ITAT Judgments - Page 4

In granting approval to case manually selected for scrutiny CIT is required to show application of mind

M/s Brothers & Sisters Enterprise Vs JCIT (ITAT Kolkata)

1. The argument of the assessee in this case is that the selection for scrutiny of this case manually done by the Assessing Officer is bad in law and that the Commissioner of Income Tax has granted approval for selection of this case for scrutiny by the AO without application of mind. Ld. Counsel for […]...

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Additional depreciation cannot be claimed on Machinery used during earlier years

M/s. CRI Pumps (P) Ltd. Vs ACIT (ITAT Chennai)

First requirement to claim of additional depreciation is that there should a new machinery or plant. A machinery is new till it is first put to use. Once it is used, it is no longer a new machinery. Admittedly, the machinery, on which additional depreciation has been claimed, was already used in various preceding previous […]...

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Interest on delayed Service Tax & TDS payment is allowable expense

DCIT Vs M/s Narayani Ispat Pvt. Ltd. (ITAT Kolkata)

This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-XX, Kolkata dated 28.08.2014. Assessment was framed by ACIT, Range-3, Kolkata u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act) vide his order dated 11.01.2013 for assessment year 2007-08. The grounds raised by the Re...

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Brokerage, electricity, legal expenses not allowable in calculation of House Property Income

Ranjeet D Vaswani Vs The. ACIT-12(3) (ITAT Mumbai)

While calculating annual rental value for Income from House Property,  expenses like brokerage, electricity expenses, legal expenses and bank charges would not be allowed as permissible expenditures as these expenses are not covered under sections 23 and 24 of Income Tax Act, 1961 as permissible expenditure. Full Text of the ITAT Order i...

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No Capital Gain Tax on Income from Compulsory Acquisition of Agricultural Land

Anil Plantations Pvt. Ltd. Vs Pr. C.I.T. (ITAT Kolkata)

The Assessee is a company. It is engaged in the business of growing and manufacturing and selling of tea. The assessee’ s tea estate is located at Harishnagar Tea Estate, P.O.Harishnagar via Bhishalgarh Vill.Gokul Nagar District Sepahijala, Tripura West – 799102. During the previous year a portion of the assessee’s tea plantation co...

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Ad hoc disallowance without rejection of books of account is not sustainable

Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)

This is an appeal filed by the assessee against the order of Ld. CIT(A)-6, Kolkata dated 13.01.2017 for AY 2011-12. The first issue raised by the assessee is against the action of the Ld. CIT(A) in confirming the addition of Rs.10,747/- which was made by the AO as donation and subscription account....

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Power of Attorney Holder cannot be assessed for Capital Gain

Shri Gyan Chand Agarwal Vs. The Addl. CIT (ITAT Jaipur)

Power of attorney is not an instrument of transfer in regard to any right, title or interest in any immovable property. The power of attorney is a creation of an agency whereby the grantor authorizes the grantee to do acts specified therein, on behalf of grantor, which when executed will be binding on the grantor […]...

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ITAT Section 54EC exemption for Investing in REC Bonds of Rs.50 Lakh each in 2 Financial Years for A.Y. prior to 2015-16

Asst. C.I.T Vs Shri Upendra C. Parekh (ITAT Mumbai)

Government only intended to restrict the investment in a particular financial year and accordingly has fixed the limit of Rs. 50,00,000/- as permissible limit in a particular financial year. The Government did not intend to restrict the maximum amount of exemption permissible under Section 54EC....

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Section 11 exemption cannot be denied for receipt of fees from non-members

DCIT (E) Vs. PHD Chamber Of Commerce And Industry (ITAT Delhi)

Assessee is an association of professional and businessman to protect and promote the interest of its members. The income of the assessee is from membership fees from its members, specialized services, services and facilities, meetings, seminars and training programmes, sale of publication etc. It is also noted that the income of the asse...

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TDS not deductible on loss on subscription to chit

Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)

In this case AO has made addition merely on the basis of ledger extract filed by the assessee on the assumption that the said payments are interest payments which attracts TDS under the provisions of section 194A of the Act, without conducting further inquiries in the background of the assessee’s claim that the said payments […]...

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