Bhuvaneswari.S

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Deduction u/s 80IC Rs cannot be denied on Foreign Exchange Rate Fluctuations

M/s JCBL India Pvt. Ltd. Chandigarh, Vs the A.C.I.T., Chandigarh. (ITAT Chandigarh) - Exchange rate fluctuation arises out of and is directly related to the sale transaction involving the export of goods of the industrial undertaking and, therefore, difference on account of exchange rate fluctuation is entitled to deduction under section 80IB of the Act. This ground of appeal i...

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Disallowance cannot be made U/s. 40(a)(ia) for Short Deduction of TDS

M/s. Mission Vs Income-tax Officer (ITAT Kolkata) - S. 40(a)(ia) can be invoked only when the two conditions, namely, that tax is deductible at source and such tax has not been deducted is satisfied. Where tax is deducted by the assessee under a wrong provision of TDS and there is a shortfall, s.40 (a) (ia) disallowance cannot be made....

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Applicability of Disallowance U/s 14A Read With Rule 8D if objective satisfaction is not recorded

M/s U. P. Power Corporation Ltd Vs DCIT (ITAT Lucknow) - 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 convenien...

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Estimation of income without any basis by Assessing Officer is not valid

DCIT, New Delhi Vs Style Syntex Pvt. Ltd. (ITAT Delhi) - The contention of the assessee was that the AO framed the assessment arbitrarily on the basis of assessment order for the assessment year 2002-03 which was set aside by the ITAT in ITA No. 326/Del./2007 vide order dated 25.7.2008....

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Disallowance U/s. 14A cannot be made if Assesseee suo motto disallowed the expenses in excess of working U/s. 14A r.w. Rule 8D

Teletec Finsec India P.Ltd Vs ITO (ITAT Delhi) - After hearing the rival contentions, ITAT held that that the disallowance made by the assessee, is in excess to the disallowance with the working under 14 A r.w.s.8 D which amounts to Rs 1,32,913. ITAT upheld the contentions of the assessee and deleted the addition....

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Recent Posts in "Bhuvaneswari.S"

Deduction u/s 80IC Rs cannot be denied on Foreign Exchange Rate Fluctuations

M/s JCBL India Pvt. Ltd. Chandigarh, Vs the A.C.I.T., Chandigarh. (ITAT Chandigarh)

Exchange rate fluctuation arises out of and is directly related to the sale transaction involving the export of goods of the industrial undertaking and, therefore, difference on account of exchange rate fluctuation is entitled to deduction under section 80IB of the Act. This ground of appeal is allowed. ...

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Disallowance cannot be made U/s. 40(a)(ia) for Short Deduction of TDS

M/s. Mission Vs Income-tax Officer (ITAT Kolkata)

S. 40(a)(ia) can be invoked only when the two conditions, namely, that tax is deductible at source and such tax has not been deducted is satisfied. Where tax is deducted by the assessee under a wrong provision of TDS and there is a shortfall, s.40 (a) (ia) disallowance cannot be made....

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Applicability of Disallowance U/s 14A Read With Rule 8D if objective satisfaction is not recorded

M/s U. P. Power Corporation Ltd Vs DCIT (ITAT Lucknow)

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....

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Estimation of income without any basis by Assessing Officer is not valid

DCIT, New Delhi Vs Style Syntex Pvt. Ltd. (ITAT Delhi)

The contention of the assessee was that the AO framed the assessment arbitrarily on the basis of assessment order for the assessment year 2002-03 which was set aside by the ITAT in ITA No. 326/Del./2007 vide order dated 25.7.2008....

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Disallowance U/s. 14A cannot be made if Assesseee suo motto disallowed the expenses in excess of working U/s. 14A r.w. Rule 8D

Teletec Finsec India P.Ltd Vs ITO (ITAT Delhi)

After hearing the rival contentions, ITAT held that that the disallowance made by the assessee, is in excess to the disallowance with the working under 14 A r.w.s.8 D which amounts to Rs 1,32,913. ITAT upheld the contentions of the assessee and deleted the addition....

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Mere Entries found in third party books are not binding on Assessee

Income tax Officer Vs Shri Harsharansingh Dharni (ITAT Mumbai)

Entries found in third party books are not binding on the assessee solely on the basis of information received from the investigation unless the statement of the third party was supported by any documentary evidence....

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Appeals should Not Be Filed in Cases Where Tax Effect not Exceeds Monetary Limits

ITO Vs Santosh Kumar (HUF) (ITAT Delhi)

The contention of the assessee was that the tax effect in this appeal is less than Rs.4,00,000/-, therefore, the department ought not to have filed this appeal in view of the circular issued by the CBDT and the provisions contained in Section 268A of the Income Tax Act, 1961 ...

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Audit Fees for Prior Period not allowable unless expenses gets crystallized in the year under consideration

M/s U.P. Co-operative Processing & Cold Storage Federation Ltd Vs A.C.I.T. (ITAT Lucknow)

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....

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Deduction of Depreciation as well of Capital Expenditure U/s. 11 In Case of Trusts not amounts to Double Deduction

Income tax Officer-(E) I (1),Mumbai Vs Bai Kabibai & Hansraj Morarji Charity Trust (ITAT Mumbai)

Whether CIT (Appeals) erred in directing the Assessing Officer to allow depreciation on fixed assets without appreciating the fact that the capital expenditure incurred on acquiring the assets has already been claimed as application of income u/s. 11 of the I. T. Act 1961 in the current / past years. ...

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AO cannot decide reasonableness, commercial expediency of expenditure incurred by Assessee

ACIT Vs Mubarak Kasam Momin, Prop. Opal Stone Industries (ITAT Mumbai)

ITAT Mumbai held that the ad hoc disallowance made by the AO was not based on any scientific or logical basis. It is a fact that the books of the assessee are audited and no discrepancy was pointed out by the AO about the accounts maintained by him. Cash vouchers were supported by the documentary evidences...

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