Jagjeet Singh judiciary-2

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)

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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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 absence of exempt income disallowance u/s 14A not warranted

M/s Chhaganlal Khimji & Co. Vs ACIT (ITAT Mumbai)

In the case of M/s Chhaganlal Khimji & Co. Vs. ACIT Mumbai Bench of ITAT have held that that no disallowance can be made u/s.14A when there is no exempt income. ITAT relied upon the judgments of various courts in coming to the conclusion....

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Capital gain arises/accrued outside India can’t be clubbed in hands of NRI assessee

Shri Rajendra Pathak Vs ACIT (Int. Tax) (ITAT Jaipur)

In case of Shri Rajendra Pathak Vs. ACIT Jaipur Bench of ITAT have held that sale proceeds cannot be clubbed in the hands of the assessee as capital asset/capital gain arises/accrued outside India. Assessee got shares on the basis of work performance by his employe in London....

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ITAT remitted the matter to AO where no verification of documents filed under rule 46A was sought

ITO Vs Smt. Manjusha (ITAT Delhi)

The return of income was filed on 31.10.2005 at an income of Rs. 4,04,020/- for AY 2005-06. During the course of assessment proceedings, the AO took note of the fact that the assessee and his wife purchased property at front and rear side of portion at ground floor for a consideration of 40 Lakh each and 3,20,000 was paid as stamp duty o...

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In case of share capital identity, genuineness and creditworthiness of the cash creditor is to be proved by assessee

DCIT Vs M/s. Soni Hospital Pvt. Ltd. (ITAT Jaipur)

In the case of DCIT Vs. M/s. Soni Hospital Pvt. Ltd. Jaipur bench of ITAT have held that that in case of share capital, the creditworthiness along with genuineness of transaction, identity of person is also required to be proved by the assessee....

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