ITAT Cuttack

No addition in case of unabated assessment if no incrimination material was found

ACIT Vs Diamond Plaza (P) Ltd. & Vice-Versa (ITAT Cuttack)

Assessment under section 153A could not be made for making addition of unexplained income if assessment was unabated which had attained finality on the date of search and no incriminating material was found as per record. ...

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Penalty u/s. 271E cannot be levied in case of bonafide belief

Ms. Orison Transport Vs DCIT (ITAT Cuttak)

Penalty u/s.271E was not leviable as the belief of assessee that return of advance from customers was not prohibited by section 269T was a bonafide belief....

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Provisions of Section 68 Cannot be applied to Sundry Creditor

DCIT Vs Allied Infra suppliers (ITAT Cuttack)

The provisions of section 68 cannot be applied to sundry creditors and the assessee cannot be applied to sundry creditors and the assessee cannot be asked to prove the 3 ingredients of cash credits in respect of sundry creditors....

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Contribution to EPF & ESI deposited before Income Tax Return filing due date cannot be disallowed

Das & Sons Infracon Pvt. Ltd. Vs DCIT (ITAT Cuttack)

Das & Sons Infracon Pvt. Ltd. Vs DCIT (ITAT Cuttack) amount claimed on payment of PF and ESI having been deposited on or before due date of filing of returns, same could not be disallowed under section 43B or under section 36(1)(va). FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the […]...

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CIT cannot disturb stock valuation method followed by Assessee consistently

M/s. Sree Alankar Vs PCIT (ITAT Cuttack)

M/s. Sree Alankar Vs PCIT (ITAT Cuttack) In the instant case, we find that it is not in dispute that the assessee is consistently following the same method of valuation of closing stock which was also followed in the year under consideration. The profit was deduced in accordance with the method adopted by the assessee. […]...

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Exemption U/s.11 cannot be denied for Mere surplus from Micro Finance activity

ITO Vs Adhikar (ITAT Cuttack)

ITO Vs Adhikar (ITAT Cuttack) In the instant case, it is not in dispute that the assessee is engaged in the activity of Micro Finance. The Assessing Officer considered the same as non-charitable activity within the meaning of section 2(15) of the Act on the ground that the activities were carried out on commercial lines. […]...

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Remuneration to partners cannot be disallowed merely because share of partners not fixed or deed not provides for manner of quantification of such remuneration

Panda Fuels Vs ITO (ITAT Cuttack)

Panda Fuels Vs ITO (ITAT Cuttack) We have heard the rival submissions, perused the orders of lower authorities and materials available on record. In the instant case the Assessing Officer disallowed deduction for remuneration paid to partners of Rs.6,64,923/- on the ground that the partnership deed does not provide for remuneration to par...

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Section 234E fees cannot be levied for Quarter ending before 01.06.2015

TB and ID Hospital Vs ITO (ITAT Cuttack)

When amendment made U/s. 200A of Income Tax Act which has come into effect on 1.6.2015 is held to be having prospective effect, no computation of fee for the demand or the intimation for the fee under Section 234E could be made for the TDS deducted for the respective assessment year prior to 1.6.2015....

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No Penalty U/s. 271E on cash refund of advance from customers under Bonafide Belief

M/s. Orison Transport Vs DCIT (ITAT Cuttack)

 M/s. Orison Transport Vs DCIT (ITAT Cuttack) Belief of the assessee that return of advance from customers is not prohibited by section 269T was a bonafide belief. Therefore, the levy of penalty u/s.271E of the Act of Rs.21,49,943/- cannot be sustained. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the assessee against [&hel...

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Trust cannot be denied exemption for mere receipt of income by way of training and consultancy fee

Xavier Institute of Management Vs ITO (ITAT Cuttack)

Xavier Institute of Management Vs ITO (ITAT Cuttack) The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that the income received by a charitable institution imparting education shall not be charged for receiving training and consultancy fee from corporates as the same cannot be treated as a ‘commercial activity’ fo...

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