ITAT Mumbai remanded Vandana Deepak Savla’s case to CIT(A), granting a fresh opportunity for the appellant to present evidence in a penny stock transaction dispute.
AO had made the addition with the observation that no response was received from assessee. Based on that, he proceeded to complete the assessment u/s 144 based on the information available on his record.
Assessee had filed his income tax return for A.Y. 2017-18 declaring ₹20,89,430. The case was scrutinized for capital gains from agricultural land sales and cash deposits during demonetization.
ITAT Chennai held that disallowance of claim under section 80IA(4) of the Income Tax Act justified since assessee is engaged in only collection and transportation of solid wastes and is not engaged in operating and maintaining sold waste management system.
The assessee was engaged in the business of providing works contract service and labour service. AO found that assessee had made a cash deposit of Rs.62,10,000/- in the bank account during demonetization period.
ITAT Bangalore held that interest rate should be charged on the basis of prevailing LIBOR rate and no SBI PLR rate since invoices are raised in foreign currency. Accordingly, it is directed to TPO to apply LIBOR rate as basis for computation of interest.
Both the revenue authorities have accepted the books of accounts, book results could not be disturbed once it is admitted that cash sales are recorded in books and forming part of turnover of the business.
Although Rule 128(9) requires Form 67, assessee’s compliance within this rule during the rectification stage demonstrated a good faith or effort to fulfil procedural requirement.
CIT (A) erred in treating the loan of Rs.90.52 crores u/s 69A/69B when the show cause notice of enhancement was with reference to section 69 and there were neither any investments which were not recorded in the books of account nor is there any such finding by the CIT(A).
ITAT Kolkata held that addition under section 68 of the Income Tax Act as unexplained cash credit not sustainable since identity, creditworthiness and genuineness of the transaction relating to the share capital sufficiently established.
