ACIT Vs Ms Arihant Trading Co. Pahari (ITAT Jaipur) On perusal of sub-section (6) of section 194C, it is clear that all that is required for non-deduction of TDS on payment to the transporter is that the latter furnishes his PAN number to the person responsible for paying or crediting the amount to him. The […]
Shri Dinesh Goswami Vs DCIT (ITAT Indore) When Source of Income Fully Explained Past Savings Kept in Locker is Justifiable in Law FACTS – Search was carried out on 30.11.2012 on the premises of assessee. Notice u/s 153A was issued to assessee to file return for AY 2007-08 to AY 2012-13. During the search cash […]
Where assessee had erroneously taken credit for prepaid taxes on account of gross professional receipts as per Form 26AS ; then having regard to Rule 37BA, Revenue would be justified in denying credit for such amount of prepaid taxes which were not assessable during the year on the basis of regular method of accounting followed by the assessee.
DCIT Vs. PES Installations Pvt. Ltd. (ITAT Delhi) In paper book filed before us at page 222, copy of remand report has been placed. Ld. AO observed therein that, mere filing PAN numbers or assessment particulars, VAT returns and copy of sales tax RC etc., do not establish identity of persons. He further notes that actual and true […]
Salasar Dwellers Pvt. Ltd. Vs DCIT (ITAT Mumbai) Satisfaction in the case is not recorded by the AO of the searched party, which is a pre-condition for invoking jurisdiction u/s 153C of the Act and hence, the assessment framed u/s 153C read with Section u/s 143(3) of the Act is bad in law and hence, […]
Where there is a delay in completion of statutory audit, there exist a reasonable cause for the delay in completion of tax audit and issuance of tax audit report.
DCIT Vs Avtec Ltd. (ITAT Delhi) Deduction prescribed under section 10AA cannot be treated in the nature of exemption and as such, loss suffered by assessee in its unit eligible for deduction under section 10AA could be set off against normal business income. Keeping in view the fact that section 10AA makes the assessee eligible […]
A mere suspicion that given the nature of expenses, it is likely that incurrence of such expenditure is for non-business purposes, in our view, cannot be a basis for making the addition in the hands of the assessee.
Addition in respect of completed assessments u/s 153A be made solely on the basis of post search enquiry when no incriminating material was unearthed during search is not valid.
Interest earned on deposit of surplus funds could not be taxed as business income in view of the fact assessee was not in the business of money-lending.
