ITAT Judgments - Page 11

Amount W/off not allowable for which suit been filed till disposal of such suit

Health and Glow Retailing Pvt. Ltd. Vs. The Assistant Commissioner of Income Tax (ITAT Bangalore)

Health and Glow Retailing Pvt. Ltd. Vs. ACIT (ITAT Bangalore) Assessee has taken premise on rent for which he has given interest-free refundable security deposit of Rs. 11,70,000 to the landlord. When the assessee could not continue with the possession, he claimed the entire amount back which was not given by the landlord, therefore he [&...

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Addition for Unutilized Cenvat Credit in absence of income element is ubjustified

The Deputy Commissioner of Income Tax Vs. Infinium Motors Pvt. Ltd. (ITAT Ahmedabad)

Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) comprising of Judicial Member S.S.Godara and Accountant Member Pramod Kumar has deleted the addition under the Income Tax Act in respect of unutilized CENVAT credit....

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Revision u/s 263 for denying Deduction u/s 80-IA is Invalid if both conditions not satisfied

Pratibha SMS Jv. Vs Pr. CIT (ITAT Delhi)

The exercise of jurisdiction by the Commissioner of Income Tax under the provisions of Section 263 has been a matter of controversy. Especially when it comes to denying the deduction which has been allowed by the Assessing Officer during the course of regular assessment...

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Benefit of concessional tax rate on depreciable Assets cannot be denied if held for more than 3 Years

Dy. CIT Vs Eveready Industries India Ltd. (ITAT Kolkata)

This is an appeal filed by the revenue against the order of learned Commissioner (A)-9, Kolkata dated 24-11-2015 for assessment year 2006-07....

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Remuneration mutually agreed between partners is allowable if partnership deed permits the same subject to limit u/s 40(b)

The ACIT Vs. M/s Sri Navodaya Granite Industries (ITAT Visakhapatnam)

Visakhapatnam bench of Income Tax Appellate Tribunal (ITAT) recently held that remuneration paid to partner cannot be disallowed since there is a clause existing in the partnership deed which specified the exceeding limit. ...

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Surcharge amp; cess not to be included to compute Tax Effect

The Income Tax Officer Vs. Sri P. Prasen Kumar (ITAT Hyderabad)

Surcharge and education cess should not be included, while calculating the tax effect. Since the tax thereon was Rs. 9 Lakhs only, which is less than Rs. 10 Lakhs limit prescribed, the Bench was of the opinion that there was no merit in the Miscellaneous Application filed by the Revenue....

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Commission to Director based on % of Profit is allowable in year of Profit Determination

D.C.I.T. Vs. M/s. Associated Pigments Ltd. (ITAT Kolkata)

Since, the commission to the Managing Director was payable by the assessee company on the profits and the profits for the financial year 2009-10 was determined only in the year under consideration after finalizing the account. The allow ability on account of commission was crystallized in the year under consideration and the Ld. CIT(A) in...

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Getting audit done & timely report submission by CA is duty of Assessee

M/s B. W. M International Vs. I.T.O (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that it is the responsibility of the assessee to ensure that the audited books are submitted in stipulated time and that Chartered Accountant (CA) does his job properly. ...

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No seizure of Jewellery If gross weight disclosed in regular return exceeds jewellery found during search

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai)

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making for jewellery to be undisclosed. According...

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In case of jointly owned property interest is allowable to the extent of share in property

Mrs. Shardaben Bhavani Vs. ITO (ITAT Mumbai)

Mrs. Shardaben Bhavani Vs. ITO (ITAT Mumbai) Dis allowance of the claim of interest on housing loan of Rs. 1,50,000/- raised by the assessee u/s 24(b) in her return of income, but disallowed by the A.O and thereafter sustained by the CIT(A). We are of the considered view that as observed by us herein above, […]...

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