This is an appeal filed by assessee against the order of Ld. CIT (A) dated 18/11/2013 for the assessment year 2003-2004.The grounds of assessee was that CIT (A) did not afford the assessee sufficient time and opportunity to make necessary submission and to adduce relevant details and documents
For the purpose of limit prescribed in section 10(23C)(iiiad), Rs. One crore limit has to be considered for each institution separately and not for the assessee as a whole. This is very important to mention that as per section 10(23C)(iiiad) also, the term used is any university or other educational institution
These are the appeals filed by revenue against which assessee also filed cross-objection relevant to three AYs. In these cases ITAT examined various issues and held that capital gain on transfer of land held as stock-in-trade can be made only in the year in which stock-in-trade was sold and not in year in which agreement was made.
Mere cash deposit in the bank account of the creditor cannot be said that the creditor has no creditworthiness. Then by disagreeing by the other decisions the Hon’ble Tribunal held that in the present case, not even a notice was issued by the Assessing Officer to the creditors to examine and verify the case of the assessee regarding creditworthiness and identity of the creditors.
Respective court was of the view that section 68 has no application because the same had already been taken in income of the assessee so it no where remains undisclosed. Moreover the assessee has duly discharged its onus to prove the credit worthiness of the donor by giving the list of the same
These are cross appeals filed by the assessee and the revenue directed against two separate orders of Learned CIT (A) – II Lucknow both dated 07.01.2013 for A.Y. 2008 – 09 and 2009 – 10. All these appeals were heard together and are being disposed by this common order for the sake of convenience.
Since the assessee is following mercantile system of accounting, the expenses of earlier year cannot be allowed in the present year because the assessee had not been able to furnish any evidence to show that the above expenses have crystallized in the present year.
ITAT Licknow in the case of ACIT vs. M/s Rahman Industries Ltd. held that- Adjustment for variation in closing stock is necessary for the correct computation of Operating cost thereby correct application of Transaction Net Margin Method (TNMM).
Tribunal has held that in case the income is to be computed as per sub-section (1A) of section 11 of the Act, if the net consideration for transfer of capital asset of a charitable trust is utilized for acquiring new capital asset, then the whole of the capital gain is exempt.
The pre-payment discount given by the taxpayer cannot be equated to quantity discount since quantity discount is reduction in sale price. The pre-payment discount was effectively in the nature of interest because it was in consideration of the taxpayer receiving advance payment and to compensate the buyer for making the payment in advance before the sale of goods.
