AO without going through the terms and conditions of each of the project that had been undertaken by assessee during the year had come to the conclusion that assessee was a works contractor and not a developer.
Reassessment initiated under an invalid notice issued under Section 148 as there was no new material with AO after four years that the assessee had escaped assessment, therefore, additions amounting to ₹6.93 crores was deleted.
ITAT Ahmedabad held that PFRDA Act, 2013 doesn’t prescribed any due date for payment of employee’s contribution to National Pension Scheme (NPS). Thus, since payment is made before filing return u/s. 139(1), the same is allowable u/s. 43B(b) of the Income Tax Act.
The disallowance occurred due to an incorrect entry in the ITR, and the matter should be reassessed, taking into account the correct disclosure of the loss.
The evidences relied upon by AO in the form of excel sheets did not constitute adequate evidence to draw adverse inference against tassessee, in the absence of any other corroborative evidences.
Since cooperative banks were considered cooperative societies for the purpose of Section 80P(2)(d), thereby making assessee’s interest and dividend income eligible for deduction.
Assessee was a private limited company registered as a non-banking finance company (NBFC) with the RBI, engaged in providing loans, advances, and dealing in shares and securities.
The case of the assessee was selected for scrutiny for the reasons of cash deposit during the demonetization. During assessment, AO noted that assessee have made cash deposit of Rs.10,50,000/- in his bank account.
ITAT Surat held that addition on account of cash deposit during demonetization confirmed by both AO and CIT(A) by passing ex-parte order. However, majority of cash deposits are prior to demonetization period. Hence, matter remanded back for fresh verification.
Assessee was engaged in the business of slimming and beauty services. During assessment proceedings, AO observed that assessee was carrying substantial credit balances as current liabilities under the head ‘Advance from customers’.
