ITAT Lucknow

Section 50C not applicable to cold storage building

Laxmi Ice & Cold Storage Vs Income Tax Officer (ITAT Lucknow)

Provisions of section 50C of the Act is not applicable to the cold storage building so to substitute actual sale consideration by deemed sale consideration and the order of the Assessing Officer passed under section 147/143(3) of the Act cannot be a subject matter of section 263. ...

Read More

Registration U/s. 12AA cannot be denied for Non-submission of Form 10B at the time of registration

B.C. Sharma Memorial Society For Education & Social Welfare Vs CIT (ITAT Lucknow)

At the outset, Learned A. R. submitted that assessee is running a school and had been claiming exemption u/s 10(23C)(iii) and now the assessee had applied for registration u/s 12AA which the CIT (Exemptions) has refused relying on the provisions of section 13(1)(c) of the Act....

Read More

Every wrong claim by assessee cannot tantamount to furnishing of wrong particulars

M/s Agrahari Builders Pvt. Ltd. Vs. Dy. C.I.T. (ITAT Lucknow)

The ITAT bench comprising of Accountant Member T. S. Kapoor and Judicial Member Partha Sarathi Chaudhury, held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 would not attract when assessee makes an Ineligible Claim....

Read More

Expense cannot be disallowed for mere absence of voucher

M/s Maheshwari Flour Mills Vs. JCIT (ITAT Lucknow)

The ITAT, Lucknow bench in M/s Maheshwari Flour Mills vs. JCIT, has held that expenses related to the fundamentals of the assessee’s business cannot be disallowed merely n ground that they were not vouched....

Read More

Penalty cannot be imposed for Bonafide omission during return filing, surfaced during Section 148/148 Assessment

Pankaj Kumar Gupta Vs. ITO (ITAT Lucknow)

In the instant case, nothing is on record to show that there was any malafide intention on the part of the assessee to conceal the income or furnish inaccurate particulars of income and there was an omission while filing the return of income which was rectified through challan on the very date of passing the assessment order. ...

Read More

Protective addition in hands of agents without providing opportunity of being heard is invalid

Mohammad Rajiv Hakeem Vs ITO (ITAT Lucknow)

These two appeals of the same assessee (assessed in the name of different agents) relating to the assess­ment year 2007-08 are directed against separate orders of the Commissioner (Appeals), Bareilly of the even date 27-9-2016 arising out of the order passed under section 144/147 of the Income Tax Act framed by the Income Tax Officer, Wa...

Read More

Mechanical Approval to Assessment order by Addl CIT u/s 153D is bad in law

AAA Paper Marketing Ltd. Vs. ACIT, Central Circle- I (ITAT Lucknow)

1. It is amply clear that in the case in hand the ACIT observed that the mechanical approval had to be accorded as there is hardly any time left for any discussion or consideration much less meaningful discussion including the fact that absolutely no time available for any further inquiry or investigation because of the […]...

Read More

Loans received in earlier Years – Addition u/s 68 Cannot be Made in Present Year

Income Tax officer 3(2) Vs shri kamal raheja (ITAT Lucknow)

ITAT held that No addition can be made u/s 68 in respect of any loan received prior to start of previous year relevant to present assessment year....

Read More

Unexplained investment addition can be made in year of Purchase

Shri Mahesh Chandra Chaurasia Vs D.C.I.T. (ITAT Lucknow)

If period of holding is >1yr then it is LTCG & Exempt & Assessing Officer can make addition in the year of purchase if unexplained but no addition can be made in the present year/year of assessment....

Read More

Revision cannot be done on Mere different conclusion of CIT

M/s Juhi Alloys Pvt. Ltd. Vs CIT (ITAT Lucknow)

ITAT Lucknow held in the case of M/s Juhi Alloys Pvt. Ltd. vs. CIT that since enquiry was made by the Assessing Officer on all the points on which objection had been raised by CIT in the notice issued by him u/s 263, this is not a case of lack of enquiry by the Assessing Officer or lack of application of mind by the Assessing Officer beca...

Read More
Page 1 of 812345...Last »

Browse All Categories

CA, CS, CMA (3,649)
Company Law (3,702)
Custom Duty (6,853)
DGFT (3,607)
Excise Duty (4,105)
Fema / RBI (3,404)
Finance (3,621)
Income Tax (26,731)
SEBI (2,834)
Service Tax (3,326)