Advocate Bharat Agarwal

Estate of deceased person can be assessed by adopting the procedure prescribed u/s.159

Income Tax - The Hon’ble Tribunal held that the property in question was sold by assessee’s late husband before his death and the receipts out of the sale proceeds are deposited in a joint bank account that of assessee and her late husband. Once this is the position the entire receipts are to be assessed in the hands of late husband although throu...

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Duty drawback is to be allowed under section 10B

Income Tax - Case Citation: Mohini Originals v. ITO (ITAT Delhi), Appeal No:ITA No. 6235 & 6236/DEl/2013 Decision Date: 17/06/2015 Facts of the Case The Assessee was an EOU filed its return of income, where AO observed that they have claimed exemption under section 10B which was allowed at the time of Assessment. Deduction on duty drawback was [&h...

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Licence/ Royalty fees to facilitate Trading Operation & Effective Management is Revenue in Nature

DCIT Vs Hitz FM Radio India Ltd. (ITAT Delhi) - ITAT Delhi held in case of DCIT v Hitz FM Radio India Ltd. that expenditure related to licence fee and royalty which helps merely in facilitating the assessee’s trading operations or enabling the management to be carried more effectively is revenue in nature even if advantage may endure for an ind...

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Security services by Trust in confirmation to its objects for general public utility will be considered as “charitable” in Nature

Gujarat Industrial Security Force Society Vs Dy. DIT (Exemption), (ITAT Ahmedabad) - In the case of Gujarat Industrial Security Force Society v Dy. DIT (Exemption) it was held that the activity related to providing security services whose objective was to provide employment to youth and retired army personnel will not be treated as business activity but an activity which is charita...

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Gifting of property will entitle assessee to claim exemption u/s 54 if left with only one

ITO Vs Shri Sameer jasuja (ITAT Delhi) - ITAT Delhi held in case of ITO v Shri Sameer Jasuja the property has been gifted by the person to his wife, then Assessee will entitled to the exemption u/s 54F if he is left with one property. It further held that section 64(1)(iv) will not operate to nullify gift and would operate only to club inc...

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Notice u/s 153C invalid if no satisfaction been recorded by Assessing Officer

M/s Shiv Associates Vs DCIT (ITAT-Ahmedabad) - ITAT-Ahmedabad In the case of M/s Shiv Associates v DCIT quashed the notice u/s 153C relying on the Judgment of the similar case related to the assessee in which the notices u/s 153C were quashed as no satisfaction was recorded by the AO....

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Mutual Transactions can’t come under section 2(22)(e)

ITO Vs Smt. Gayatri Chakroborty (ITAT Kolkata) - ITAT Kolkata held in case of ITO v Smt. Gayatri Chakroborty that where the transactions are mutual in nature or there is benefit or no benefit to each other, then these kind of transactions will not come under the purview of section 2(22)(e)....

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Recent Posts in "Advocate Bharat Agarwal"

Licence/ Royalty fees to facilitate Trading Operation & Effective Management is Revenue in Nature

DCIT Vs Hitz FM Radio India Ltd. (ITAT Delhi)

ITAT Delhi held in case of DCIT v Hitz FM Radio India Ltd. that expenditure related to licence fee and royalty which helps merely in facilitating the assessee’s trading operations or enabling the management to be carried more effectively is revenue in nature even if advantage may endure for an indefinite future....

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Security services by Trust in confirmation to its objects for general public utility will be considered as “charitable” in Nature

Gujarat Industrial Security Force Society Vs Dy. DIT (Exemption), (ITAT Ahmedabad)

In the case of Gujarat Industrial Security Force Society v Dy. DIT (Exemption) it was held that the activity related to providing security services whose objective was to provide employment to youth and retired army personnel will not be treated as business activity but an activity which is charitable in nature....

Read More

Gifting of property will entitle assessee to claim exemption u/s 54 if left with only one

ITO Vs Shri Sameer jasuja (ITAT Delhi)

ITAT Delhi held in case of ITO v Shri Sameer Jasuja the property has been gifted by the person to his wife, then Assessee will entitled to the exemption u/s 54F if he is left with one property. It further held that section 64(1)(iv) will not operate to nullify gift and would operate only to club income in the hands of donor assessee....

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Notice u/s 153C invalid if no satisfaction been recorded by Assessing Officer

M/s Shiv Associates Vs DCIT (ITAT-Ahmedabad)

ITAT-Ahmedabad In the case of M/s Shiv Associates v DCIT quashed the notice u/s 153C relying on the Judgment of the similar case related to the assessee in which the notices u/s 153C were quashed as no satisfaction was recorded by the AO....

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Mutual Transactions can’t come under section 2(22)(e)

ITO Vs Smt. Gayatri Chakroborty (ITAT Kolkata)

ITAT Kolkata held in case of ITO v Smt. Gayatri Chakroborty that where the transactions are mutual in nature or there is benefit or no benefit to each other, then these kind of transactions will not come under the purview of section 2(22)(e)....

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Without any supporting material A.O. cannot substitute market value

DCIT Vs Rama Capital and Financial Services Ltd. (ITAT Mumbai)

ITAT Mumbai held in the case of DCIT v. Rama Capital and Financial Services Ltd. that without any substantive ground reopening cannot be done on the basis of change of opinion. It Further held that without any supporting material, the A.O. cannot substitute market value....

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Principal of Consistency should be followed on principal laid down in case of Assessee’s Sister Concern

DCIT Vs The Indian Hotels Co. Pvt. Ltd. (ITAT-Mumbai)

ITAT Mumbai held In the case of DCIT v. The Indian Hotels Co. Pvt. Ltd. that principle of consistency should be followed when there were similar issues and the similar principal was laid down in the case of Assessee’s Sister Concern....

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Penalty Proceedings can’t be initiated without any corroborative evidence

Dasrathbhai Narandas Patel Vs ITO (ITAT Ahmedabad)

In the Case of the Dasrathbhai Narandas Patel v ITO, ITAT-Ahmedabad held that the assessment Proceedings are completely different from Penalty Proceedings and before initiating the penalty proceedings there should be some convincing and corroborative evidence....

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Revenue Must have Tangible Material to initiate income escaping Assessment

Coperion Ideal Private Limited Vs Commissioner of Income Tax (Delhi High Court)

In the case of Coperion Ideal Private Limited v. CIT, Delhi High Court while giving the decision in the favour of the assessee, held that there should be some tangible material available with the Revenue, whenever they want to conclude that Assessee have escaped Assessment. ...

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Revised computation sufficient for mistake in currency conversion for computation of exemption U/s. 10A: HC

E-Funds International India Private Limited Vs PR. Commissioner of Income Tax (Delhi High Court)

The Delhi High Court held in the case of E-Funds International India Private Limited v. PR. CIT, while dismissing the appeals of the Revenue that revised computation was sufficient in the place of furnishing revised returns as there was only a minor technical fault as the figure of USDs was not changed into Rupees while computing the ded...

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