ITAT Judgments - Page 10

ITAT on higher Rate of depreciation on Set top boxes

ACIT Vs Kerala Communicators Cable Ltd. (ITAT Cochin)

ACIT Vs Kerala Communicators Cable Ltd. (ITAT Cochin) The Assessing Officer granted depreciation at the rate of 15% being machinery and plant other than those covered by sub-items (2), (3) and (8). According to the assessee, it is covered under sub-item (8)(ix)(E)(k). Sub-item (ix) of item (8) is energy saving device and (E) is electric [...

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Section 12AA registration cannot be cancelled for mere violation of section 11 and 13

Lilavati Kirtilal Mehta Medical Trust Vs CIT (ITAT Mumbai)

Lilavati Kirtilal Mehta Medical Trust Vs CIT (ITAT Mumbai) In the present case, the case sought to be made out by the Commissioner is that the violation carried out by the assessee would lead to denial of exemption u/s. 11 & 13 of the Act and, therefore, the pre-requisite of section 12AA(3) of the Act […]...

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Section 11(1)(a) Excess expenditure incurred in earlier years can be set off against income of subsequent year

DCIT (E) Vs Shree Bhartimaiya memorial Foundation (ITAT Ahmedabad)

DCIT (E) Vs Shree Bhartimaiya Memorial Foundation (ITAT Ahmedabad) The solitary question that arises for adjudication whether the trust has incurred deficit due to excess spending on the object of the trust during the particular year and whether excess expenditure incurred in earlier years by the trust could be allowed to be set off again...

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Anonymous donations- No section 68 addition if Assessee provides complete list of donors

Shanti Niketan Trust Vs Addl. CIT (ITAT Delhi)

Shanti Niketan Trust Vs ACIT (ITAT Delhi) In the present appeal, the assessee had not only disclosed its donations, but had also submitted a list of donors. The AO proceeded to treat the same as anonymous donations only for the reason that the notices u/s 133(6) of the Act were returned un-served and the assessee […]...

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Document not found during search on assessee cannot be subject matter for addition -section 153A

DCIT Vs Vikas Jain (ITAT Delhi)

DCIT Vs Vikas Jain (ITAT Delhi) Apparently, it appears that the seized document was found at a place other than the place where the search on the assessee has been carried out. Thus, in these circumstances, it cannot be said that this document was found in possession or control of the assessee. If that be […]...

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No exemption U/s. 10(23C)(vi) if Educational institution not exists solely for education

Sutlej Educational Charitable Trust Vs CIT (E) (ITAT Amritsar)

Sutlej Educational Charitable Trust Vs CIT (E) (ITAT Amritsar) The only issue, thus, that survives is that the funds (or income) of the educational institution are (or, is) not to be utilized by the assessee-trust, owning and managing it, for any other (non-educational) object/purpose, which, as afore-noted, there are several (also refer ...

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Retrospective amendment in section 9(1)(vi) cannot override India-Ireland DTAA

Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata)

Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata) Since assessee`s case is covered by beneficial provisions of the India-Ireland DTAA, hence the retrospective amendment made in the provisions of section 9(1)(vi) of the Act, which provides that royalty would include consideration for transfer of all or any rights in respect o...

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin)

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 taxmann.com/379 ITR 330 wherein ‘...

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Section 44AD: Mere submission of Balance sheet not proves Maintenance of Books of Accounts

Mr. Pradeep Jain Vs ITO (ITAT Delhi)

Mr. Pradeep Jain Vs ITO (ITAT Delhi) The assessee has filed the return of income for assessment year under appeal declaring income of Rs.9,63,920/-, out of which, income was declared at Rs.9 lakhs under section 44AD of the I.T. Act, 1961. In subsequent A.Y. 2016-2017 also, assessee declared income under section 44AD of the I.T. […]...

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Interest paid on delay in paying customs duty is deductible

M/s M. J. Exports Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s M. J. Exports Pvt. Ltd. Vs DCIT (ITAT Mumbai) The facts in brief are that the Collector of customs levied customs duty and penalty on the goods imported by the assessee in F.Y. 1988-89 vide order dated 28th January 1994 and subsequently, levied interest for not paying the customs duty and penalty in time. […]...

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