ITAT Judgments judiciary-2

S. 2(47) | Holding period | Time of agreement to sale vs. execution of sale deed

M/s Rajasthan Agencies Pvt. Ltd. Vs ITO (ITAT Jaipur)

Holding period for purpose of transfer u/s 2(47) was to be considered from the time of agreement to sale instead of execution of sale deed...

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Income from commercial exploitation of popularity of Cricket not incidental to main object U/s. 2(15)

Punjab Cricket Association Vs ACIT (ITAT Chandigarh)

Punjab Cricket Association Vs ACIT (ITAT Chandigarh) Punjab Cricket Association (Assessee) is regularly following commercial activity by commercially exploiting its property and rights to hold matches and thereby earning huge income, hence the said activity can not be said to be incidental activity rather the commercial exploitation of th...

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Genuineness of activities of Trust cannot be looked into at the time of granting registration U/s. 12AA

Shree Vimalnath Jain Swetamber Mandir Trust Vs CIT (ITAT Raipur)

Shree Vimalnath Jain Swetamber Mandir Trust Vs CIT (ITAT Raipur) We find that the learned Commissioner (Exemption) has refused registration under section 12AA of the Act to the assessee since donations received were not properly accounted for and also because that the objects of the Trust was for betterment of Jain Community and for benef...

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S. 56(2)(viib): AO cannot discard assessee’s method of Share Valuation

Narang Access Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Narang Access Pvt. Ltd. Vs DCIT (ITAT Mumbai)  In the present case the valuation done by the assessee for valuing its shares is on the basis of DCF method and the AO could not have substituted it by NAV method rather he should have arrived at another value, if any, by applying DCF method only. […]...

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Section 143(2) notice on very same day of filing return shows Non-application of mind by AO

Shri Ajay Sharma Vs DCIT (ITAT Delhi)

Issuance of notice under section 143(2) on the very same day when return was filed showed non-application of mind on AO’s part in issuing section 143(2) notice and thereafter in framing assessment and therefore, all proceedings were nullity....

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Sec. 68 Addition cannot be made for mere non-compliance of notice by shareholders

DCIT Vs Bhaijee Commodities (P) Ltd. (ITAT Delhi)

AO required assessee-company to prove genuineness of share capital along with premium received by it. Assessee furnished various evidences in that regard. However, AO made addition under section 68 on the ground that in response to summons under section 131 shareholder companies had not appeared for personal deposition....

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Addition U/s. 2(22)(e) not sustainable if transaction is not of loan or advance

Shravan Choudhary Vs ACIT (ITAT Jaipur)

Shravan Choudhary Vs ACIT (ITAT Jaipur) If the transaction is a business transaction between the parties then the amount received under the said transaction cannot be held as loan or advance to be treated as deemed dividend under section 2(22)(e) of the Act. The assessee explained the facts regarding the loan given by the assessee [&helli...

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Interest on FDR for security/guarantee to companies for taking contracts is Business Income

Shri Devasamparambil Hassainar Kutty Vs ACIT (ITAT Jaipur)

Shri Devasamparambil Hassainar Kutty Vs ACIT (ITAT Jaipur) Revenue has not disputed the fact that the FDRs taken by the assessee are for the purpose of furnishing the security/guarantee to the companies those have awarded the contract to the assessee. Therefore, these FDRs were furnished as a performance guarantee by the assessee. Once th...

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Reopening of assessment for non-existent and factually incorrect reasons was invalid

Shri Ram Mohan Rawat Vs ITO (ITAT Jaipur)

Shri Ram Mohan Rawat Vs ITO (ITAT Jaipur) Reasons recorded by the AO for formation of belief that income assessable to tax has escaped assessment are based on two counts. One, the assessee has made bogus purchases and the second, that the purchases are not verifiable as the as the  assessee has not filed the […]...

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Transaction of loan between two independent parties cannot be taxed in the hands of Broker to transaction

Shiv Prakash Bajaj Vs DCIT (ITAT Jaipur)

Shiv Prakash Bajaj Vs DCIT (ITAT Jaipur) It is not in dispute that the assessee surrendered a sum of Rs. 30.00 lass on account of incriminating material found during the search, therefore, the transaction of loan between two independent parties even if through the service of the assessee being broker cannot be thrust upon the […]...

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