Ms. Sachi Sarees Vs ACIT (ITAT Kolkata) There is no law which prohibits a person to work in more than one partnership firms and draw remuneration therefrom. All that Section 40(b) requires is that the remuneration should be paid to a working partner and there is no prohibition either in the Income-tax Act, 1961 or […]
Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty.
DCIT Vs Ernet India (ITAT Delhi) Though assessee was charging subscription as well as consultancy fees on actual, the same did not result in to the conclusion, that it was carrying on its activities which could be termed as business, trade, or commerce. FULL TEXT OF THE ITAT JUDGEMENT The present appeal has been filed by revenue […]
Although the powers of the CIT(A) were co-terminus with that of the powers of AO, yet, it had jurisdiction only on those items which had been considered by AO irrespective of the fact whether the issue was subject matter of appeal or not.
ACIT Vs Shri Akshay Rajesh Samdariya (ITAT Pune) The solitary issue raised in the appeal by the Revenue and Cross objections by the assessee is against addition deleted/confirmed on account of bogus purchases. The Assessing Officer in re-assessment proceedings made addition of Rs. 2,78,55,984/- as bogus purchases purportedly made by the assessee. In first appeal […]
In our view, the said Section can be applied if there is a transfer of shares in favour of a Firm or a Company. For the transfer of shares, we agree with the assessee that there must be a transferor and transferee and transferred assets i.e., shares. In the case of amalgamation, it cannot be said that there is a transfer of shares as there is only statutory vesting of the assets by virtue of the Scheme.
Reassessment order passed without disposal of objections raised by assessee by passing a speaking order by AO was illegal and invalid.
Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai) Undisputedly, the assessee has derived rental income from letting out space in the terrace of the building to mobile companies for installing their mobile tower / antenna. It is also a fact that the assessee has offered such rental income as income from house […]
ITO Vs Ms. Rayoman Carriers Pvt. Ltd. (ITAT Mumbai) The insinuation of revenue that ITAT passes order in a state of oblivion to the facts and antecedents to the appeal, displays a totally irresponsible and cavalier approach on the part of Revenue on the cusp of contempt and deserving exemplary cost to purge the same. […]
ITO Vs M/s. Dinal Diamonds (ITAT Mumbai) We find that in this case the sales have not been doubted. It is settled law that when sales are not doubted, 100% disallowance for bogus purchase cannot be done. The rationale being no sales is possible without actual purchases. This proposition is supported from the Hon’ble jurisdictional […]
