ITAT Judgments judiciary-2

ITAT allows set-off of Derivative losses against Business Income

Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad)

Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad) The issue under consideration is whether a company dealing in ‘derivatives’ could be considered as engaged in speculative business as per Section 73 or not? In the present case, the assessee seeks set off of losses arising from derivative losses as non-speculative business losses. The Re...

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MSBTE is ‘State’ under Indian Constitution & Exempt from Income Tax

Maharashtra State Board of Technical Education Vs ITO (ITAT Mumbai)

The issue under consideration is whether CIT(A) is correct in holding that the appellant is not a state under Article 289 of the Constitution of India and therefore, liable to tax under the Income Tax Act?...

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Hostel Facility by Charitable Educational Trust cannot be held as business

Harish Chand Ram Kali Charitable Trust Vs Add. CIT (ITAT Delhi)

Harish Chand Ram Kali Charitable Trust Vs ACIT (ITAT Delhi) The issue under consideration is whether the CIT(A) is correct in concluding that the hostel running activity is a business activity? The assessee society was established with the aim to impart education and other charitable activities covered under section 2(15) of The Income Ta...

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E-filing of Appeal is Mandatory, Paper format of application not allowed

Montreaux Resorts Pvt Ltd Vs ITO (ITAT Delhi)

Since as per amendment made in the law by which the electronic filing of the appeal before the authorities is mandatory, Hence the appeal filed by the assessee will be dismissed by ITAT directing them to file the appeal before CIT(A) in Electronic Form....

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No depreciation on undivided share of Land

ACIT Vs Kunnel Engineers & Contractors (P) Ltd. (ITAT Cochin)

Depreciation under section 32 could not be claimed on an undivided share of land as assessee had shown the land separately in the block of assets which was not entitled for depreciation. ...

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Re-Assessment justified against former Cricketer Srikanth

Shri K. Srikanth Vs ACIT (ITAT Chennai)

Reassessment was justified by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth and non compete fee of Rs. 7.50 crores was exempt from tax being capital receipt;...

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On mere change of opinion, the concluded assessment cannot be reopened

Akshaya Souharda Credit Cooperative Limited Vs ITO (ITAT Bangalore)

Akshaya Souharda Credit Cooperative Limited Vs ITO (ITAT Bangalore) The issue under consideration is whether A.O. is correct in re-opening of assessment based on the same material on which he relied at the time of assessment u/s 143(3)? The assessee is a co-operative engaged in providing credit facilities to its members. The assessee file...

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ITAT upheld section 69 Addition for cash found in bank locker

Smt. Bhawna Babbar Vs ACIT (ITAT Delhi)

The issue under consideration is whether A.O. and CIT is correct in making an addition u/s 69 for cash found during search in bank locker?...

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For some bogus purchases Entire purchases can’t be added to income

Sonal Parekh Vs ITO (ITAT Ahmedabad)

Sonal Parekh Vs ITO (ITAT Ahmedabad) The issue under consideration is whether the addition under section 69C for Bogus purchases are justified in law? In the give case, A.O. has received the information from VAT department that the assessee is dealing with Hawala dealers for some purchases and hence he has re-open the assessment. AO [&hel...

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Nature of rent Income not changes merely for Agreement Type

Mahle Filter Systems Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

Mahle Filter Systems Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The issue under consideration is whether A.O. is correct in treating the ‘rental income’ as ‘income from other sources’? The assessee has disclosed rental receipts from its factory building and after deducting 30% as per provisions of section 24 of the Act, income from house ...

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