ITAT Visakhapatnam

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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Waiver of Working Capital Loan Taxable u/s 28(iv) and not u/s 41(1)

ITO Vs M/s Sri Vasavi Polymers P. Ltd. (ITAT Visakhapatnam)

The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?...

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No section 271C Penalty if TDS duly deducted & remitted at year end

ITO (TDS) Vs Om Sai Ram Enterprises Ravulapalem (ITAT Visakhapatnam)

Where assessee duly deducted tax at source under section 194C at the end of the year and remitted the same to Government account, the penalty imposed under section 271C for assessee’s failure to deduct tax at source and remittance to Government account, would not be sustainable....

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No addition for gifts if Assessee proves Identity, capacity & genuineness of donor

Dr. Vempala Bala Manohar Vs ITO (ITAT Visakhapatnam)

Gifts are normally made by relatives out of natural love and affection and do not necessarily require any particular occasion. Assessee had discharged his burden by furnishing necessary details before AO. In the absence of anything to show that the transactions were by way of money laundering, ...

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Mere Change of Opinion Cannot be Basis for Re-Opening of Assessment

DCIT Vs K.V. Mohana Rao and Co. Pvt. Ltd. (ITAT Visakhapatnam)

The issue under consideration is whether the re-opening of assessment u/s 147 is justified if the details on the basis of which case is re-opened was already available at the time of original assessment?...

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Tax on Salary of non-resident for services rendered outside India

DCIT Vs Chukkapalli Mallikarjuna (ITAT Visakhapatnam)

Section 5(2)(a) provides that only such income of non-resident would be subjected to tax in India that is either received or is deemed to be received in India, therefore, salary accrued to a non-resident seafarer for services rendered outside India on a foreign ship could not be included in total income merely because salary has been cred...

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Section 271C applies to both failure to deduct and pay TDS

Eswar Exports Vs Add. CIT (ITAT Visakhapatnam)

Since assessee had deducted the TDS, but not remitted to Government account and for that he had not given any satisfactory explanation either before AO or before CIT(A), therefore, penalty under section 271C was justified....

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If assessee fails to establish genuineness of expenses than AO can compute income on estimate basis

ACIT Vs Raghavendra Constructions (ITAT Visakhapatnam)

Many petty payments were made in cash and it was also not ascertainable whether payments attract disallowance under section 40A(3). Clearly, assessee could not establish genuineness of the expenses, therefore, AO was justified in computing income on estimate basis....

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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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Addition justified for unexplained deposits in undeclared bank account

Smt. Dharipalli Rangamma Vs ACIT (ITAT Visakhapatnam)

Since the bank account in which assessee made huge cash deposits found during the course of search was not declared by assessee and assessee had not filed return for the year under consideration, therefore, the same constituted seized material so as to invoke section 153C in assessee’s case....

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September 2020