The issue under consideration is whether addition made by AO for the cash gifts found in search which is received at the time of marriage and anniversary and cash for cancer treatment is justified in law?
Japan International Co-operation Agency (JICA) Vs ACIT (ITAT Delhi) A.O. as well as Ld. CIT(A) have taken a wrong view by holding that the assessee cannot grow tax-free income u/ss 10(34) and 10(35) of the Acts unless additional tax has been paid as per the provisions of Sections 115-0 and 115-R of the Act and […]
Smit Singapore Pte Ltd. Vs DCIT (ITAT Mumbai) Assessee had received charges on account of time charter services rendered by its vessel ‘Smit Borneo‘ along with the crew to Leighton India Contractor Pvt. Ltd., and not for allowing the latter the ‘use‘ or ‘right to use‘ of industrial, commercial, or scientific equipment, the same therein […]
For computing indexed cost of the asset, the date is to be reckoned from the date of allotment of the property to the assessee, and not from the date on which possession certificate was issued to the assessee.
The issue under consideration is whether rejection of method of accounting under section 145 without even examination of books of assessee is justified in law?
Hon’ble Supreme Court in the case of CIT v. Tribhuvandas G. Patel (supra) has held that any amount paid to the partner upon his retirement towards his share in assets is not a transfer within the meaning of section 47(ii) of the Act and not liable to capital gain.
The issue under consideration is whether to acquire jurisdiction under section 153C is it require that the seized documents must be incriminating and must relate to the assessment year whose assessment were sought to be reopened?
DCIT Vs Alok Industries Limited (ITAT Mumbai) Issue raised is with respect to disallowance under Section 36(1)(iii) of the Act. The Revenue contends that assessee did not have adequate interest free funds, and that assessee could not establish commercial expediency. The disallowance in this regard has been done on the same reasoning as in the […]
DCIT Vs B. E. Billimoria & Co. Ltd. (ITAT Mumbai) The material on record would show that the assessee being resident corporate assessee was assessed for the year under consideration u/s. 143(3) on 27/10/2017. During assessment proceedings, it transpired that the assessee sold an office premises vide agreement dated 31/03/2015 for a consideration of Rs. […]
ITO Vs Gautam B. Bafna (ITAT Mumbai) In the instant case, the corresponding sales made out of disputed purchases were not doubted by the Ld. AO before us. No contrary evidence to this effect was also produced by the Ld. DR before us. It is not in the dispute that the assesee had indeed made […]
