ITAT Visakhapatnam

Assessment to be made u/s 153C instead of u/s 147 in case of Search assessment

Samanthapudi Lavanya Vs ACIT (ITAT Visakhapatnam)

Since no fresh information was collected by AO or no information had come to the notice of AO in normal course, other than the information collected during the course of search from searched person therefore, as provided under sections 153A and 153C, search assessments was required to be made under section 153A or section 153C, but not un...

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Trust registration cannot be denied for including religious object if primary or dominant purpose is Charitable

Dhatri Foundation Vs CIT (Exemption) (ITAT Visakhapatnam)

If the primary or dominant purpose of an institution is charitable than any other object which by itself might not be charitable but just merely ancillary or incidental to the primary or dominant purpose, would not prevent the trust or institution from being a valid charity....

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Cash Receipts from Sales during Demonetisation cannot be added As Income if No Defect in Stock of Assessee

ACIT Vs Hirapanna Jewellers (ITAT Visakhapatnam)

ACIT Vs Hirapanna Jewellers (ITAT Visakhapatnam) In the instant case the assessee has established the sales with the bills and representing outgo of stocks. The sales were duly accounted for in the books of accounts and there were no abnormal profits. In spite of conducting the survey the AO did not find any defects in […]...

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Disallowance u/s 14A cannot be made in absence of exempt income

DCIT  Vs Sarita Synthetics & Industries Ltd. (ITAT Visakhapatnam)

No disallowance u/s 14A was called for in case of no exempt income earned by assessee in the relevant assessment years...

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Cancellation of section 12A Registration Not Mandatory under Circular No. 21/2016

Visakhapatnam Port Trust Vs CIT (ITAT Visakhapatnam)

Visakhapatnam Port Trust Vs CIT (ITAT Visakhapatnam) In the instant case, the registration was already granted by the Ld.CIT vide order dated 20.03.2008 w.e.f. 01.04.2002. There is no dispute with regard to genuineness of the activities and there is no finding of the Ld.CIT with regard to not carrying on the activities as per the [&hellip...

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Section 147: AO must act based on ‘reasons to believe’ & not on ‘reasons to suspect’

Kasapu Ramesh Babu Vs ITO (ITAT Visakhapatnam)

Kasapu Ramesh Babu Vs ITO (ITAT Visakhapatnam) Assessing Officer has to act on the basis of “reasons to believe” and not on “reasons to suspect”. In the instant case, the initiation of proceedings u/s 147 of the Act are based upon no evidence and/or un-corroborative material. The Assessing Officer further failed to establish the n...

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No addition for under invoicing merely based on Section 132(4) statement

DCIT Vs Bharathi Consumer Care Products Pvt. Ltd. (ITAT Visakhapatnam)

DCIT Vs Bharathi Consumer Care Products Pvt. Ltd. (ITAT Visakhapatnam) In the instant case there was no evidence found in the premises of the assessee to show that the assessee is under invoicing the sales. No other material was found and seized from the premises of the assessee with regard to receipt of cash from […]...

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Deduction u/s 54F Allowed Even if Construction of New House Commenced Prior to Transfer of Asset

Natta Suryarao Vs ITO (ITAT Visakhapatnam)

The issue under consideration is whether the assessee would be entitled for deduction u/s 54F if construction of house is commenced prior to the transfer of the asset?...

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Addition based on mere Whatsapp messages is not sustainable

ACIT Vs Shri Manchukonda Shyam (ITAT Visakhapatnam)

Addition was made merely on the basis of whatsapp messages and the statement recorded from section 132(4) from Shri Lanka Anil Kumar which was subsequently retracted. Therefore we are of the view that the addition made by the AO is unsustainable....

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No penalty on additional income admitted though there was no evidence

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam)

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam) We find from the orders of the lower authorities that the basis for additional income was only estimation but not supported by any evidence. Even the department failed to substantiate the industry average of purification loss with authenticated documentary evidences. The assessee sub...

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November 2021