ITAT Indore

ITAT confirms addition for gold jewellery after giving relief as per CBDT Circular

Smt. Archana Agrawal Vs DCIT (ITAT Indore)

Smt. Archana Agrawal Vs DCIT (ITAT Indore) During the course of search gold jewellery was found and seized from the residence and bank locker owned by the assessee. Gold jewellery weighing 2027 gram was found (1127 gram from residence and 900 gram from locker No.12/29). The assessee was unable to explain the source of the […]...

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No addition for duly explained Past Savings Kept in Locker

Shri Dinesh Goswami Vs DCIT (ITAT Indore)

Shri Dinesh Goswami Vs DCIT (ITAT Indore) When Source of Income Fully Explained Past Savings Kept in Locker is Justifiable in Law FACTS – Search was carried out on 30.11.2012 on the premises of assessee. Notice u/s 153A was issued to assessee to file return for AY 2007-08 to AY 2012-13. During the search cash […]...

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Credit card expenses of director not allowable on failure to prove business purpose

Manish Kumar Lath Vs CIT(A)-II (ITAT Indore)

Where assessee-director was able to establish the relation between expenditure incurred by credit card with the business of the company in which assessee was a director, the expenses incurred was allowable to that extent....

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ITAT liberally Interprets CBDT Instruction to include silver utensils of married lady

Smt. Rashmi Mujumdar Vs DCIT (ITAT Indore)

Smt. Rashmi Mujumdar Vs DCIT (ITAT Indore)  We are surprised to note that the Ld.CIT(A) did not allowed the claim of silver articles weighing 609 grams and 280 grams valuing Rs.24,639/- and Rs.9856/-. CBDT instruction No.1916 dated 11.5.1994, CBDT directs the income tax authorities conducting the search not to seize the jewellery ornamen...

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Disallowance U/S 40A(3) not Possible if transaction genuine & cash payment done on Seller’s Insistence

DCIT Vs M/s. Brilliant Sare Reality Pvt. Ltd. (ITAT Indore)

When cash payment was done on insistence of the seller, amount was duly recorded in the sale deed and no doubt was raised with regard to the genuineness of the transaction, disallowance u/s 40A(3) not justifiable....

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Expense can’t be disallowed for Wrong Statement given by truck owner

Shri Anil Khandelwal Vs ITO (ITAT Indor)

Shri Anil Khandelwal Vs ITO (ITAT Indor) Once the condition of further proviso of Section 194C(3) of the Act are satisfied, the liability of the payee to deduct tax at source would cease. Examining the facts of the instant appeal we find that the assessee received Form 15I from the truck owner namely Shri Kishorilal Birla […]...

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Appraisal report cannot substitute requirement of recording of satisfaction in case of persons searched

Shri Anil Agarwal Vs ACIT (ITAT Indore)

Shri Anil Agarwal Vs ACIT (ITAT Indore) It has been held that even when the Assessing Officer of the person searched and the other person is common, the Assessing Officer of the person searched has to necessarily form a satisfaction that the item referred to in section 153C belongs or belong to a person other […]...

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ITAT deletes Addition on account of notional interest on interest free advance

Shri John Jacob Vs Jt. CIT (ITAT Indore)

Shri John Jacob Vs JCIT (ITAT Indore) Assessee had produced books of account and audited statements, which proved that the assessee had sufficient surplus in his capital account to give interest free loan. Further that, the AO as well as CIT(A) had not brought anything on record to show that money so advanced was out […]...

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Profits from sale of land with well thought business project is Business Income

Smt. Anita Singh Vs ACIT (ITAT Indore)

Smt. Anita Singh Vs ACIT (ITAT Indore) in the year 2006 itself the assessee along with other persons initiated the process of developing a colony which is proved by the Registration No.40/2006 issued on 21.8.2006. Few months before and the period thereafter all these 18 persons kept on purchasing the land from various land owners and pa...

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ITAT explains taxation of real estate construction contracts (AS-7 & AS-9)

Ashoka Hi-Tech Builders P.Ltd Vs Dy. Commissioner of Income Tax (ITAT Indore)

Ashoka Hi-Tech Builders Pvt. Ltd Vs DCIT (ITAT Indore) In this Case ITAT Indore explains Entire law on taxation of real estate construction contracts  in the context of ‘completed contract’ vs. ‘percentage completion’ with reference to Accounting Standards AS-7 and AS-9 and all important judgements on the issue. I...

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