ITAT Raipur

Genuineness of activities of Trust cannot be looked into at the time of granting registration U/s. 12AA

Shree Vimalnath Jain Swetamber Mandir Trust Vs CIT (ITAT Raipur)

Shree Vimalnath Jain Swetamber Mandir Trust Vs CIT (ITAT Raipur) We find that the learned Commissioner (Exemption) has refused registration under section 12AA of the Act to the assessee since donations received were not properly accounted for and also because that the objects of the Trust was for betterment of Jain Community and for benef...

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Section 263 gets triggered only when order is erroneous & also prejudicial to interest of Revenue

M/s. Sarda Energy & Minerals Ltd. Vs. Pr. CIT (ITAT Raipur)

Held, That The Assessing Officer had conducted enquiry and after various rounds of hearing and deliberation with the assessee and scrutinizing the documents filed before him as well as submissions of the assessee, the Assessing Officer had passed an order. ...

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Assessment U/s. 153C without mentioning assesse’s name in legal paper and non-establishment of nexus with searched party was invalid

DCIT Vs Abhishek Atlani (ITAT Raipur)

Since AO made addition under section 153 on the basis of documents seized in case of third party but without mentioning of assesse’s name in any legal paper and non-establishment of relationship with searched party, therefore, the same was invalid....

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Similar Treatment to Be Given in Subsequent AY in Case of Existence of Identical Facts in Previous Settled AY

M/s. Chhattisgarh Mineral Development Corporation Limited Vs ACIT (ITAT Raipur)

Assessee is a corporation of the Chhattisgarh Government and has received subsidies for opening a mine. Assessee treated the said subsidy as ‘capital receipt’, however, department contended it to be ‘revenue receipt’....

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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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Conflicting views of non-jurisdiction High Courts- Follow one in favour of Assessee

R K P Company vs. ITO (ITAT Raipur)

As for Hon’ble Kerala High Court’s decision in the case of Thomas George Muthoot (supra), undoubtedly, outside the jurisdiction of Hon’ble Kerala High Court and outside the jurisdiction of Hon’ble Delhi High Court- which has decided the issue in favour of the assessee, there are conflicting decisions on the issue of restrospectiv...

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Search at house of partner cannot be deemed as search on assessee firm

ACIT Vs S.P.Cold Storage (ITAT Raipur)

ACIT Vs. S.P.Cold Storage (ITAT Raipur)- Mere mentioning of name in Search Warrant & Panchanama not sufficient for contemplating search against the assessee firm, Search at the residential premises of the Partners could not be deemed to be a search on the assessee firm...

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