Sri Joy Barman Vs. ITO (ITAT Kolkata) From the foregoing discussion we note that the addition has been made by the AO on account of unexplained money and cessation of liability on basis of lack of evidence. Though the assessee’s explanation in respect of the credit card transactions and cessation of liability in the absence […]
In ground No. 1 of the appeal, the assessee has challenged the initiation of proceedings u/s. 147 of the Act for deposition of cash of Rs. 1057000 in the saving bank account during the financial year 2006-07 based on AIR Information and not filing of return of income by the assessee.
Hon’ble Supreme Court in the case of M/s. Totagars Co-operative Sale Society Ltd. is binding on the revenue authority for the proposition that the interest income arising out of surplus fund invested in short term deposits and securities is the income from other sources.
Bhim Rao Ambedkar Educational Society Vs. CIT (Exemption) (Allahabad High Court) A categorical finding has been recorded that Society is not being run according to the objects, i.e., free health education and establishment of dental college without fee. He also pointed out that a Society if charging nominal fee to maintain its expenses etc., it […]
AO has treated the subscription of ICD as a loan which in our understanding is not a correct way to interpret an ICD, because it is a deposit made by the subscriber of the ICD issued by a company on a fixed rate of interest and hence it cannot be treated as a loan.
AO admitted that the entire amount which was added to income of assessee on protective basis was already assessed in the hands of the overseas companies on substantive basis
Sec. 2(22)(e) of the Income Tax Act, 1961 (the Act), is one such deeming provision that has remain point of litigation over various issues since its inception. One such issue is applicability of provisions of section 2(22)(e) when a shareholder is beneficial shareholder or registered shareholder.
On the facts and circumstances of the case in law, the Ld.CIT(A) erred in holding that the assessee is an agent of the Government of Maharashtra, without appreciating the facts that there is no evidence/documents substantiating that the Principal-Agent-Relationship exists between the assessee and the government of Maharashtra.
Kamla Devi Sharma Vs ITO (ITAT Jaipur) Non-issuance of notice under section 143(2) was not a procedural error which could have been corrected in the wake of deeming provisions of section 292BB. Thus, assessment completed under section 143(3) read with section 147 was quashed. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed […]
Income Tax Act, 1961, Section 139(1) Income Tax Act, 1961, Section 80 Return of income–Requirement to file return electronically–Return filed manually–Claim for set-off and carry forward of losses Conclusion: Simply because the assessee could not file the return electronically within the provisions of section 139(1), the benefit of set-off and carry forward of losses could not be denied for the reason that the assessee did file return of income manually within the due date specified under section 139(1).
