ITAT Cuttack

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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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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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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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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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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After accepting declaration of Assessee during Survey AO cannot tax the amount in different AY

Laxmi Narayan Jewellery Vs ITO (ITAT Cuttack)

Laxmi Narayan Jewellery Vs ITO (ITAT Cuttack) From the order passed u/s.143(3) of the assessment year 2012-2013, there is no any single word found in regard to survey proceedings u/s.133A of the Act, whereas the documents were available with the same AO i.e. Ward-2(2), Balasore and the assessee accepted some discrepancy in stock and agree...

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Explained Jewellery will not form part of Jewellery allowed by CBDT Circular

N. Roja Vs ACIT (ITAT Cuttack)

N. Roja Vs ACIT (ITAT Cuttack) We find that the AO made addition on account of unexplained investment in gold and jewellery of 2417.290 grams as found and seized during the course of search in the residential premises and the Locker No.75/4 & 145/2 of the assessee at Indian Overseas Bank, Rayagada. During the course […]...

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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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Depreciation not allowed on Leasehold Rights as same is not Intangible Assets

Mahanadi Coalfields Ltd. Vs DCIT (ITAT Cuttack)

The issue under consideration is whether the leasehold rights is considered as intangible assets and hence eligible for depreciation under section 32(1)(ii)? ITAT hold that the lease hold rights are not eligible for depreciation u/s.32(1)(ii) of the Act considering it as intangible rights and, accordingly, dismiss the ground of appeal of ...

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April 2021