Jagjeet Singh

Assessee held shares under investment in books, AO in absence of anything contrary can’t held investment as trading

Income Tax - In the case of Shri Vishal Dipak Shah Vs. Addl. CIT Mumbai Bench of ITAT held that Principle of Res judicata does not apply to the income-tax proceedings as each assessment year is a separate and self-contained assessment year. Therefore, the plea of the appellant that he should be allowed a relief on the same lines as he was allowed in t...

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No deduction u/s 54 is allowed where assessee has constructed a house prior to the date of transfer of original house

Income Tax - ACIT Vs. Sagar Nitin Parikh (ITAT Mumbai) In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which case, the assessee is not entitled to claim deduction u/s 54 of the Act in respect of the cost of new flat....

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Fee levied u/s 234E while processing TDS statement is beyond scope of adjustment provided u/s 200A

Income Tax - G. Indhirani Vs. DCIT (ITAT Chennai) The only issue arises for consideration is with regard to levy of fee under Section 234E of the Income-tax Act, 1961 while processing the statement furnished by the assessees under Section 200A of the Act which was held as unsustainable ...

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On voluntarily disclosure in response to notice u/s 153A before any detection by revenue, immunity from levy of penalty can’t be denied

DCIT Vs Deepak Chaudhary (ITAT Kolkata) - In the case of DCIT Vs. Deepak Chaudhary Kolkata Bench of ITAT have held that the assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under ap...

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No separate addition can be made when net profit is estimated by rejecting book results

Brahamanand Agarwal, Thekhedar Vs DCIT (ITAT Jaipur): ITA No. 338/JP/2013 - In the case of Brahamanand Agarwal, Thekhedar Vs. DCIT Jaipur Bench of ITAT have held that when net profit is estimated by AO by rejecting the book result U/s 145(3) of the Act, no separate addition can be made on account of cash creditor....

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Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2)

M/s. Cash Edge India (Pvt.) Ltd., Vs ITO, (ITAT Delhi) - In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT have held that transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) of the Act and, therefore, could not have been added back to the book profits under Section 115JB....

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Reassessment proceedings could not be declared as null and void where AO was prompted by correct information

ITO Vs M/S Jagdamba Optics Pvt. Ltd., (ITAT Delhi) - In the case of ITO Vs. M/S JAGDAMBA OPTICS PVT. LTD. Delhi Bench of ITAT have held that there was existence of correct information which prompted to the AO to proceed to issue notice u/s. 148 of and hence, the reassessment proceedings could not be declared as null and void....

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Penalty can be levied on unrecorded receipts, expenditure and investments declared by assessee pursuant to search

ACIT Vs Dr. Nitin Laxmikant Lad, (ITAT Pune) - In the case of ACIT Vs. Dr. Nitin Laxmikant Lad Pune Bench of ITAT have held that where assessee had furnished original return of income in which he had not declared its receipts from the profession, but pursuant to the search and seizure operation, certain incriminating documents were seized...

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Recent Posts in "Jagjeet Singh"

On voluntarily disclosure in response to notice u/s 153A before any detection by revenue, immunity from levy of penalty can’t be denied

DCIT Vs Deepak Chaudhary (ITAT Kolkata)

In the case of DCIT Vs. Deepak Chaudhary Kolkata Bench of ITAT have held that the assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under appeal....

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No separate addition can be made when net profit is estimated by rejecting book results

Brahamanand Agarwal, Thekhedar Vs DCIT (ITAT Jaipur): ITA No. 338/JP/2013

In the case of Brahamanand Agarwal, Thekhedar Vs. DCIT Jaipur Bench of ITAT have held that when net profit is estimated by AO by rejecting the book result U/s 145(3) of the Act, no separate addition can be made on account of cash creditor....

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Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2)

M/s. Cash Edge India (Pvt.) Ltd., Vs ITO, (ITAT Delhi)

In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT have held that transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) of the Act and, therefore, could not have been added back to the book profits under Section 115JB....

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Reassessment proceedings could not be declared as null and void where AO was prompted by correct information

ITO Vs M/S Jagdamba Optics Pvt. Ltd., (ITAT Delhi)

In the case of ITO Vs. M/S JAGDAMBA OPTICS PVT. LTD. Delhi Bench of ITAT have held that there was existence of correct information which prompted to the AO to proceed to issue notice u/s. 148 of and hence, the reassessment proceedings could not be declared as null and void....

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Penalty can be levied on unrecorded receipts, expenditure and investments declared by assessee pursuant to search

ACIT Vs Dr. Nitin Laxmikant Lad, (ITAT Pune)

In the case of ACIT Vs. Dr. Nitin Laxmikant Lad Pune Bench of ITAT have held that where assessee had furnished original return of income in which he had not declared its receipts from the profession, but pursuant to the search and seizure operation, certain incriminating documents were seized...

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Voluntarily surrender of income can’t escape penalty if assessee deliberately not shown unaccounted income in return

DCIT Vs M/s Sunrise Stock Services P.Ltd. (ITAT Chandigarh)

In the case of DCIT Vs. M/s Sunrise Stock Services P.Ltd. Chandigarh bench of ITAT reversed the order of CIT (A) who deleted the penalty made on estimation basis. It was allegation of AO that assessee voluntarily surrendered the addition and statement of the director was recorded....

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Lesser of loss brought forward or unabsorbed depreciation shall be reduced from net profit in computation of book profit- S. 115JB

M/s. Kailash Vahan Udyog Ltd. Vs DCIT (ITAT Pune)

In the case of M/s. Kailash Vahan Udyog Ltd. Vs. DCIT Pune Bench of ITAT have held that according to the provisions of section 115JB Explanation 1 Clause (iii) while computing book profit, the amount of loss brought forward (before depreciation) or unabsorbed depreciation...

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If business of comparable company & assessee remains unchanged from last year, the company can’t be held incomparable in current year

Eli Lilly & Co. (India) Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the case of Eli Lilly & Co. (India) Pvt. Ltd. Vs. ACIT Delhi bench of ITAT have held that as there is no change in the facts for the instant assessment year, the AO/DRP is directed to include EDCIL (the company excluded by TPO) in the final set of comparable companies....

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Diagnostic Labs to deduct TDS on discount given to hospitals/laboratories U/s. 194H

M/s DDRC SRL Diagnostic P Ltd. Vs ITO (ITAT Mumbai)

In the case of M/s DDRC SRL Diagnostic P Ltd. Vs. ITO Mumbai Bench of ITAT have held that If the hospitals/laboratories act as mere link between the assessee and patients, then the discount given by the assessee would definitely fall under the category of Commission liable for deduction u/s 194H of the Act. ...

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If assessee merely acted as a conduit without any right in money, no addition can be made u/s 69A

M/s Bhagwati Motors Vs ITO (ITAT Chandigarh)

In the case of M/s Bhagwati Motors Vs. ITO Chandigarh bench of ITAT have held that Assessee merely acted as a conduit without any right in money, therefore, no addition under section 69A of the Act could be made against the assessee....

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