ITAT Indore

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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Deemed dividend provisions not applicable to loan made in ordinary course of business

Asstt. Commissioner of Income Tax Vs Pravin C. Pandya (ITAT Indore)

Deemed dividend (to extent of accumulated profit) includes, Any payment by way of loan or advance by a closely-held company to a shareholder holding substantial interest. Such deemded dividend is treated as Income From Other Sources (IFOS) in the hand of such shareholder....

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AO is Duty bound to Assist tax payer in a reasonable way

Shri Paramjeet Singh Chhabra Vs Income Tax Officer 1(2) (ITAT Indore)

The facts, in brief, are that during the year the assessee sold a shop for Rs.18 lacs on 17.1.2005 and declared sale price while working out the capital gain and investment in construction of a residential house....

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No Penalty on Gift of Resurgent India Bonds from Non Relative NRI

Smt. Sangeeta Rathi Vs ITO (ITAT Indore)

On the other hand, the ld. Senior DR relied on the orders of the lower authorities and contended that theory of gift was having a fundamental flaw in so far as there was absolutely no explanation as to why the alleged donor has given gift to the assessee....

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