Section 271AAA seeks to impose penalty where undisclosed income is detected during the course of search initiated under Section 132 of the Act on or after 01.06.2007 which condition has been fulfilled
As per Section 199 r.w. Rule 37BA(3), credit for TDS shall be allowed by AO in the year when the income has been offered by the assessee.
Held that as the amount received by the assessee is not in the nature of royalty or FTS, section 44DA of the Income Tax Act will not apply.
Pankaj Sharma Vs ITO (ITAT Delhi) I find that the present appeal is defective for want of payment of proper Court fee and the assessee has not removed the defect despite having given ample opportunities. I therefore, dismiss the appeal in limine on account of appeal being defective. However, it is clarified that if the […]
Assessee assigned the reason for condoning the delay was that, ‘his daughter was hospitalized in the month which is a reasonable cause
ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section 69A.
Asessee has failed to appear on 8 occasions before the ld. CIT(A). Conduct of assessee is clogging justice delivery system. Hence, ITAT directed the assessee to pay Rs.10,000/- to Prime Minister’s National Relief Fund
If an assessee has cash available prior to demonetization and if he opted to deposit the same multiple times, there is no prohibition in law for such deposits.
Phool Singh Vs ITO (ITAT Delhi) ITAT do not find any merit into the objection of the assessee that the land in question being agricultural land cannot be treated as capital asset. The sale-deed itself goes to demonstrate that what was being transferred was an industrial land. Therefore, there is no ambiguity on these facts. […]
Royal Rubber Works Vs ITO (ITAT Delhi) Undisputedly, the addition based on which the Assessing Officer imposed penalty under section 271(1)(c) of the Act was on account of sundry creditors. While deciding the quantum appeal of the assessee, the Tribunal has deleted the major part of the addition, accepting assessee’s submission that such amount was […]
