ITAT Judgments - Page 5

Interest on Unutilized Funds which could not be used in development of Port Terminal is Capital Receipt

M/s. Karanja Terminal & Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s. Karanja Terminal & Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai) Interest income received by the assessee from the FDRs/ICDs made out of funds are inextricably linked to the development of port terminal and other infrastructure at Karanja Creek which is yet to be completed and commissioned. We would like to add that the these [&helli...

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Addition for undisclosed stock not justified for mere difference in closing stock valuation

ACIT Vs National Cable Industries (ITAT Delhi)

Addition on account of undisclosed stock/ production is not justified where no physical discrepancy was found/detected by the survey team and excess value of stock was merely because of difference in valuation of closing stock...

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ITAT explains Provisions of Deemed transfer in case of JDA under Section 2(47)(v)

DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin)

DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) We have carefully perused the JDA entered between the assessee and the developer. As per the JDA (in page 3 para 4), the construction should have completed and the share of build up area marked for the assessee ought to have been handed over within 36 months of obtaining necessary […]...

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TDS cannot be imposed on payment made before amendment of law

DCIT (TDS) Vs M/s. Rediff. Com. India Ltd. (ITAT Mumbai)

Even though amendment was given a retrospective effect but by that time assessee had already done the transactions without complying section 194J for payment made towards data line charges, therefore, assessee could not be held to have violated the provisions of section 194J, because the law cannot possibly compel a person to do something...

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Provision for interest liability accrued but not provided in books is deductible

DCIT Vs Core Healthcare Ltd. (ITAT Ahmedabad)

Provision for interest liability which was accrued but not provided for in books of account would be deductible under section 36(1)(iii) of Income Tax Act, 1961....

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Addition pursuant to search operation on matter dealt during original assessment

D - Art Furniture Systems P. Ltd. Vs DCIT (ITAT Delhi)

As AO has not unearthed any incriminating during the course of search operation under section 132, so no addition could be made during the relevant assessment year under section 153A by reopening the assessment on the matter, which was already examined earlier during original asses...

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Notice issued by AO without specifying grounds of penalty is not valid

Smt. Jayalakshmi Vs ITO (ITAT Bangalore)

Where AO had issued the notice of penalty without specifying the grounds on which the same was imposed, imposition of penalty was unjustified, because this being a mandatory requirement could not be construed as a mere technical error....

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Section 54/54F: New residential house need not be purchased by assessee in his own name

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai)

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai) The provisions of section 54 of the Act are beneficial and are to be considered liberally for reasonable bonafide cause but investment in residential property is mandatory which is not in dispute in this case. The Assessing Officer was not justified in rejecting the case law relied on […]...

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Deduction U/s. 80P not allowable to Co-operative society if it provides Credit facility to other than members

ITO Vs M/s. Siddasiri Pattin Souharda Sahakari Niyamit (ITAT Bangaluru)

Where assessee-society was engaged in activity of finance business and was also engaged in activity of granting loans to general public as well, it could not be termed as co-operative society meant only for its members and providing credit facilities to its members, hence assessee was not entitled to deduction under section 80P....

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In case of Limited scrutiny AO cannot make additions or disallowances on other issues

Shri Vijay Kumar Vs ITO (ITAT Chandigarh)

Shri Vijay Kumar Vs ITO (ITAT Chandigarh) The main contention of the Ld. Counsel for the assessee is that the Assessing Officer while making the impugned additions has exceeded his jurisdiction. That the case of the assessee was selected for limited scrutiny issue i.e. regarding security transaction. The Assessing Officer could not find a...

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