ITAT Judgments - Page 20

Misappropriation of fund cannot be ground for cancellation of Trust registration

Vignana Jyothi Vs Director of Income Tax (ITAT Hyderabad)

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) held that Collection of donation by Educational Institution/ Society is not ‘Capitation Fee. ...

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Right to receive a property is a valuable and transferable right

Satnam Overseas Exports Vs DCIT (ITAT Delhi)

ITAT has held that right to receive a property is a valuable and a transferable right and falls within the ambit of "capital asset" and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources....

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No Tax on amount not receivable under a void contract

I- Process Services (India) Pvt. Ltd. Vs DCIT (ITAT Delhi)

On the contract becoming void ab initio, the transaction of income from ICICI Home Financing Co. Ltd. was reversed by the assessee since there was no legally enforceable right to such income on the contract being declared as void ab initio....

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Sec. 12AA registration cannot be denied merely for having activities outside India

National Informatics Centre Services Inc. Vs DIT (ITAT Delhi)

On the facts and circumstances of the case, the learned Director of Income Tax (Exemption)has erred both on facts and in law in rejecting the application of the assessee for registration under Section 12A of the Income Tax Act, 1961....

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Purchase cannot be termed bogus for mere non-appearance of supplier

M/s Beauty Tax Vs DCIT, ((ITAT Jaipur)

Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus. ...

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Closely connected international transaction can be clubbed / aggregated

M/s. Kaypee Electronics & Associates Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Bangalore)

These are appeals filed by the assessee-company directed against the assessment orders dated 24.12.2014, 17.12.2015 and 30.11.2016 for the assessment years 2010-11, 2011-12 and 2012-13 respectively u/s. 143(3) r.w.s. 144C of the Act by the Deputy Commissioner of Income-tax / Assistant Commissioner of Income-tax, Circle-4(1)(1), Bangalore....

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S. 263 Inadequate enquiry cannot be termed as lack of enquiry

Small Wonder Industries Vs CIT-24 (ITAT Mumbai)

Uncontrovertedly, necessary details/reply to the questionnaire were filed/produced by the assessee and the same were examined by the Assessing Officer, therefore, it is not a case of lack of enquiry by the Assessing Officer...

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Assessment proceedings u/s 143(2) are not meant for benefit of assessee

DCIT Vs Dinesh Sharma (ITAT Delhi)

The assessment proceedings u/s 143(2) of the Act are not meant for the benefit of the assessee but are for the benefit of Revenue only so that the AO is able to ensure that the assessee has not understated the income or has not computed excessive loss or has not under paid the tax in any manner....

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Secret Commission to business house executives is Bribe & no deduction allowable

Shri. Rampur Arvind Vs Assistant Commissioner of Income Tax (ITAT Bangaluru)

Any secret transaction/payment that is made to secure an unfair advantage, would necessarily be repugnant to law. Transaction which is not transparent, offends normal business practice, must suffer scrutiny....

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Amount Deducted for Notice Period is not Taxable as Salary

Shri Nandinho Rebello Vs DCIT (ITAT Ahmedabad)

It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable....

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