ITAT Judgments - Page 10

ITAT cannot allow AO to cover up the deficiency in its case

Income Tax Officer Vs M/s. Aditya Narain Verma [HUF] (ITAT Delhi)

it is a very settled position that the power of ITAT in setting aside cannot be exercised so as to allow Assessing Officer to cover up the deficiency in its case....

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TDS credited can be claimed on Unrealised Rent / Bad Debts

Shri Rangji Realties Pvt. Vs ITO (ITAT Mumbai)

TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debts claimed u/s 36(1 )(vii) of the Act. Accordingly I am of the view that that the Unrealized rent is duly offered to tax by the assessee at first instance, and then the same is claimed as deduction from Rental I...

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Protective assessment without substantive assessment is invalid

Income Tax Officer Vs M/s Fussy Financial (ITAT Delhi)

In this case we find that AO has not made any substantive assessment. There may be substantive assessment without any protective assessment, but there cannot be any protective assessment without there being a substantive assessment....

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A person can be both trader and investor in respect of shares

The ITO-33(2)(2) Vs. Smt. Kalpana Khandelwal (ITAT Mumbai)

It is a well settled proposition that the question as to whether a person has acted as a trader or as an investor in respect of share transactions, has to be decided on the basis of various factors listed out by the CBDT and Honourable Courts....

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Sale of Leasehold Rights taxable and Section 50C applicable

Income Tax Officer Vs Sh. Chander Shekhar (ITAT Delhi)

Assessee was allotted a residential plot on 19.01.2004 in Sector-105, Noida through lottery on payment of allotment money of Rs.1,30,000/-. The total purchase price of the plot was Rs. 16,75,000/-. 2. The assessee on 28.02.2004 entered into an Agreement to sell in respect of this plot with M/s Rosebud Construction Pvt. Ltd through its Dir...

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No S. 271(1)(c) penalty unless there is evidence beyond doubt of concealment

DDIT Vs M/s. Metapath Software International Ltd, (ITAT Delhi)

It is an well established proposition of law that being penal in nature, the provisions of section 271(1)(c) of the Act are invoked only when there is evidence beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards the tax alleged to be evaded....

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Notice U/s. 153A issued without search is bad in law

ACIT Vs. K.G. Finvest Pvt. Ltd. (ITAT Delhi)

In the instant case, it is the assessment of person allegedly searched, which is disputed before us, unlike the notice issued for the assessment of `other person’ before the Hon’ble Supreme Court. Even otherwise, the issue of invalidity of the search warrant in that case was not raised at any point of time prior to […]...

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No Tax on Capital Gain earned by Singapore-Company on Sale of Debt Instrument in India under Article 13(4) of DTAA

Citicorp Investment Bank Vs DCIT (International Taxation) (ITAT Mumbai)

The ITAT Mumbai in Citicorp Investment Bank (Singapore) Ltd v. DCIT, held that the sale consideration received by a Singapore based Company on sale of debt instrument is not taxable as capital gain under the Income Tax Act in view of article 13(4) of the India-Singapore Double Taxation Avoidance Agreement (DTAA)....

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No disallowance for interest paid to NBFC without TDS deduction, considered by NBFC in their Income

Shri Azmath Ulla Vs ACIT (ITAT Bangalore)

Having held that the second proviso to section 40(a)(ia) shall have retrospective effect the question arises that if the recipients of interest in question have already considered the same for computing their income offered to tax then the dis allowance u/s. 40(a)(ia) is not attracted....

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No Sec. 14A disallowance for shares held as stock in trade

D.C.I.T. Vs M/s. Kredent Brokerage Services (ITAT Kolkata)

Calcutta High Court in the case of CIT Vs GKK Capital Markets (P)Ltd 392 ITR 196 (Calcutta) has taken a view that the shares held as stock in trade and the expenses in relation to shares so held cannot be disallowed u/s 14A of the Act. In view of the aforesaid decision and the decision of the ITAT in assessee’s own case, we are of the v...

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