c

ITAT Cuttack

Donation with specific direction on uses entitled for section 11 deduction

Jeypore Evangelical Lutheran Church Vs ITO (ITAT Cuttack)

Jeypore Evangelical Lutheran Church Vs ITO (ITAT Cuttack) From the narration given in the list of donations, it is observed that the amount of donation has been given for the specific purpose. The Assessing Officer has bifurcated three donations as specific purpose and left out other donations not being specific purpose without giving any...

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Addition based on statements recorded by survey team & credible evidence without any retraction are valid

Sanjay Sultania Vs ITO (ITAT Cuttack)

Sanjay Sultania Vs ITO (ITAT Cuttack) CBDT in the circular dated 10.3.2003 (supra) has directed the revenue authorities that if confession not based upon credible evidence, are later retracted by the concerned assesses while filing the returns of income, such confessions do not serve any useful purpose. In the present case,  there was su...

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ITAT restricts addition for advance received by builder from customers to 5%

Srabani Constructions Pvt Ltd. Vs ACIT (ITAT Cuttack)

Srabani Constructions Pvt Ltd. Vs ACIT (ITAT Cuttack) In the present case, the AO has made addition of Rs.1,68,54,180/ @ 15% by considering whole amount of advance from customers i.e. closing balance as on 31.3.14 of Rs.11,23,61,227/-, which also includes opening balance from customers brought forward from earlier year as opening balance ...

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Disallowance on ad hoc basis justified if assessee not produces any vouchers

Sunrise Jewellers Vs ITO (ITAT Cuttack)

Sunrise Jewellers Vs ITO (ITAT Cuttack) Addition of Rs. 1,19,848/- on ad hoc basis without  specifying/pinpointing which voucher is not verifiable After hearing both the sides and perusing the entire material available on record along with the paper book filed by the assessee as well as the orders of the authorities below and the written...

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Sundry creditors cannot be doubted if AO accepts purchase, sales & net profit declared in return 

Srabani Construction (P) Ltd Vs DCIT (ITAT Cuttack)

Srabani Construction (P) Ltd Vs DCIT (ITAT Cuttack) In respect of addition of Rs.51,84,803/- made by the AO u/s.68 of the Act with regard to sundry creditors, on observing the financial statement it is found that the assessee could not produce the creditors as well as could not satisfy the three ingredients i.e. identity, creditworthiness...

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Addition for mere Absence of confirmations from Creditors & for differences without considering reconciliations

Supreme Concrete & Infrastructure Pvt Ltd. Vs ACIT (ITAT Cuttack)

Supreme Concrete & Infrastructure Pvt Ltd. Vs ACIT (ITAT Cuttack) It is admitted position that the loan from Sinclair Builders Pvt Ltd., has been obtained by account payee cheque. Confirmation, copy of account as well as the bank statement of the creditor has also been furnished. The assessee has also deducted TDS on the interest [&he...

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Collecting fees for training from different organizations is not charitable activity

OMS Power Training & Research Institute Vs CIT (Exemptions) (ITAT Cuttack)

Where assessee-trust was collecting fees from different organizations towards training programmes and it also received rent for letting out its part premises; the CIT was justified in rejecting the assessee s application for grant of registration under section 12AA on the ground that the activities of the trust were not charitable, but we...

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Society or trust not registered in India cannot be granted section 12A registration

Evangelical Missionary Society Vs CIT (Exemptions) (ITAT Cuttack)

Evangelical Missionary Society Vs CIT (Exemptions) (ITAT Cuttack) Sec. 12A of the Income Tax Act lays down the provisions of Sec,11 & 12 shall not apply in relation to the income of any trust or institution unless the condition stated therein are fulfilled. The first condition for allowing the exemption u/s.11 is that the person [&hel...

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Section 12AA registration cannot be denied without recording dissatisfaction about objects of trust

Balika Vidyalaya Educational & Cultural Trust Vs CIT (Exemptions) (ITAT Cuttack)

Balika Vidyalaya Educational & Cultural Trust Vs CIT (Exemptions) (ITAT Cuttack) We find that as per the provisions of section 11 & 12 of the Act, the income derived from property held for charitable or religious purposes and income of Trusts or Institutions from contributions are exempt from tax provided such Trusts or Institutio...

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Treatment of Interest on Fixed Deposit – ITAT remanded case Back to AO

Angul Sukinda Railway Ltd. Vs ITO (ITAT Cuttack)

Angul Sukinda Railway Ltd. Vs ITO (ITAT Cuttack) We find that during the course of assessment proceedings the assessee explained before the AO with regard to interest on mobilization advance is a capital receipt, therefore, it has been reduced from the capital work-in-progress and in case of interest earned on fixed deposit/flexi deposits...

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