ITAT Agra

CIT(E) cannot examine Income application during Trust Registration U/s. 12AA

Fateh Chand Trust & College Committee Vs CIT (Exemption) (ITAT Agra)

Fateh Chand Trust & College Committee Vs CIT (Exemption) (ITAT Agra) Department Can Examine Only Object of the Trust and Not Application of Income at the Time of Granting of Registration of Trust FACTS – Assessee is society, engaged in running and maintenance of Fateh Chand Inter College. College is fully aided by UP Government [&he...

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Non service of notice U/s 148 to LRs renders Assessment null and void

Shanta Kapoor Vs ACIT (ITAT Agra)

Shanta Kapoor Vs ACIT (ITAT Agra) If AO omits to issue notice under section 148 of Income Tax Act, 1961 to all legal representative (LRs) of deceased assessee, the reassessment would be null and void. Assessee ‘deceased’ had 3 legal heirs, two being sons and one daughter. The AO had not issued notices to all the […]...

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S. 241(1)(c) Penalty cannot be imposed for merely for Rejection of Registration by RBI

Farrukhabad Investment (India) Ltd Vs DCIT (ITAT Agra)

Farrukhabad Investment (India) Ltd Vs DCIT (ITAT Agra Third Member) The Id. DR cited several reasons, which, in his opinion, justified imposition of penalty, such as,. the RBI rejecting the application for registration of NBFC; names and addresses of the depositors not available; no books of account or vouchers available; a qualification ...

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Relief U/s. 89 available in respect of any arrear related to a Perquisite

Rajesh Kumar Vs. ACIT (ITAT Agra)

Rajesh Kumar vs. ACIT (ITAT Agra) Section 17(1) defines ‘salary’ and ‘perquisite’ separately for the purposes of sections 15 and 16. Section 15 is the charging section qua income from salary, whereas section 16 deals with deduction there-from. Section 17(1)(iv) says that ‘salary’ includes, inter alia, perquisites. Relief u/s 8...

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TDS on Commission paid to NRs for services rendered outside India not become deductible for mere withdrawal of circular

ACIT Vs Nuova Shoes (ITAT Agra)

It is not disputed that that the withdrawal of the Circulars No. 23 and 786 has been made on 22-10-2009 vide CBDT Circular No. 7 of 2009 and mere withdrawal of the circular does not negate the principles of income deemed to accrue or arise in India or outside India. ...

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Contributions cannot be treated as Anonymous If Name & Address of Donee is Available

Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra)

Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra) The receiver of the donations has maintained the register of donors indicating the names and addresses of the donors and their identity as well in the form of Voter Card, Bank account, etc. The CIT (A) has found and opined in his order that these donations have been […]...

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Registration U/s. 12AA cannot be denied for non-filing of books & vouchers

B.S.A. College Vs CIT (ITAT Agra)

B.S.A. College Vs CIT (ITAT Agra) Under section 12AA, CIT (E) was entitled to see as to whether objects of assessee were charitable in nature, and also whether activities were genuine or not. Examination of genuineness of activities would mean to see that activities were not by way of camouflage or bogus or artificial and […]...

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Profit / Loss from Trading in currency derivatives cannot be treated as Speculative

Nand Nandan Agrawal Vs Dy. CIT (ITAT Agra)

Because on due consideration of facts, circumstances of the case more particularly in view of the fact that transactions in currency derivatives made by the assessee which were all supported by time-stamped contract notes conducted at the floor of recognized stock exchange resulting into loss of Rs. 1,709,121, learned 'CIT (Appeals) has e...

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Approval for reopening by observing merely ‘जी हाँ मैं संतुष्ट हूँ’ is not legally tenable

Shri Ghanshyam Vs ITO (ITAT Agra)

Shri Ghanshyam Vs ITO (ITAT Agra) In present case, the ld. Additional CIT granted the approval by observing merely that he was satisfied. Sections 147 and 148 of the IT Act, it is trite, are charter to the Revenue to reopen completed assessments. Section 151 of the Act provides a safe-guard that the sword of […]...

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Validity of Notice U/s 148 after 4 years from the end of relevant A.Y. without specifying the amount of income escaping assessment

Smt. Usha Agarwal Vs ITO (ITAT Agra)

Notice u/s 148 of the Act can only be issued if the income escaping assessment amounts to, or is likely to amount to Rs. 1 lac. Non-recording of the reason by the Assessing Officer that the escaped income was likely to be Rs. 1 lac or more was fatal to the issuance of the notice for reassessment....

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