ITAT Judgments - Page 5

No Penalty for Non-enclosure of audit report along with ITR in absence of such requirement

Sai Prasanthi Realtors & Sai Eswar Real Estates & Developers Vs Dy. CIT (ITAT Hyderabad)

ITAT Hyderabad held in the case of Sai Prasanthi Realtors & Sai Eswar Real Estates & Developers v. Dy. CIT that if assessee has obtained audit report before due date, but did not enclose audit report along with return of income due to CBDT instructions in this regard then, imposition of penalty under section 271B […]...

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Additional grounds with evidences admitted by Tribunal for the sake of justice

Nivea India Private Ltd Vs DCIT (ITAT Mumbai)

The learned AR argued the assessee was entitled to raise additional ground of appeal before the Tribunal, even though the claim had not been made either before Income-tax Officer/AO or the First Appellate Authority. It was further argued that the additional ground of appeal raised by assessee was purely legal in nature....

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Addition for peak balance of bogus purchases not sustainable if AO not disputed genuineness of sales, Stock Register

Asst. CIT 19(3) Vs. M/s. Steel Line (India) (ITAT Mumbai)

Bogus Purchases: If the AO has not disputed the genuineness of sales and the quantitative details and the day to day stock register maintained by the assessee, a trader, he cannot make an addition in respect of peak balance of the bogus purchases. He can only determine the element of profit embedded in the bogus purchases. On facts, the a...

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Expense on Sponsoring Tours of doctors by Pharma Companies is not allowable

DCIT Vs. M/s. Ochoa Laboratories Ltd. (ITAT Delhi)

 These three appeals of the Revenue and two cross objection of the assessee, are directed against separate orders of the Commissioner of Income-tax (Appeals), New Delhi (in short the ‘CIT-(A)’]. In assessment years 2006-07, the assessee has not filed cross objection against the appeal of the Revenue, however, in assessment years 2007...

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Assessee allowed Deduction U/s. 54 depsite non completion of construction within 3 years

Kannan Chandrasekar Vs ITO (ITAT Chennai)

This appeal of the assessee is directed against the order of the Commissioner (Appeals)-4, Chennai dated 19-8-2016 pertaining to assessment year 2012-13. 2. The only grievance in this appeal of assessee is non-granting of exemption under section 54 of the Act in respect of sale of the residential property....

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Sec. 54 ITAT allows capital gain exemption despite investment in Term Deposit A/c Instead of Capital Gain Scheme A/c

Sri Ajeet Kumar Jaiswal Vs. ITO (ITAT Hyderabad)

The Income Tax Appellate Tribunal (ITAT), Hyderabad held that exemption under section 54(2) of the Income Tax Act, 1961 cannot be denied to the assesse for the mere reason that the assesse has invested the capital gain in a normal term deposit account instead of Capital Gain Scheme account....

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There can be no tax liability without the authority of law : ITAT Mumbai

Nivea India Private Ltd Vs DCIT (ITAT Mumbai)

This appeal by assessee u/s 253 of Income Tax Act (the Act) is directed against the order of ld. Commissioner of Income-tax (Appeals)-15, Mumbai dated 16.10.2012 for Assessment Year 2007-08. The assessee has raised the following grounds of appeal...

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Penalty cannot be levied for difference in Income with form 26AS due to TDS deduction on Service Tax Component

M/s. Bhayana Builders Pvt. Vs The DCIT (ITAT Delhi)

Since the difference is reconciled at the penalty stage and claim of assessee have not been doubted or rejected, therefore, Ld. CIT(A) was not justified in confirming the levy of penalty merely because assessee conceded for addition of the amount in question. ...

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No interest can be charged u/s 201(1A) when there is no tax liability

Manne Rajesh Kumar Vs DCIT (ITAT Bangalore)

In the instant case, the deductee has filed the return of income on 14.12.2012 and the long term capital gains resulted into capital loss which resulted into nil demand. According to the assessee, there was no tax payable by the deductee on the transaction of sale of immovable property. When there is no tax payable by the deductee on sale...

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Loss on Mutual Fund sale is Business Loss for assessee engaged in share trading business

M/s. Cosmos International Ltd. Vs ITO (ITAT Delhi)

Assessee is engaged in the business of trading in securities and shares. In the year under consideration the assessee suffered a loss of Rs. 29,82,952/- on the sale of Mutual Fund which was held as stock in trade and as such claimed as business loss. The issue in this case is whether the amount of Rs 29,82,952/- on account of loss on sale...

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