The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?
Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) in the light of the definition of ‘transfer’ as defined u/s. 2(47) of the Act it is clear that when any right in respect of any capital assets is extinguished and that right is transferred to someone, it would amount to transfer of a capital asset. In the light […]
ITO Vs Sunil Shiv Khanna (ITAT Mumbai) We are of the view that the assessee’s claim of deduction u/s. 54 of the Act is to be reckoned from the date of handing over of the possession of the flat by the builder to the assessee i.e. 11.09.2009, and if we take that date, the assessee […]
Girdhari Lal Vs ITO (ITAT Delhi) The test for determining whether the impugned land is agriculture bear mainly on the nature or character of the land, and not merely on the actual user or non-user at a particular point of time. If the land is not actually appropriated for agricultural purposes, the minimal requirement is […]
DCIT Vs Deepak Shashi Bhusan Roy (ITAT Mumbai) The coordinate bench of Tribunal in Anita D. Kanjani (supra) held that in order to determine the nature of asset income of section 2(42A), holding period is to be computed from date of issue of allotment letter and not from the date when agreement to sell was […]
All India Rubber Industry Association Vs. ADIT (E) (ITAT Mumbai) The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a charitable entity cannot be denied the tax benefits merely because some element of its income is exempt from the Principles of Mutuality. The objects of the assessee are for […]
Interest earned by co-operative society, engaged in banking business, out of investment made with co-operative bank deductible u/s 80P(2)(a)(i)
Dr. Muthian Sivathanu, Vs ACIT (ITAT Chennai) Conclusion: Gains arising from sale of the shares allotted in the ESOP (Employees Stock Option Plan) scheme when the assessee was non-resident, not to be assessed as perquisites instead of assessed as capital gain as the stock viz., the asset was already vested on the assessee during the […]
ACIT Vs Smt. Jayasree Sreedharan (ITAT Cochin) In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, the only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultural land was […]
DCIT Vs Ozoneland Agro (P) Ltd. (ITAT Mumbai) In this AO had ‘tampered’ with provisions of the Act. It was beyond jurisdiction of AO to insist upon a particular system, which especially allows assessee to choose one of the two methods. Until and unless legislature amends provision of the Act and prescribes only one method […]
