Held that as identity and creditworthiness of the investors is established, merely because of delay in transferring of the shares to the prospective investors, the amount cannot be treated as unexplained investment u/s 68.
Held that addition of the amount of unsecured loan sustained as the assessee failed to establish the genuineness of the loan transactions except filing the affidavits.
DCIT Vs Kalyan Aqua & Marine Exports India Pvt Ltd (ITAT Visakhapatnam) We find that even though it is claimed by the Ld. AR that there was a technical error which prevented the assessee from filing/uploading the Form-10CCB along with return of income filed U/s. 139(1), the Ld. AR could not produce the Form-10CCB claimed […]
Mere typographical error of the account number of the bank account does not mean that the assessee has not disclosed proper information about the bank account details. Addition u/s 69A unsustainable
Adilakshmi Srungavarapu Vs ITO (ITAT Visakhapatnam) Admitted facts are that the husband of the assessee in order to retain the property got the property registered in the assessee’s name and has repaid the loans borrowed by him by sale of gold jewellery and personal savings of the assessee. We also find merit in the argument […]
If the assessee did not adhere to the surrender made during the survey, it was for the AO to bring on record cogent material or other evidence to support the additions rather than rely on the statements simpliciter.
Assessee consistently deposited sale proceeds realized by way of cash, such deposit is in accordance with law, addition deleted
Explore the ITAT Visakhapatnam’s resolution in the case of Smt. Sabhapathi Padmasree vs. ITO regarding deemed dividends. Learn how collateral security provided by the assessee impacted the tax treatment of loans and advances under section 2(22)(e).
Explore ITAT Visakhapatnam ruling on non-filing of Form 67, denial of foreign tax credit. Analysis of Rule 128(9), mandatory nature, and grounds for disallowance.
Based on the merits of the case on a beneficial note we are of the opinion that since the GPA holder namely Sri. Yarlagadda Ravi Chandra Prasad has disclosed the income from the sale of plots gifted by his sister in his return of income and discharged his liability of taxes on returned income, in his return of income, the same cannot be taxed once again in the hands of the assessee.
