If TDS credit is disallowed than corresponding income offered by assessee for taxation also ought to have been reduced by passing rectification order u/s 154 by AO
Held that if the parties are failed to prove the genuineness of entire transaction of such tainted purchases, the revenue authorities are not entitled to bring the entire transaction to tax. Authorities can tax the income component in such tainted transactions
Held that deduction under Section 80IA of the Income Tax Act is to be allowed unit wise without deducting incurred loss by the other unit of eligible business and allowed the appeal of assessee.
Assessee has shown reasonable cause for not filing the return of income before due date of return. ITAT direct AO to delete penalty levied under Section 271F
Held that there is no material/ evidence to say that the assessee was having any business connection in India. Addition unsustainable.
Held that no part consideration of acquisition of asset/property was paid on alleged execution of possession-cum-Satakat and there is no other corroborative evidence to substantiate the claim of assessee. Capital gain treated as STCG instead of LTCG.
Liladevi Dokania Vs ITO (ITAT Surat) It is evidently clear that assessee received the rent income, and the Tenant (Deductor) has deducted TDS but has not deposited the TDS so deducted into the Central Government Account. Considering these facts, we note that issue under consideration is no longer res integra. The Hon`ble High Court of […]
Search was initiated against the assessee. However, notice was not issued u/s 143(2). AO reopened the matter and issued notice u/s 148. Held, reassessment of proceedings u/s 148, without issuance of notice u/s 143(2), is unsustainable in law
Form no. 10CCB clearly states that the undertaking is partly owned. Sale proceeds are also deposited equally in individual account. Deduction u/s 80IB(10) allowed
Reassessment was not justified as AO can exercise power to re-open, provided there was tangible material to come to the conclusion that there was escapement of income from assessment.
