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It is a settled principle of law that where addition to assessee’s income is made on estimate basis penalty under section 271(1)(c) cannot be imposed.
ITAT states that the assessee has disclosed the sale of shares in its books of account. Once the sale is declared as income by the assessee, the question of treating the same amount as a cash credit u/s 68 of the Act results in double addition. Thus, the addition is also bad on merits. Hence, the appeal of the assessee is allowed.
The issue under consideration is whether Fair Market Value of property determined without giving access to the DVO’s report to Assessee and without considering the Assessee’s objections is justified in law?
The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions?
The issue under consideration is whether industrial Promotion Assistance (IPA) received by the assessee-Company from the West Bengal Government is taxable under income tax?
The contention of the assessee is that since final consideration was paid and the possession of flat was received within a period of one year prior to the date of transfer of capital asset, the same should be considered as the date of purchase. Whereas, the stand of Department is that the date of execution of agreement for purchase of flat should be considered as the date of purchase.
The issue under consideration is whether the disallowance made u/s 40(a)(ia) of the Act for non-deduction of tax at source from the payment made towards Harvesting charges is justified in law?
Shri Kasi Viswanathan Ramnathan Vs ITO (ITAT Chennai) The issue under consideration is whether the denial of exemption under section 54F by CIT(A) is justified in law? In the present case, assessee has claimed the exemption u/s 54F in the return including the amount which had not been utilized before 31.07.2012. But later the assessee utilized the entire sale […]
Explore the ITAT Bangalore case Ananda Social & Education Trust vs ACIT. Analysis of MBBS Management Quota fees suppression and legal conclusions. Learn more.
ITAT Remit Back the case of Actor Dulquer Salmann (Assessee) back to Assessing Officer (AO) as Information reconciling source for investments which were added as undisclosed income were placed before it but not placed before AO.
