Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad) Ld.DR fails to dispute the clinching fact that the Pr. CIT’s impugned order has nowhere held the assessment in question dated 06.01.2015 as an erroneous one so far as it causes prejudice to the interest of Revenue as per Sec.263 of the Act. Ld.Pr.CIT has rather […]
Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad) As regards the cash withdrawals and the marriage gifts from others and gift from his brother as sources for the balance of cash deposit is concerned, I find that the Assessing Officer has held the ATM withdrawals and also 2/3rd of the gifts at the time of marriage […]
We first of all advert to the impugned Section 40(a)(ia) r.w.s.194C and 194J issue of surrogacy payments in case of Shri S.Sesha Sai since the other recipient has never appeared to support the impugned claims till date. The CIT(A)’s identical lower appellate discussion affirming the Assessing Officer’s action disallowing assessee’s summary of payments made to surrogate mothers reads as under:
P. Venkata Ramana Reddy Vs ACIT (ITAT Hyderabad) CBDT Circular mentions that the concerned assessees should be intimated that their cases fall either in ‘Limited Scrutiny’ or ‘Complete Scrutiny’ through notices issued u/s 143(2) of the Act and the procedure prescribed is that in Limited Scrutiny cases, the reasons/issues shall be forthwith (emphasis provided by […]
Shishir Kumar Das Vs DCIT (ITAT Hyderabad) Decision of the Hon’ble Supreme Court in the case of CIT vs. Alom Extrusions Ltd is applicable to both the employer as well as employee’s contribution to Provident Fund and ESI and if the assessee has not remitted the amount collected from the employees before the due date […]
Armed Forces Officers Co-operative Housing Society Ltd. Vs ITO (ITAT Hyderabad) A perusal of the assessee’s identical pleadings in all these six appeals fails to pin point any factual distinction qua the interest issue in these assessment years before us. We therefore adopt judicial consistency and partly confirm both the lower authorities’ action disallowing the […]
The clinching fact that emerges here is that assessee’s ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the ‘Endowment Act’ duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law.
Nadeem Mohd. Abdul Vs ITO (ITAT Hyderabad) On a literal reading of Clause (a) of sub-section 1A to Section 2 we find that it refers to any rent or revenue (emphasis supplied by me) derived from land which is situated in India and is used for agricultural purposes. This section does not specify that the […]
Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income earned by the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the Hon’ble Supreme […]
ADP Private Ltd. Vs CIT (ITAT Hyderabad) With regard to the working capital adjustment, it is the case of the assessee that the provision of bad and doubtful debts should be considered as operating expenses while computing the PLI. He submitted that the transactions can be considered as a comparable only after making adjustments to eliminate […]
