ITAT Mumbai held that for claiming exemption under section 54 Date on which possession is by the Assessee should be taken as the date of purchase and further section only require Assessee to purchase/Construct a residential house within the specified period and source of funds is quite irrelevant.
Lotus Ornaments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Upon perusal of assessee’s financial statements, it could be gathered that assessee’s own funds in the shape of share capital and free reserves far exceeds the investment made by the assessee and therefore, a presumption would run in assessee’s favor that the investments were funded out of […]
DCIT Vs Lotus Logistics & Developers Ltd (ITAT Mumbai) In this case ITAT was hearing the dispute related to addition for unexplained cash credit received in the form of share capital under section 68. ITAT observed that on the same issue in a large number of decisions of the coordinate benches held that once all […]
ITO Vs Kirit Raojibhai Patel (ITAT Mumbai) Sale of transferable development rights did not attract capital gains tax since the cost of acquisition for the same did not exist. Held: AO held that transferable development rights (TDRs) arising out of an existing land was an immovable property, the transfer of such TDRs amounted to transfer […]
ACIT Vs Viacom 18 Media Pvt. ltd. (ITAT Mumbai) The assessee has made payment for transponder service fees to three entities namely (1) intelsat Corporation, USA, (2) Intelsat global sales and marketing, UK and (3) MEAST satellite system, Malaysia. Assessee applied for an order u/s 195 (2) for Nil withholding tax certificates for payment of […]
Unique Estates Development Co. Ltd. Vs. DCIT (ITAT Mumbai) INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT. FACT OF THE CASE 1. the assessee company is engaged in the business of development […]
ITO Vs Arcil Asset Reconstruction Fund II Trust (ITAT Mumbai) ITAT held that appellant was revocable Trust, the provisions of Section 61 to 63 of Income Tax Act, 1961 were applicable and the assessee could not be assessed as AOP. The income was to be taxed in the hands of the SR holders. Since the […]
ITO Vs N.G. Group (ITAT Mumbai) ITAT observed that that AO has invoked the provision of section 41(1) without bringing on record any cogent material. For how long the account is outstanding and on what basis of his enquiry, AO has come to the conclusion that these accounts are not payable. Devoid of these details, […]
When an assessment framed by the ld. AO is unsustainable in the eyes of law, the said invalid and illegal order cannot be subject matter of section 263 proceedings.
DCIT Vs Dilip J Thakkar (ITAT Mumbai) Section 149(1)(c) provides that no notice for reassessment can be issued if “more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped […]
