the Project completion method by filing a revised return. It is not […]
Atotech India Pvt. Ltd. Vs DCIT (ITAT Delhi) TP Adjustment: Payment made for management related activities under CSA- ITAT remanded the issue back to AO We find that the only controversy involved in all the assessee’s appeals is with regard to payment made for management related activities under CSA which has been taken at ‘Nil’ […]
