section 143(3) - Page 4

Assessment order passed without mentioning of DIN was invalid and should be deemed to have never been passed

Rhone Associates Pvt Ltd Vs ACIT (ITAT Delhi)

Since there was no DIN mentioned in the assessment order which was contrary to the CBDT Circular No.19/2019 dated 14th August 2019, therefore, the jurisdiction assumed was invalid as generation of DIN subsequently and generation of intimation to be sent to assessee were of no consequence for the purpose of assessment and raising the deman...

No Section 80P deduction on insurance activities as not fall under Banking business

Indur Intideepam Producers MA Cooperative Societies Federation Limited Vs ITO (ITAT Hyderabad)

Deduction claimed by assessee in return of income which was directly relatable to the insurance activities, as it did not fall under section 80P(2) i.e., Insurance activities....

Commission @2% of accommodation entries is as per prevailing market rate and hence sustainable

OPG Securities Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held that commission taxed @2% of the amount of accommodation entries provided by the assessee has not been made on ad hoc basis, however, the same is as per prevailing market rate. Accordingly, the addition is sustained....

ITAT Confirms Section 68 Addition due to Unproven Creditor Creditworthiness

Prestigious Enterprises Pvt. Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi confirms addition u/s 68 of Income Tax Act due to the failure to prove creditor creditworthiness & transaction genuineness in Prestigious Enterprises Pvt. Ltd vs. ACIT....

Reassessment without due application of mind by AO was invalid

Shashi Mohan Garg Vs ITO (Delhi High Court)

Re assessment notice issued under section 148 solely on basis of information received from the Kolkata Investigation Directorate that certain persons, who were based in Kolkata, had incorporated shell companies....

No Section 194H TDS deductible on Trade Discount Retained by Ad Agencies

PCIT Vs Optimal Media Solutions Ltd (Delhi High Court)

Delhi High Court's judgment in PCIT vs. Optimal Media Solutions Ltd. for AY 2009-10 clarifies that retention by advertising agencies is trade discount, not subject to TDS under section 194H....

Co-op Societies Eligible for Section 80P Deduction on Interest from Co-op Banks

Navrang Basant Co-operative Housing Society Limited Vs ITO (ITAT Mumbai)

In a recent ITAT Mumbai case, the deduction of interest income under Section 80P for a cooperative housing society was upheld, clarifying eligibility for cooperative societies....

ITAT Delhi dismisses reopening as same was based on change of opinion

ITO Vs Sant Singh (ITAT Delhi)

Read the detailed analysis of the ITAT Delhi's decision to dismiss a reopening based on a change of opinion in the case of ITO Vs Sant Singh....

Addition u/s 68 unsustainable as documentary evidences furnished not proved to be defective

DCIT Vs Jayesh R. Thakkar (ITAT Ahmedabad)

ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act rightly deleted by CIT(A) as documentary evidences proving identity, creditworthiness of the parties and genuineness of the transaction were not proved to be defective by revenue....

ITAT Upholds Addition on LTCG Under Section 50C for Unregistered Deeds

Hari Mittar Yadav Vs ITO (ITAT Mumbai)

ITAT Mumbai decision in Hari Mittar Yadav vs. ITO: Confirmation of addition on LTCG under Section 50C based on unregistered deeds entered on judicial stamp papers....

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