ITAT Judgments - Page 20

Deduction allowable on interest on late deposit of VAT, Service Tax, TDS

M/s. Emdee Digitronics Pvt. Ltd Vs PCIT (ITAT Kolkata)

Interest paid on late deposit of VAT, Service Tax, TDS etc, was not penal in nature and the same was allowable as business expenditure under section 37(1)...

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Cash purchase of share is not prohibited by Law

Swati Luthra Vs ITO (ITAT Delhi)

Swati Luthra Vs ITO (ITAT Delhi) Conclusion:  Assessee had entered into genuine transaction of sale and purchase of shares and therefore, satisfied the conditions of Section 10(38) as no law prohibits purchase of shares in cash and it was the option of the buyer of shares to keep the shares either in Demat form or […]...

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No Deduction u/s 54B /54F if sale deed was unregistered and payment was in cash

Shri Ram Narayan Vs ITO (ITAT Jaipur)

Shri Ram Narayan Vs ITO (ITAT Jaipur) Conclusion: Since assessee purchased land through an agreement to sale which was unregistered and the payment was made in cash, therefore, in absence of sale deed, the unregistered agreement would not transfer any title to assessee of the agricultural land, accordingly, the claim of deduction under se...

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Addition for cash deposit in Bank cannot be made if Assessee duly explained source

Smt. Pinki Devi Agarwal Vs ITO (ITAT Jaipur)

As assessee had duly proved source of cash deposit in her bank account to be opening cash balance and gift from her parents, no addition could be made under section 68....

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Addition justified for unexplained deposits in undeclared bank account

Smt. Dharipalli Rangamma Vs ACIT (ITAT Visakhapatnam)

Since the bank account in which assessee made huge cash deposits found during the course of search was not declared by assessee and assessee had not filed return for the year under consideration, therefore, the same constituted seized material so as to invoke section 153C in assessee’s case....

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Bonus to director for services rendered when he was not a shareholder allowable

DCIT Vs M/s. Mount Kellett Capital Management India Pvt. Ltd. (ITAT Mumbai)

Since the director was not a shareholder when bonus was paid to him and also the bonus was not paid out of the earlier years’ accumulated profits, therefore, deduction of bonus paid to director was allowable under 36(1)(ii)....

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Reassessment based on Vague reasons without application of mind is invalid

Smt. Sapna Chauhan Vs. ITO (ITAT Agra)

Smt. Sapna Chauhan Vs ITO (ITAT Agra) It is settled position in law that the question of Jurisdiction is not a matter of acquiescence. The proprietary of Notice under section 148, based upon ‘reasons recorded’ is not dependent upon the objection or no objection by the assessee at the stage of assessment. If the Reasons […]...

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No addition u/s 68 of bogus LTCG if assessee furnishes sufficient evidences

Smt. Radhika Garg Vs Income Tax Officers (ITAT Delhi)

Where the documentary evidences furnished by assessee clearly supported the claim of exemption under section 10(38) on account of sale of securities that assessee entered into genuine transaction of sale of shares through recognized exchange upon which STT had also been paid and there was no other evidence available on record against asse...

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ITAT allows tax relief of Rs. 5 crore to actor Shilpa Shetty

Shilpa Shetty Vs ACIT (ITAT Mumbai)

As the actor Shilpa Shetty was a brand ambassador for IPL team Rajasthan Royals, she was bound to render certain services without any charge to subsidiary company JIPL owned by holding company of her husband and assessee did not receive any consideration for the services rendered to JICPL, in the absence of any 'price', the provision of s...

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Addition u/s 68 was justified in respect of unexplained creditors shown as bogus

ITO Vs Sri Tadi Vasudeva Rao (ITAT Visakhapatnam)

AO was justified in making addition under section 68 of credit balance showing in assessees books of accounts against the Nil balance shown by the creditors in their books of accounts as on verification of the books of accounts of the creditor it was found that there was no balance outstanding against assessee and the same indicated that ...

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