ITAT Judgments - Page 2

Penalty U/s. 271(1)(c) leviable on Income disclosed in return filed pursuant to notice U/s. 153A without proper explanation

Asst. CIT Vs. S & P Foundation (P) Ltd. (ITAT Chennai)

Where no return was filed prior to the date of search and a return had been filed only after the issue of notice under section 153A and in respect of income offered by assessee no proper explanation was provided regarding nature and source of income, AO was justified in initiation of penalty proceedings under section 271(1)(c)....

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Notice Mandatory to Pass Rectification Order U/s. 154

Aparna Ashram Vs. ADIT(E) (ITAT Delhi)

In case of M/s. Deepak Agro Food (Supra), the Hon’ble Apex Court dealt with Sec. 29(8)(b) of the Act which is not having similar wordings like that of Sec. 154 (3) of the Act under which it is mandatory to issue notice. As per Section 154(3) of the Act amendment/rectification which has effect of enhancement of an assessment or reducing ...

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Deduction u/s 54F on more than one residential flats received by virtue of a development agreement is allowable

Mrs. Adeebunnisa Begum Vs. ITO (ITAT Hyderabad)

Assessee was entitled to deduction u/s 54F of the Act in respect of more than one residential flats received by virtue of a development agreement. We find that this issue is now fairly covered by the decision of various High Courts in favour of the assessee....

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Section 2(47) no transfer by Mere entering in Development agreement

Rukiyabanu Gullam Mohiuddin Ahmedji & Anr. Vs CIT (ITAT Mumbai)

Admittedly, possession of the property was not handed over during assessment year 2008-09 and mere execution of agreement for the development of the property could not amount to transfer under section 2(47) of the Act row with section 53A of the transfer of property Act are satisfied as such there can no transfer be considered in the year...

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Penalty U/s. 271AAA not leviable on Failure to ask question regarding manner of earning of income

ACIT Vs Shreenarayan Sitaram Mundra (ITAT Ahmedabad)

The present appeal by the Revenue is directed against the order of the Commissioner (Appeals)-II, Ahmedabad [CIT(A) in short] dated 30-9-2013 for the assessment year (AY) 2010-11 wherein penalty imposed under section 271AAA of the Income Tax Act, 1961 (hereinafter referred to as the Act) Rs. 20 lakhs was deleted by the Commissioner (Appea...

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Final occupation date to calculate Purchase date for section 54F exemption allowed

Smt Ramita Mahendra Mehta Vs Income Tax officer (ITAT Mumbai)

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act....

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No specific format is provided U/s. 14A for recording satisfaction

G.E India Exports Pvt. Ltd. (Formerly GE Power Controls India (P) Ltd. Vs. Dy. CIT (ITAT Bangalore)

Since, no specific format is provided under the Act for recording satisfaction for making dis allowance under section 14A, AO was not required to give detailed reasons for invocation of rule 8D(2) in view of the fact that assessee failed to discharge its primary onus of proving nexus between interest-free funds and the investments yieldin...

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AO can not make addition for Bogus Purchase U/s. 69C if all purchase / sales transactions are part of regular books

M/s. Fancy Wear Vs. Income Tax Officer (ITAT Mumbai)

If the AO has not rejected the books of accounts and has only doubted the genuineness of the suppliers but not the genuineness of the purchases and if the payments are made by account payee cheques, s. 69C is not attracted. S. 69C cannot be applied where all purchase and sales transactions are part of regular books of accounts. The basic ...

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Section 54/ 54F benefit cannot be denied for mere non registration of sale deed

Dr. Jasvir Singh Rana Vs Income Tax Officer (ITAT Delhi)

On the facts and circumstances of the case the Assessing Officer has erred in computing long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residential plot and deposits made under capital ...

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Interest on bank deposits made for Business compulsions is taxable as business Income

Dy. CIT Vs West Gujarat Expressway Ltd. (ITAT Mumbai)

The said interest income had been earned by the assessee out of business compulsions of deposits in the ‘Debit Service Reserve Account’, hence the said interest income is linked to the business activities of the assessee. The issue is covered with the decisions of the Tribunal in the own case of the assessee for earlier assessment yea...

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