ITAT Indore

Purchase cannot become non-genuine for mere payment after 9 months

Shri Omprakash Vs. Asst. Commissioner of Income Tax (ITAT Indore)

For the only reason that the payment of purchase has been made after a lapse of 9 months cannot render the purchase as non genuine unless and otherwise any material is brought on record which could negate this...

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CBDT instructions on seizure of jewellery and ornaments are discretionary

Shri Keshav Lila Vs. Assistant Commissioner of Income Tax-1(2) (ITAT Indore)

Shri Keshav Lila Vs. ACIT (ITAT Indore) CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the wealth tax […]...

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No penalty for disclosure of agricultural income from Ancestral Property in HUF

Income Tax Officer– 2(1) Vs. Narayan Mali (ITAT Indore)

Indore bench of Income Tax Appellate Tribunal (ITAT) deleted the penalty imposed by the Assessing Officer (AO) by considering the fact that the assessee conceded the transaction of Sale of Agricultural Land in the hands of his Hindu Undivided Family (HUF)....

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Demand for short TDS deduction due to wrong quoting of PAN not sustainable if mistake of quoting wrong PAN rectified in revised TDS return

State Bank of Patiala Vs DCIT (ITAT Indore)

Since the mistake of quoting wrong PAN has been rectified in the revised TDS return filed by the assessee which has been accepted by the department, therefore, there is no justification in raising a demand on account of short deduction of TDS....

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When no interest is received same cannot be taxed on hypothetical basis

M/s. Chhaganlal Kishanlal & Co. Vs DCIT Khandwa (ITAT Indore)

ITAT held that that if interest income does not result at all, there cannot be any tax and that if an income has not materialized, then merely an entry made about a hypothetical income by following book keeping methods, the liability to tax cannot be attracted....

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Assessment cannot be reopened on expiry of period of limitation prescribed u/s 149(2)

Shri Narayandas Tolani, Prop. Vs ITO (ITAT Indore)

Plain language of sub-section (2) of Section 150 clearly restricts the application of sub-section (1) of Section 150 to enable the authorities to reopen the assessments which have not already become final on the expiry of the period of limitation prescribed u/s 149(2) of the Act....

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In respect of Shortage of stock during survey only profit element can be added to Income of the Assessee

ACIT Vs Surajbhan Agrawal (ITAT Indore)

The facts, in brief, are that a survey u/s 133A of the Act was carried out at the business premises of the assessee. As per the Revenue, an amount of Rs. 20 lacs was accepted as undisclosed income by the assessee on account of shortage of gold ornaments weighing 758.475 gms and excess stock of silver at 91.134 kms....

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No Penalty on claim of Provision for Doubtful Debts

Dy. CIT Vs M/s. Nepa Limited (ITAT Indore)

In this case the Assessee was a Public Sector undertaking and had omitted to add back Provision for Bad and Doubtful Debts. During the Assessment the mistake was noticed and the claim was conceded and disallowance of provision was made....

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Deemed dividend applies only where there is 'actual payment' & not on transaction in kind

Parag Desai Vs Addl. CIT (ITAT Indore)

The Assessee was a significant shareholder in a company - The company sold building to shareholder on credit - Department treated it as 'loan' or 'advance' for invoking Section 2(22)(e). CIT(A) upheld the addition on the ground that since the unpaid purchase price has not been paid...

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Disallowance U/s. 40A(2)(b) on account of Interest @ 18% – Held not excessive

M/s. Shivam Cotton Corporation Vs Addl. CIT (ITAT Indore)

he assessee claimed that the assessee borrowed unsecured loan @ 18% from related as well as unrelated parties. Therefore, the rate of 18% cannot be said to be excessive. Reliance was placed upon the decision in the case of Balkrishna Goyal vs. DCIT, I.T.A.No. 590/Ind/2009...

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