Held that assessee established identity of the creditors by bringing on record their PANs and complete addresses of the creditors. Hence addition u/s 68, without bringing out any adverse or cogent material to dispute the credit worthiness of the creditors and genuineness of the transactions, is unsustainable
Merely because a capital receipt is utilized for incurring revenue expenditure it will not change the nature of capital receipt into a revenue item.
Held that notice issued u/s. 274 r.w.s. 271(1)(c) needs to specify the limb under which penalty proceedings are initiated. Penalty not leviable, in absence of the specification of the limb.
Held that as the assessee has already abandoned its statutory right of filing an appeals and has consciously taken decision. Therefore, delay of more than 10 years cannot be condoned without valid and genuine ground.
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.
