ITAT Visakhapatnam

Notice U/s. 148 Issued during pendency of assessment proceedings is invalid

Medapati Venkayamma Vs. ITO (ITAT Visakhapatnam)

The assessing officer issued notice under section 148 for reassessment, during the pendency of assessment proceedings by issue of notice under section 148 which is bad in law and cannot be sustained ...

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Donation received for specific purpose cannot be regarded as income u/s 2(24)(iia)

Touching Heart Ministries Vs. Income Tax Officer (ITAT Visakhapatnam)

Touching Heart Ministries Vs. ITO (ITAT Visakhapatnam) In the instant case, the donations were received for specific purpose for acquiring the fixed assets. This is evidenced by the letters placed before us from the donors. The funds are not freely available to the assessee society, for utilizing its objectives other than acquiring specif...

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S.43B(f): provision for future leave encashment allowable in year of payment

M/s. Rashtriya Ispat Nigam Ltd. Vs. JCIT (OSD) (ITAT Visakhapatnam)

M/s. Rashtriya Ispat Nigam Ltd. Vs. JCIT (OSD) (ITAT Visakhapatnam) The assessee company has created a provision under the head ’Future Leave Encashment’. During the course of assessment proceedings, the assessee company was asked to explain how the amount debited towards the provision for future leave encashment can be allowed as ded...

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AO cannot treat activities of Trust as business without examining the same

ACIT (Exemptions) Vs. The Andhra Cricket Association (ITAT Vishakhapatnam)

ACIT (Exemptions) Vs. Andhra Cricket Association (ITAT Vishakhapatnam) The assessee is receiving grants from BCCI partly as reimbursements for various tournaments conducted by the assessee. The assessee has already constructed a stadium at Visakhapatnam suitable for conducting ‘test matches‘. During the year under consideratio...

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Assessment U/s. 153A- In absence of Incriminating material no addition can be made in respect of concluded assessments

Y.V. Anjaneyulu Vs. Dy. CIT (ITAT Visakhapatnam)

Books of account and financials being already part of regular return filed by assessee, same could not be considered as incriminating material found during search and, therefore, AO could not make addition on the basis thereof in respect of already concluded assessments....

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Goodwill is an asset eligible for depreciation U/s. 32 of I.T. Act, 1961

The Asst. Commissioner of Income Tax Circle-1(1) Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam)

Asst. Commissioner of Income Tax Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam) 1. This appeal is filed by the revenue against the order of the Commissioner of Income Tax (Appeals), Rajahmundry vide ITA No. 0239/13-14/ACIT/C-1/RJY/2014-15 dated 30.03.2015 for the assessment year 2010-11. 2. All the grounds of appeal are r...

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Advance to Directors for Land Purchase cannot be treated as Deemed Dividend

D.L.V. Sridhar Vs. DCIT, Circle-2(1) (ITAT Visakhapatnam)

The Income Tax Appellate Tribunal, Visakhapatnam, recently ruled that advances given to the directors of a Company for purchase of land cannot be treated as deemed dividend Under section 2(22)(e) of the Income Tax Act, 1961 since the land is transferred to the company within time....

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Giving awards, felicitating eminent people and organizing public debates is not charitable activity

Sri Chukkapalli Pitchaiah Foundation Vs. CIT(Exemptions) (ITAT Visakhapatnam)

Denying 12AA registration to a Trust, ITAT held that activity of organizing meetings and giving awards to eminent people do not fit into the definition of charitable purpose under Income Tax Act, 1961....

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Deal cancellation compensation expense cannot be claimed from Capital Gain

Kodanda Ramaiah Varadhi Vs ITO (ITAT Visakhapatnam)

Under the head Capital gains only direct expenses relatable to transfer of property are allowed as deduction. Therefore, the cancellation expenses should not be held to be incurred either for acquiring the property or for transfer of property...

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Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam)

In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of sh...

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