State Government Undertaking may be considered as a State instrumentality within the definition of article 12 of Constitution of India, the same cannot be treated as Central or State Government
ITAT held that when two views are legally possible and Assessing Officer adopts one view the Assessment Order cannot be said to be erroneous for CIT to invoke jurisdiction u/s. 263
ITAT Pune held that waiver of cash loan by holding company is not income within the purview of section 28(iv) of the Income Tax Act. Accordingly, addition unsustainable.
Pre-condition of filing of a revised return nowhere impinges upon jurisdiction of various appellate forums; NFAC can very well entertain even fresh claims without a revised return.
Deepa Satish Borse Vs Income Tax Officer (ITAT Pune) ITAT held that once it has come on record that the assessee’s matrimonial matter has already supported her case of having received the impugned sum by way of cash prior to demonetization for maintenance of herself and their sole girl child followed by similar arrangement post […]
In the case of the assessee, it is an admitted fact that minors and unregistered firms cannot become members of the society. Thus, assessee had paid interest to minor and unregistered firms who were not members of the assessee. This is violation of section 194A of the Act.
ITAT Pune held that as the assessee failed to establish why the shops were sold at loss to the partners and interest persons, principle of fraud squarely gets applicable. Accordingly, disallowance of loss duly justified.
CIT(E)’s order is also a non-speaking one to this extent we deem it appropriate to restore the assessee’s substantive grievance back to the very authority for appropriate adjudication as per law
Filing of Form No. 67 under Rules 128 of Income Tax Rules is a procedural requirement, therefore, is a directory in nature, non-compliance thereof does not disentitled assessee in claiming Foreign Tax Credit (FTC)
Exemption u/s 11 can be availed only if return of income was filed in the manner prescribed under section 139(4A) of Income Tax Act
