A search and seizure operation u/s. 132 was carried out in the case of assessee by the Investigation Wing, New Delhi on 03.05.2018. The cases of some persons were also covered during search on assessee.
In a recent ruling ITAT Delhi partly allowed the appeal of the assessee and modified the order passed by the AO is modified to restrict the unaccounted income by applying 0.3% of the total credits received during the year.
Further, the change in the claim of deduction or status of the assessee would not mount to mistake apparent from records, and, as such, it cannot be rectified u/s. 154 of the Act.
ITAT Mumbai disallowed the claim of depreciation under section 32 since assessee failed to prove that car was used for the purpose of assessee’s business wholly or in part. Accordingly, appeal dismissed.
ITAT Ahmedabad held that that the activities / services do not qualify as stewardship / shareholder activity. Further, assessee correctly determined Arm’s Length Price in respect of management fees by using Transaction Net Margin Method i.e. TNMM.
The Investigation Wing had carried out investigation with regard to the price manipulations and generation of bogus long term capital gains in number of stocks, classified as penny stocks.
ITAT Ahmedabad held that denial of exemption u/s. 11 by CPC in the rectification petition not justified since the same was allowed in earlier proceeding and it is settled position of law that debatable issues cannot be done in rectification proceedings.
ITAT Ahmedabad allowed revenue’s appeal by concluding that approach of CIT(A) in singularly dismissing each piece of evidence, we find, is totally incorrect. Accordingly, matter restored back to CIT(A) to adjudicate the matter of bogus accommodation entry afresh.
Arya Samaj G.K.-II disputes typographical errors and exemptions u/s 11 in their appeal to ITAT Delhi for AY 2014-15. Read the full case analysis here.
ITAT Ahmedabad held that passing of order by CIT(A) without taking into account the submission made by the assessee is not sustainable in law. Accordingly, matter remitted back to the file of CIT(A).
