Rajesh Madanmohan Chaudhary Vs ITO (ITAT Pune) The assessee in the present case is an individual who is a partner in eight partnership firms. The return of income for the year under consideration was filed by him on 17.10.2016 declaring a loss of Rs.20,74,862/-. During the course of assessment proceedings it was noticed by the […]
Shares at premium were issued by assessee-company to other companies in lieu of shares held by those companies and since no cash was involved in these transactions and transactions were entered into in books of assessee-company by way of journal entries, AO was not, therefore, justified in making addition under section 68.
Kapil Dev Ranwan Vs DCIT (ITAT Delhi) It is pertinent to note that the assessee was working in UK for more than 183 days which was never disputed by the Revenue at any point of time. Besides this the Revenue authorities are very well aware that the assessee has paid taxes in UK for the […]
ACIT Vs Moon Beverages Ltd. (ITAT Delhi) Since the additions in the other appeals also are not based on any incriminating material found during the course of search and since we have already held that statements recorded u/s 132(4) are not incriminating in nature, therefore, the addition made by the AO being not based on […]
Gail (India) Ltd. Vs DCIT (ITAT Delhi) So far as the satisfaction of relevant conditions u/s 32 is concerned, the AO in the original order had expressed reservation on the grant of investment allowance during the current year as in his view, 75% of the reserves were not created in the current year. In terms […]
Shambala Properties Pvt. Ltd. Vs ACIT (ITAT Bangalore) The assessee is owning a building and is in the business of real estate development. The assessee declared income from house property and income from other sources. The Learned Assessing officer has completed the assessment at a total income of Rs. 1,16,64,440/- as against the declared income […]
Stock exchange membership card was not an eligible asset u/s 32 and thus, addition made by AO on account of depreciation on the intangible asset being membership card of the stock exchange was to be deleted.
District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with proviso to section 206(3). In the […]
Neel Builders Pvt. Ltd. Vs ITO (ITAT Delhi) A perusal of the reasons for reopening of the case for the impugned assessment year, copy of which is placed at paper book page No. 20-21 shows that the reopening was made on the basis of the report of the investigation wing and there is no independent […]
Assetz Infrastructure Pvt. Ltd. Vs DCIT (ITAT Bangalore) There is no dispute with regard to the fact that the interest free advances received from customers was available with the assessee to the tune of Rs.16.96 crores as noticed by Ld CIT(A) at page 28 of his order, i.e., Rs.14.22 crores under Schedule V and Rs.2.74 […]
