CA Deepak Aggarwal - Page 4

S.69A: No addition where no money/bullion found in possession

ITO Vs Shri Parvez Mohammed Hussain Ghaswala (ITAT Mumbai)

For invoking provisions of section 69A assessee should be the owner of any money, bullion, jewellery or any other valuable articles. In this case of assessee he was not found to be the owner of any money, bullion, jewellery or any other valuable articles....

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Expense out of earmarked fund for member’s welfare, not deductible

ACIT Vs M/s Tumkur Veerashiva Co-operative Bank Ltd. (ITAT Bangalore)

ITAT Bangalore held in the case of ACIT vs. M/s Tumkur Veerashiva Co-operative Bank Ltd. that from the facts, it is clearly shows that the amount spent out of members benevolent fund and members death relief fund are spent for the welfare of the members....

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Project office used as communication channel is not PE

National Petroleum Construction Company Vs DIT (International Taxation) (Delhi High Court)

Back office operations carried on at an office would fall within the exclusionary clause of Article 5(3) (e) of the Treaty between India and United States which is also identically worded as Article 5(3) (e) of the India-UAE DTAA....

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If management & control is outside Sikkim, income is Taxable

CIT Vs Mansarovar Commercial Pvt. Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. Mansarovar Commercial Pvt. Ltd. that Mr. Rattan Gupta was not only doing the audit work of the five Assessee companies, but determining who should be the directors of the said companies....

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Statement cannot be sole basis for addition in block assessment

CIT Vs Harjeev Aggarwal (Delhi High Court)

Statements recorded would certainly constitute information and if such information is relatable to the evidence or material found during search, the same could certainly be used in evidence in any proceedings under the Act as expressly mandated by virtue of the explanation to Section 132(4)....

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Reopening to review original assessment not permitted

Munjal Showa Limited Vs DCIT (Delhi High Court)

It is clear that the AO did not apply his mind independently and went by the order of the CIT. It is a settled law that a quasi-judicial authority cannot afford to act on the direction and in the present case on the direction of a superior officer. ...

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Assessment u/s 150 not permissible for time barred assessments

ITO Vs M/s. Neetee Clothing (P) Ltd. (ITAT Delhi)

Section 150(2) enacts the situation where the provisions for assessment pursuant to appeal u/s 150(1) will not be applicable. Provisions of section 150(1) shall not apply where the reassessment proceedings would have been barred by time even at the time when the order, which was the subject-matter of appeal, revision, etc., was passed. ...

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S. 50C Bonafide transaction without alleged higher receipt not covered

Gulf Oil Corporation Ltd. Vs ACIT (ITAT Hyderabad)

Section 50C will get attracted only when there exists difference on the sale consideration and assessed value for the purpose of stamp duty by the authority of a state government. Where there is no material evidence that the assessee had received more than the fixed component from the developer,...

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S.24 Interest for property acquisition allowed despite use in construction

Mrs. Samiksha Mahajan & Mrs. Anita Rani Vs ACIT (ITAT Delhi)

As per provisions u/s 24, it is crystal clear that deduction is allowable on account of interest paid on the borrowed capital within three years from the end of the financial year in which capital was borrowed....

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Sec. 271B No penalty on club having bonafide belief of mutuality

M/s Koramangala Club Vs ITO (Karnataka High Court)

It is clear that the assessee was under the bonafide belief that the provisions of Section 44AB were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business...

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September 2021