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ITAT Indore

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

October 3, 2021 10701 Views 0 comment Print

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.

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

October 2, 2021 9216 Views 0 comment Print

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 […]

No Section 263 Revision If Assessment Orders neither Erroneous nor Prejudicial To Revenue Interest

July 11, 2021 1941 Views 0 comment Print

Kamal Kishore Mukati Vs PCIT (ITAT Indore) The facts in brief are that the assessee entered into an agreement in March 2006 for sale of agricultural land used for agricultural purpose. He received sale consideration in parts through banking channels. Sale deed was finally registered between March 2006 and April 2008. Before registering the sale […]

Statement given during survey is not a statement on oath as given u/s. 132(4)

April 30, 2021 5157 Views 0 comment Print

Alankar Jewelers Vs DCIT (ITAT Indore) The CBDT vide its circular F.No. 286/2/2003-IT (Inv.) dated 10th March 2003 has issued an advisory to its field officer regarding confession of additional income during the course of search and survey operations. Relevant portion of the above said circular is reproduced hereunder: “Instances have come to the notice […]

Section 153A Search Assessment- No addition if No incriminating material

April 24, 2021 1500 Views 0 comment Print

In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned, since, AO had not made any specific reference to the incriminating material found during the search in respect of additions made by him, therefore, assessment so framed, was bad in law.

Section 41(1) not applicable to Advance for bookings not claimed as allowance or deduction

March 25, 2021 3522 Views 0 comment Print

ACIT Vs Sunderdeep Construction Pvt. Ltd (ITAT Indore) On perusal of the finding of Ld. CIT(A) as well as the facts narrated before us along with the documentary evidences it is predominantly clear that the alleged amount of bogus creditors are not in the form of sundry creditors. These amounts are advances against booking of […]

PCIT cannot assume Section 263 jurisdiction when AO has made sufficient enquiry

March 25, 2021 1581 Views 0 comment Print

Since there was a detailed enquiry by AO on issue of equity shares to non-residents and after thoroughly discussing the issue in the assessment order, AO had taken a permissible view within the parameters of the law, there remained no room for PCIT to assume the jurisdiction u/s 263.

No Section 40(a)(ia) disallowance if Expense was not claimed

February 13, 2021 1920 Views 0 comment Print

ACIT Vs Parag Fans & Cooling System Pvt. Ltd (ITAT Indore) Disallowance was made for the alleged non deduction of tax at source on the alleged amount of interest of Rs.25,95,609/-. We find that the assessee has not shown expenditure of Rs.25,95,609/- in its Profit &Loss account. Since no such expenditure has been claimed by […]

No revision if assessment order was not prejudicial to interests of Revenue

November 20, 2020 1293 Views 0 comment Print

Provisions of section 263 could be invoked when twin conditions i.e. the assessment order was erroneous and prejudicial to the interest of Revenue were satisfied. Revision under section 263 could not be invoked if assessment order was not prejudicial to the Revenue.

Addition based on admission of assessee’s son during search

October 22, 2020 795 Views 0 comment Print

Ajit Singh Melhotra Vs ACIT (ITAT Indore) We find that the addition was made on the basis of admission of assessee’s son during the course of search. It was contended before us, that all these documents were properly recorded in the regular books of accounts of the persons to which these documents actually pertained. However, […]

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