Held that treating value of international transaction as NIL without searching for transaction between non-associated enterprises is unsustainable in law
Addition of bogus purchase by AO was not justified on borrowed satisfaction from the Value added tax (VAT) department without proper cross-verification.
Held that activity of cricket by the club cannot be said to be in the nature of trade or business.
Rameshkumar H. Jain Vs DCIT (ITAT Mumbai) It is not in dispute that during the search of locker the jewellery and ornament worth Rs.70,10,799/- was found. The details are mentioned below: Sr. no. 1. Gold & Jewellery belonging to third parties on account of sale on approval basis or labour work. Rs.39,85,761/- 2. Gold & […]
Vishwanath Ramchandra Panvelkar Vs DCIT (ITAT Mumbai) We notice that the AO has expressed doubt only on the MOU entered by the assessee with M/s Samarth Enterprises, since it was not registered. However, the AO is placing reliance on the very same MOU to express the view that the assessee should have forfeited the advance […]
PAN of assessee should be cancelled by Income Tax department and credit for advance tax and TDS should be granted to assessee as per law.
Lake View Hospitality Vs DCIT (ITAT Mumbai) As per the provision of section 43B of the Act, any sum payable by the assessee by way of tax, duty, cess or fee shall be allowable in computing the income of that previous year in which such sum is actually paid by the assessee. In the present […]
Held that property subjected to rent control legislation, however, annual letting value determined without considering the provisions of rent control legislation is untenable in law.
ITAT held that business constraint and exigency and administrative convenience itself constitutes reasonable cause within the meaning of section 273B of the Act . Hence no penalty u/s 271D and 271E of the Act could be invoked for the same.
Mukesh Bhoormal Jain Vs ITO (ITAT Mumbai) Assessing Officer observed that the scrip in which assessee traded was proved to be insignificant, bogus, without business fundamentals and required the assessee to prove the genuineness of the same. In reply assessee vide letter dated 11.12.2017 submitted that the long term capital gain generated was genuine stating […]
