Held that since the receiver has failed to establish the creditworthiness of the lender and genuineness of the transaction, addition u/s. 68 as unexplained cash credit sustainable.
Held that principle of res judicata is not applicable to decision of revenue authorities and, therefore, decisions given in an assessment for an earlier year are not binding either on assessee or on department in a subsequent year.
Markand Induprasad Bhatt Vs DCIT (ITAT Ahmedabad) However, we note that the power of rectification u/s 154 of the Act can be exercised only if there is a mistake apparent from the record which is one of the pre-condition meaning thereby the mistake should be apparent, obvious from the record. In other words, in order […]
ITAT Held that replacement of parts of an existing machinery in the course of their working will be a revenue expenditure.
Nitaben Shaileshbhai Patel Vs ITO (ITAT Ahmedabad) ITAT noted from orders of the authorities below that the assessee has remained non-cooperative throughout assessment and also appellate proceedings. Both the assessment order and appellate orders are ex parte orders passed after noting the fact of non-compliance by the assessee to various notices issued to it by […]
Bharatkumar Somabhai Patel Vs ITO (ITAT Ahmedabad) The assessee is in appeal before us filing the above appeal with a delay of 2985 days. Even before this Tribunal, 10 opportunities given to the assessee. The assessee is not responded to the hearing notices. The present Affidavit filed by the assessee is without material on record […]
Income from FDRs are treated as income from other sources under Section 56 of the Act. The expenses related to the said interest income earned by the assessee has to be allowed which is permissible under the Statute of law.
Prior period expenses charged to profit and loss account cannot be deducted from profit of year for computing book profit under Section 115JB
Held that the sale of SIL shares held by the assessee as investment is to be treated as short term capital gain and not as business income.
Corrtech Energy Ltd. Vs DCIT (ITAT Ahmedabad) The learned Counsel for the assessee, at the outset, has submitted that none of the provision for doubtful debts and provision for diminution in the value of investment made by the assessee-company is for any liability. He has contended that the same in fact were not provisions made […]
