ITAT Raipur

Compensation for business termination resulting in Income Source Loss is Capital Receipt

DCIT Vs Rishabh Infrastructure Pvt. Ltd. (ITAT Raipur)

Compensation received by assessee on closure of business activity was for sterilization of the profit making apparatus of assessee-company; therefore, the same was capital receipt....

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Grant for Development of Coal Block/Mines under Chhattisgarh Mineral Development Fund Act towards Capital Outlays is capital receipt

Chhattisgarh Mineral Development Corporation Limited Vs ACIT (ITAT Raipur)

Grants/Financial Assistance received by assessee, a Government Company, from the State Government for Development of Coal Block/Mines – Grants/Financial Assistance received from Mineral Development Fund (MDF) under the provisions of Chhattisgarh Mineral Development Fund Act r.w. Chhattisgarh Mineral Development Fund Rules towards Capita...

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Bogus Capital Gain- Addition cannot be made merely on assumption that brokers may have done manipulation

DCIT Vs Rakesh Saraogi & Sons (HUF) (ITAT Raipur)

Assuming that the brokers may have done some manipulation but the assessee cannot be held liable for the Act of the brokers when the entire transactions have been done through banking channels duly recorded in the Demant accounts with a Government depository and traded on the stock exchange....

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Compensation for ‘loss of source of income’ is a capital receipt

DCIT Vs Rishabh Infrastructure Pvt. Ltd. (ITAT Raipur)

It was finally contended that the aforesaid compensation was determined and received on closure/ termination of its business activity resulting in to loss of source of income impairing its profit making structure or sterilization of profit making apparatus, therefore, the assessee company treated the same as Capital receipt not chargeable...

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Assessment u/s. 153A cannot be framed if no incriminating material found during search

Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur)

Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur) There is no dispute that no incriminating material has been found at the time of search and therefore it is now settled proposition of law that no assessment u/s. 153A of the Act can be framed in the absence of any incriminating material found at the […]...

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A.O cannot reject books without pointing out any incorrectness in the same

ACIT Vs Balajee Structural (India) Pvt.Ltd. (ITAT Raipur)

ACIT Vs Balajee Structural (India) Pvt.Ltd. (ITAT Raipur) It is  not in dispute that the appellant has maintained books of account regularly and these are duly audited u/s 44AB of the I.T. Act and the quantitative details were prepared and were duly audited. The variation in percentage of GP/NP or payments in cash, in the […]...

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Interest cannot be disallowed without proving utilisation for non-business purposes

DCIT Vs Sardar Baldeo Singh Bhatia (ITAT Raipur)

In our considered view, without proving the nexus between the borrowed funds and its utilisation for non-business purposes, no dis allowance of interest expenditure can be made....

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TDS not payable for mere mismatch in data due to Technical Flaws

DCIT Vs Bhilai Steel Plant (ITAT Raipur)

Appellant has been held liable as assessee in default merely due to technical flaws. Demand has been raised merely due to fault of system and in view of the CBDT's Instruction No.5/2013 dated 08.07.2013, the demand cannot be sustained. ...

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AO must allow benefit U/s. 54F not claimed in return but during Assessment Proceedings

Amit Kumar Bansal Vs ITO (ITAT Raipur)

If during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the ...

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Voluntary CSR Expense allowable as business expenditure

ACIT vs. Jindal Power Limited (ITAT Raipur)

CSR expense disallowance is restricted to the expenses incurred by the assessee under a statutory obligation under section 135 of Companies Act 2013, and there is thus now a line of demarcation between the expenses incurred by the assessee on discharging corporate social responsibility under such a statutory obligation and under a volunta...

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