ITAT Indore

Offering lower amount than income surrendered during course of search

Daya Properties and Finance Vs ACIT (ITAT Indore)

Daya Properties and Finance Vs ACIT (ITAT Indore) We observe that during the course of search cash sum of Rs.37,02,020/- was found and assessee failed to explain its source and accepted to offer it as additional income. No specific retraction was made before filing of return of income. In the return of income assessee partly […]...

Read More

No section 68 additions if appellant not produced any books of accounts

DCIT Vs Rakesh Kumar Agrawal (ITAT Indore)

DCIT Vs Rakesh Kumar Agrawal (ITAT Indore) The appellant also agitated the making of the addition on the legal ground that since as per the AO’s own version, during the course of the assessment proceedings, the appellant had not produced any books of account and therefore, the question of finding any credit entry as regard […]...

Read More

Date of Possession of Flat to be taken for Section 54F exemption

Shri Yogesh Jhingan Vs DCIT (Central) (ITAT Indore)

Shri Yogesh Jhingan Vs DCIT (Central) (ITAT Indore) Since the addition in the instant appeal crops out of the issue referred above pertaining to A.Y. 2008-09, we will have to examine the correctness of the claim made by the assessee u/s 54F of the Act for A.Y. 2008-09. As far as sale of land is […]...

Read More

Primary onus discharged on establishing identity and creditworthiness of share applicants & genuineness of transactions 

DCIT Vs Sanverwala Jewellers Pvt. Ltd. (ITAT Indore)

DCIT Vs Sanverwala Jewellers Pvt Ltd (ITAT Indore) In this case Assessing Officer merely doubted the investment made by the share applicants for the reason that they did not submit any proof regarding agricultural activities done by them. It is therefore quite evident that the Assessing Officer himself accepted the identity of the share a...

Read More

No section 271CA penalty if Assessee furnishes form 27BA with return copy

Ajit Lalwani Vs ACIT (TDS) (ITAT Indore)

Ajit Lalwani Vs ACIT (TDS) (ITAT Indore) In the instant of two appeals assessee has challenged the levy of penalty u/s 271CA of the Act for the violation of provisions of section 206C of the Act. We find that the assessee has furnished copy of form 27BA along with copy of Income Tax return of […]...

Read More

ITAT confirms addition of Income offered for Taxation during Survey by Assessee which was not retracted

Apex Realities Vs ITO (ITAT Indore)

Apex Realities Vs ITO (ITAT Indore) We find that during the course of survey, it was found that assessee had made the cash payment of Rs. 70,00,000/- to the land owners against the purchase of their land. The date of registry was 22/01/2015 and during the course of survey, it was found that there was […]...

Read More

Capital Gain computation in case of diversion of Agricultural Land from gram panchayat to municipality

Krishna Mohan Choursiya Vs ITO (ITAT Indore)

Krishna Mohan Choursiya Vs ITO (ITAT Indore) We find that there is a clear distinction between a municipality and a gram panchayat as also enunciated in the judgment of Hon’ble Madras High Court in the case of CIT v. P.J. Thomas as reported in [1995] 211 ITR 897 (MAD.), therefore, we are of the view […]...

Read More

ITAT reduces disallowance for commission paid by stamp vendor to 25%

Mushtak Khan Vs ITO (ITAT Indore)

Mushtak Khan Vs ITO (ITAT Indore) We observe that the assessee is into this business as stamp vendor since last many years and Appeal is against disallowance of commission expenditure claimed by the assessee to have been paid to various customers/registry consultants purchasing the stamp papers. Now as far as the expenditure for commissio...

Read More

Benefit received by Flat Owner in Society from developer on redevelopment is not taxable

Lawrence Rebello Vs ITO (ITAT Indore)

We are compelled to hold that the benefit received by the assessee in the form of bigger size of flat and amount received as hardship allowance from the developer is a capital receipt, which cannot be treated as revenue receipt for taxing as income....

Read More

Addition based on 3rd party statement/evidence cannot withstand if proper opportunity of cross examination not provided to assessee

Smt. Manorama Singhal Vs ITO (ITAT Indore)

Smt. Manorama Singhal Vs ITO (ITAT Indore) The Income Tax Appellate Tribunal (ITAT), Indore bench has held that the denial of opportunity to the assessee to conduct cross-examination of the parties who have stated to have received ‘on money from the sale of land would amount to a violation of natural justice principles. The Tribunal [&h...

Read More

Browse All Categories

CA, CS, CMA (6,014)
Company Law (8,224)
Custom Duty (9,152)
DGFT (4,765)
Excise Duty (4,685)
Fema / RBI (5,127)
Finance (5,533)
Income Tax (40,727)
SEBI (4,425)
Service Tax (3,933)

Search Posts by Date

May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031