Sindhu Trade Links Ltd. Vs DCIT (ITAT Delhi) It can be seen that the assessee company had purchased land at Tifra Bilaspur for Rs. 55,44,800/- including stamp duty and registration charges of Rs. 7,06,705/-. The Ld. DR submitted that as per the observations of the Assessing Officer there are certain purchases of land /properties where […]
Global Logic India Ltd Vs DCIT (ITAT Delhi) No adjustment is to be made on account of notional interest on receivables by relying upon Explanation (i), (a) & (c) of section 92B by treating the continued debt balance as an international transaction. Moreover when the taxpayer is debt free company, there is no question of […]
Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) In the instant case, the Assessing Officer had denied the claim of deduction u/s 80P of the I.T.Act for the reason that assessee was essentially doing the business of banking and disbursement of agricultural loans by the assessee was only minuscule. Therefore, the Assessing Officer concluded […]
Budhia Agencies Pvt. Ltd. Vs DCIT (ITAT Kolkata) Learned authorized representative vehemently contends that the impugned deemed dividend addition is not sustainable in the eyes of law. His case as per page 4 of the paper-book indicating the assessee’s ledger in the books of M/s Republic Tractor Motor Pvt. Ltd. is that it had been […]
ACIT Vs Bajaj Holdings & Investment Ltd (ITAT Mumbai) The issue under consideration is whether the replacement of jigs and fixtures considered as revenue expense or capital expense? ITAT states that, the expenditure incurred on replacement of jigs and fixtures are basically tooling aids required in the production process and these items are part of […]
ITO Vs. Scheme A1 of ARCIL CPS (ITAT Mumbai) Reversal of the impairment provision created by the assessee in the earlier years in respect of the financial asset was merely a book entry without any corresponding amount payable by anybody or any possibility of receiving any benefit or money or money’s worth. We are of […]
Where case of assessee was selected for limited scrutiny on issue of mismatch of sales shown in the audit report vis-à-vis tax return but AO expanded the scope of limited scrutiny by making addition for alleged speculation loss under section 43(5) without taking permission from the concerned Pr.CIT/CIT, order of AO was set aside.
ITO Vs Trilokpati Exim Pvt. Ltd. (ITAT Kolkata) When assessee had allotted shares for consideration other than cash then provisions of section 68 (cash credit) does not apply FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal filed by the Revenue, pertaining to assessment year 2012-13, is directed against the order passed by the Commissioner […]
Jewels Emporium Vs ACIT (ITAT Jaipur) From the record, we found that as on the date of search, the books of account of M/s Jewels Emporium were incomplete and the printouts of cash books as taken by the search team did not reflect the true and correct balance available which is made part of the […]
DCIT Vs Veena Goyal (ITAT Jaipur) As per the provisions of the section 56(2)(vii)(c)(i), any property other than immovable property is transferred for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50000/-, the aggregate fair market value of such property as exceeds such consideration […]
