ACIT Vs Jila Sahakari Kendriya Bank (ITAT Indore) Provision for Standard Assets Allowable under Section 36(1)(viia) of Income Tax Act, 1961
DCIT Vs Shri Krishna Kumar Verma (ITAT Indore) Sections 68,69,69A,69B,69C and 69D may be called as Section 68 & 69 Family. However, they differ in as far as Burden of Proof is concerned. In sec 68, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under […]
Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in […]
M.P. State Cooperative Marketing Federation Ltd. Vs ACIT (ITAT Indore) ITAT held that it was unable to verify certain facts relevant to the issue being agitated, viz. (i) whether and to what extent the buildings/godowns are being used for the activities eligible for 80P deduction or other activities as being claimed before us; and (ii) […]
ITAT Indore held that the expenditure incurred for obtaining loan is a revenue expenditure. Accordingly, the fee paid for renewal of cash-credit is a revenue expenditure.
ITAT Indore held that when one possible view has been taken by AO the same cannot be treated as erroneous and prejudicial to the interest of the revenue. Accordingly, revisionary order under section 263 of the Income Tax Act based on mere change of opinion is unsustainable in law.
ITAT Indore held that penalty under section 271D and section 271E are not attracted in case of loan given. Accordingly, penalty proceeding imposing penalty u/s 271D/ 271E of the Income Tax Act in case of loan given is invalid.
Rupesh Vyas Vs ACIT (ITAT Indore) Feeling aggrieved by appeal-order dated 20.09.2018 passed by learned Commissioner of Income-Tax (Appeals)-1, Indore [“Ld. CIT(A)”], which in turn arises out of assessment-order dated 15.12.2016 passed by the learned ACIT-3(1), Indore [“Ld. AO”] u/s 143(3) of the Income-tax Act, 1961 [the Act] for Assessment-Year 2014-15, the assessee has filed […]
Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and the said amendment received assent of the President of India on 15.12.2016 and therefore the amendment shall apply prospectively w.e.f. 15.12.2016 and not retrospectively.
M.P. Police Sakh Sahkari Sanstha Maryadit Vs PCIT (ITAT Indore) Co-operative societies engaged in banking business are eligible for deduction u/s. 80P on their interest income from bank deposits- ITAT Indore Facts of the Case 1. The assessee is a co-operative society engaged in the business of banking which filed ITR claiming deduction u/s 80P. […]
