Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT
1 year ago

Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT

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On finding that AO as well as the CIT was not right in making/confirming the addition on account of unaccounted business income, the Ahmedabad ITAT deleted the addition made by AO under the Income Tax Act, 1961. In response to the said notice, the assessee did not file the required details as mentioned in the assessment order, but the assessee furnished the details and stated that income from share trading activity – both delivery based and non-delivery based – are shown in the profit and loss account of the assessee and all the said income form part of total income as disclosed by the assessee in his return of income for the period under consideration. The AO however made addition in respect of sale of VAS Infrastructure Ltd. and treated the same amount as unaccounted business income. The Bench noted that the AO has made the addition on account of unaccounted business income in respect of selling of the scrip 'VAS Infrastructure Ltd.', but in fact the assessee was majorly dealing with trading activities and that was not disputed at any point of time. The Bench also observed that from the perusal of purchase and selling of shares/scrip of VAS Infrastructure Ltd., the assessee has given all the details to the AO during the assessment proceedings, including the details of brokers, details of transactions, credit notes, D-mat account, transaction details which were not taken into account either by the AO or by the CIT.

Trading Income Bench Account Details Itat Assessee Unaccounted Business Income  income  cant  conferred  disputed  ao  addition  scrips  itat  vas  ahmedabad  details  observed  sale  account  notice  assessee  trading  unaccounted

History of this topic

Tax Annual Digest 2024: Part III
1 month, 3 weeks ago

Tax Annual Digest 2024: Part III

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Chewing Tobacco Packed In High-Density Polyethylene Bags Are 'Wholesale Package'; Cannot Be Taxed As Retail Product Under Excise Act : Supreme Court The Supreme Court recently held that pouches of chewing tobacco packed in High-Density Polyethylene bags would be considered a 'wholesale package' and could not be considered for imposing excise duty as per the provisions relating to retail sale …

If Assessee Produces Accounts, AO Must Be Satisfied That Accommodation Entries Exist Before Proceeding U/S 148 Of Income Tax Act: Delhi HC
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2 months, 1 week ago

If Assessee Produces Accounts, AO Must Be Satisfied That Accommodation Entries Exist Before Proceeding U/S 148 Of Income Tax Act: Delhi HC

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The Delhi High Court has held that an Assessing Officer is required to be satisfied that accommodation entries as alleged in show cause notice under Section 148A of the Income Tax Act 1961 exist, particularly where the assessee produces its accounts. Clearly, the AO is required to be satisfied that such entries exists particularly where the petitioner had produced its …

Uploading Information On Insight Portal Not A Substitute For Handing Over Material To AO For Non-Searched Entity U/S 153C Of IT Act: Delhi HC
2 months, 2 weeks ago

Uploading Information On Insight Portal Not A Substitute For Handing Over Material To AO For Non-Searched Entity U/S 153C Of IT Act: Delhi HC

Live Law  

The Delhi High Court has held that the provision under Section 153C of the Income Tax Act, 1961 for the Assessing officer of a searched person to record 'satisfaction' and handover documents regarding undisclosed income of another person cannot be substituted by merely uploading such information on the Department's insight portal. A division bench of Acting Chief Justice Vibhu Bakhru …

Income From Capital Gains On Certain Assets Which Are Excluded U/S 10(38) Of IT Act Must Be Included While Computing Book Profits: Delhi HC
2 months, 3 weeks ago

Income From Capital Gains On Certain Assets Which Are Excluded U/S 10(38) Of IT Act Must Be Included While Computing Book Profits: Delhi HC

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The Delhi High Court held that proviso to Sec 10 cannot be read in reverse to mean that if gains are not included as book profits u/s 115JB, the same are liable to be included as income for purposes of assessment to tax under the normal provisions. The Division Bench of Acting Chief Justice Vibhu Bakhru and Justice Swarana Kanta …

AO Cannot Assess 'Other Incomes' If No Addition Is Made On Account Of 'Reasons' For Which Reassessment U/S 147 Of IT Act Was Initiated: Delhi HC
3 months, 3 weeks ago

AO Cannot Assess 'Other Incomes' If No Addition Is Made On Account Of 'Reasons' For Which Reassessment U/S 147 Of IT Act Was Initiated: Delhi HC

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The Delhi High Court has made it clear that an Assessing Officer cannot assess other incomes of an Assessee in a case where no addition is made on account of the “reasons” for which reassessment under Section 147 of the Income Tax Act, 1961 was initiated. Section 147 empowers the AO to assess or reassess income and also any other …

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC
4 months, 2 weeks ago

Mistake On Part Of AO Resulting In Under Assessment Of Income No Ground To Re-Open Assessment U/S 147 Of Income Tax Act: Delhi HC

Live Law  

The Delhi High Court has made it clear that once scrutiny assessment is held under Section 143 of the Income Tax Act but due to a mistake of the Assessing Officer there is under assessment of income, reopening assessment under Section 147 of the Income Tax Act, 1961 is not permissible. At the outset, the High Court observed that escapement …

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT
7 months ago

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT

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The Chennai bench of Income Tax Appellate Tribunal has held that the income tax deduction allowable to interest income 'attributable' to cottage industry business.The bench of S.S. Viswanethra Ravi and S. R. Raghunatha has observed that the assessee is a 'cottage industry' and the interest income earned by the assessee is in its regular course of. The Chennai bench of …

ITAT Weekly Round-Up: 11 To 17 August 2024
7 months ago

ITAT Weekly Round-Up: 11 To 17 August 2024

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ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust Case Title: Legal Initiative For Forest And Environment Versus PCIT The Delhi Bench of Income Tax Appellate Tribunal has dismissed the stay application filed by assessee-LIFE Trust against the withdrawal/cancellation of registration for exemption granted under section 12A/12AA/12AB from FY 2013-14 onwards. ITAT Allows …

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT
7 months, 1 week ago

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT

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The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing.The bench of Anikesh Banerjee and B.R. The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing. The AO …

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition
9 months, 3 weeks ago

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition

Live Law  

The Ahmedabad Bench of Income Tax Appellate Tribunal has deleted the addition made by the department as the cash deposits made from the assessee's parents accumulated savings and income from agricultural activities.The bench of Suchitra Kamble and Makarand V. Mahadeokar has observed that when the assessee provides a plausible explanation supported. The Ahmedabad Bench of Income Tax Appellate Tribunal has …

AO Can't Draw An Adverse Inference For Mere Non-Response From Directors To Notices: Calcutta High Court
10 months, 1 week ago

AO Can't Draw An Adverse Inference For Mere Non-Response From Directors To Notices: Calcutta High Court

Live Law  

The Calcutta High Court, while deciding whether the addition made under Section 68 of the Income Tax Act, 1961, was justified or not, held that only because the directors failed to respond to the notices issued, the Assessing Officer could draw an adverse inference.The bench of Chief Justice T.S. The Calcutta High Court, while deciding whether the addition made under …

Ascertained Liability Can't Be Added Back As Per Clause (C) Of Explanation-1 To Sec 115JB(2): Mumbai ITAT
10 months, 3 weeks ago

Ascertained Liability Can't Be Added Back As Per Clause (C) Of Explanation-1 To Sec 115JB(2): Mumbai ITAT

Live Law  

On finding that the liability of payment to Core SGF by the assessee is ascertained, the Mumbai ITAT held that it cannot be added back as per clause of Explanation-1 to section 115JB of the Income Tax Act. The Bench of the ITAT comprising of Aby T. Varkey and S Rifaur Rahman observed that “in assessee's own case for AY …

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024
11 months, 2 weeks ago

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Case Title: Zila Parisad verses Addl. Case Title: Kishorkumar Bhalara verses The Principal Commissioner of Income Tax On finding that the PCIT has held the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue simply based on incorrect assumption of facts, the Rajkot ITAT directed to set aside the order passed u/s 263 of …

Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT
1 year ago

Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT

Live Law  

On finding that the CIT has not rebutted the contention that the assessee was dealing in share investment and not in the business activities, the Jaipur ITAT deleted the penalty imposed u/s 271A of the Income Tax Act. The Bench comprising of Sandep Gosain and Dr. M. L. Meena observed that, “when the assessee has filed a return on account …

Advance Filing Of Form 10B Along With I-T Return Is Not Mandatory Requirement For Claiming Exemption U/s 11 & 12: Ahmedabad ITAT
1 year ago

Advance Filing Of Form 10B Along With I-T Return Is Not Mandatory Requirement For Claiming Exemption U/s 11 & 12: Ahmedabad ITAT

Live Law  

Referring to the decision in case of Association of Indian Panel board Manufacturer v Deputy Commissioner of Income Tax 157 taxmann.com 550, the Ahmedabad ITAT reiterated that filing of Form 10B along with the return of income is only a procedural requirement and cannot be treated as mandatory requirement for the purpose of claiming exemption u/s 11 & 12 of …

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024
1 year, 1 month ago

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024

Live Law  

Bombay High Court HSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court Case Title: Commissioner of Income Tax Versus M/s. Case Title: Vodafone India Services Pvt Ltd verses DCIT Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that …

Investments Made Through Banking Channels Can't Be Disbelieved, Onus On Revenue To Prove Otherwise: Allahabad HC
1 year, 3 months ago

Investments Made Through Banking Channels Can't Be Disbelieved, Onus On Revenue To Prove Otherwise: Allahabad HC

Live Law  

Recently, the Allahabad High Court held that investments made through banking channels and show in regular returns cannot be disbelieved unless proven otherwise by the department. The bench comprising of Justice Saumitra Dayal Singh and Justice Shiv Shanker Prasad held there was “no room” to disbelieve investments made in the assesee company if they have been made through banking channels …

ITAT Deletes Income Tax Addition Of Rs.2.30 Crores As AO Failed To Mention Investment Outside The Books Of Accounts
1 year, 4 months ago

ITAT Deletes Income Tax Addition Of Rs.2.30 Crores As AO Failed To Mention Investment Outside The Books Of Accounts

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has deleted the income tax addition of Rs. 2.30 crores as the Assessing Officer did not mention any investment outside the books of accounts.The bench of Astha Chandra and N. K. Billaiya has observed that the assessee has explained the investment duly reflected in its bank statement, and. The bench of Astha …

Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT
1 year, 6 months ago

Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that assessment invalid on account of a mechanical non-speaking approval under Section 153D of the Income Tax Act.The bench of Kuldip Singh and S. Rifaur Rahman has observed that the assessing officer has passed a draft assessment order making huge additions, and such huge additions. The Mumbai Bench of …

AO Unclear whether The Notice Is Issued To An Individual Or A Corporate Entity: Delhi High Court Quashes Reassessment Notice
1 year, 8 months ago

AO Unclear whether The Notice Is Issued To An Individual Or A Corporate Entity: Delhi High Court Quashes Reassessment Notice

Live Law  

The Delhi High Court has quashed the reassessment notice for non-application of mind by the department.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has directed the AO to recommence the proceeding if deemed necessary after gathering the relevant material that would show that income chargeable to tax has escaped assessment by the petitioner.The petitioner has challenged. The Delhi …

Income Derived From Sale Of Agricultural Land Is Not A Capital Asset: ITAT
1 year, 9 months ago

Income Derived From Sale Of Agricultural Land Is Not A Capital Asset: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that income derived from the sale of agricultural land is not a capital asset.The bench of Saktijit Dey and M. Balaganesh has observed that income tax is not payable on the income derived from the sale of agricultural land.A search and seizure operation was conducted in the case of. …

Additions Can’t Be Made In Absence Of Incriminating Material: ITAT Deletes Income Tax Addition
1 year, 9 months ago

Additions Can’t Be Made In Absence Of Incriminating Material: ITAT Deletes Income Tax Addition

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the additions could not have been made in the absence of any incriminating material.The bench of Kavitha Rajagopal and B.R. Baskaran observed that the additions made by the Assessing Officer under Section 68 of the Act towards the sale of shares and also estimated. The Mumbai Bench of …

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT
1 year, 10 months ago

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that an AO cannot make additions merely on the basis of a statement without corroborating it with any other material.The bench of Pavan Kumar Gadale and B.R. Baskaran has observed that the AO has assessed entire cash receipts as income of the assessee without examining the nature of. The …

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023
1 year, 10 months ago

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023

Live Law  

Supreme Court Case Title: Heinz India Limited v The State of Kerala Citation: 2023 LiveLaw 411 The Supreme Court Bench has held that prickly heat powders fall under the category of ‘medicated talcum powder’ and not ‘medicine’ for the purpose of sales tax under Kerala General Sales Tax Act, 1963. Chhattisgarh High Court Case Title: M/s Nava Raipur Atal Nangar …

There Cannot Be Any Addition Of The Regular Items Which Were Disclosed By The Assessee In The Regular Books Of Accounts: ITAT
1 year, 10 months ago

There Cannot Be Any Addition Of The Regular Items Which Were Disclosed By The Assessee In The Regular Books Of Accounts: ITAT

Live Law  

The Ahmedabad Bench of the Income Tax Appellate Tribunal has held that there cannot be any addition of the regular items that were disclosed by the assessee in the regular books of accounts.The bench of Madhumita Roy and Waseem Ahmed has observed that the completed assessment cannot be disturbed in the absence of any incriminating material. The Ahmedabad Bench of …

Without Corroborating Evidence, Addition Can’t Be Made On The Basis Of A Declaration Made U/s 132(4) Of The Income Tax Act: ITAT
1 year, 11 months ago

Without Corroborating Evidence, Addition Can’t Be Made On The Basis Of A Declaration Made U/s 132(4) Of The Income Tax Act: ITAT

Live Law  

The Guwahati Bench of the Income Tax Appellate Tribunal has held that without corroborating evidence, an addition ought not to be made on the basis of a declaration made under Section 132 of the Income Tax Act.The bench of Rajpal Yadav and Manish Borad has observed that apart from the disclosure statement, no other document is being referred to. The …

No Reason For AO To Believe Income Chargeable To Tax Escaped Assessment: Bombay High Court
2 years, 1 month ago

No Reason For AO To Believe Income Chargeable To Tax Escaped Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that the development agreement permitted construction on the land only as a licensee, which did not have the effect of transmitting possession in favor of the licensee as per Section 53A of the Transfer of Property Act.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that there was neither …

Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT
2 years, 1 month ago

Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that the disallowance under Section 14A of the Income Tax Act is not warranted if no exempt income is earned.The two-member bench of Anubhav Sharma and Anil Chaturvedi has observed that Section 14A envisages that there should be actual receipt of income, and hence Section 14A of the Act. …

Claim That Investment In Shares Was A Capital Account Transaction, Non-Application Of Mind By AO: Delhi High Court Quashes Reassessment Notice
2 years, 1 month ago

Claim That Investment In Shares Was A Capital Account Transaction, Non-Application Of Mind By AO: Delhi High Court Quashes Reassessment Notice

Live Law  

The Delhi High Court has quashed the reassessment notice as the AO failed to apply his mind as to whether an investment in shares was a capital account transaction.The division bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that the principal allegation against the assessee is that it purchased shares of an Indian company and that …

Tax Cases Weekly Round-Up: 04 December To 10 December 2022
2 years, 3 months ago

Tax Cases Weekly Round-Up: 04 December To 10 December 2022

Live Law  

Supreme Court Case Title: State of Jharkhand and others Versus Linde India Limited and Another The Supreme Court has held that the main function of oxygen in manufacturing steel is to reduce the carbon content; therefore, it can be considered a refining agent but not a raw material, so the concessional rate of sales tax is not available on oxygen. …

Sale Of Scrap By Trader, Not Engaged In Any Manufacturing Activity, Will Also Attract TCS: ITAT
2 years, 4 months ago

Sale Of Scrap By Trader, Not Engaged In Any Manufacturing Activity, Will Also Attract TCS: ITAT

Live Law  

The Ahmedabad Bench of the Income Tax Appellate Tribunal has ruled that sale of scrap by a trader, who is not engaged in any manufacturing activity from which the scrap arose, will also attract TCS. A show-cause notice was issued to the assessee- Umeshkumar Harilal Shah, proposing to pass an order under Section 206C/206C of the Income Tax Act, 1961, …

Agricultural Land Cultivated Only For A Few Days: ITAT Allows Exemption
2 years, 6 months ago

Agricultural Land Cultivated Only For A Few Days: ITAT Allows Exemption

Live Law  

The Pune Bench of the Income Tax Appellate Tribunal has allowed the income tax exemption under Section 54B even when the land was cultivated only for a few days during the relevant years.The two-member bench of S.S. Vishwanethra Ravi and Inturi Rama Rao has observed that part of the land could not be used for agricultural purposes but grass was. …

Amendment To Section 36(1)(va) Of Income Tax Act Is Prospective In Nature: Delhi High Court
2 years, 7 months ago

Amendment To Section 36(1)(va) Of Income Tax Act Is Prospective In Nature: Delhi High Court

Live Law  

The Delhi High Court has allowed the assessee- TV Today Network Ltd.'s claims for deduction of expenses in nature of 'consumption incentive' offered to the advertisers for booking more The Bench, consisting of Justices Manmohan and Manmeet Pritam Singh Arora, reiterated that the 'due date', in case of delay by the assessee in depositing the employees' contribution to Provident Fund …

Purchase Of New House Without NOC From AO Within 2 years: ITAT Allows Capital Gain Exemption
2 years, 7 months ago

Purchase Of New House Without NOC From AO Within 2 years: ITAT Allows Capital Gain Exemption

Live Law  

The Income Tax Appellate Tribunal, Delhi Bench has held that the capital gain exemption is allowable even when the amount invested in a capital gain account is utilised for the purchase of a new house without a NOC from AO within 2 years. The assessee has derived income from house property, capital gains, and income from other sources. The AO …

Explanation To Section 14A Of Income Tax Act Will Not Apply Retrospectively: Delhi High Court
2 years, 8 months ago

Explanation To Section 14A Of Income Tax Act Will Not Apply Retrospectively: Delhi High Court

Live Law  

The Delhi High Court has ruled that the Explanation to Section 14A of the Income Tax Act, 1961, added vide the Finance Act, 2022, cannot be presumed to be retrospective in nature since it is clarificatory in nature and alters the law as it stood earlier. The revenue department submitted before the High Court that the ITAT had relied on …

AO Failed To Consider Genuine Purchases And Sales Entered In The Books Of Account: Himachal Pradesh High Court Deletes Addition
2 years, 9 months ago

AO Failed To Consider Genuine Purchases And Sales Entered In The Books Of Account: Himachal Pradesh High Court Deletes Addition

Live Law  

The Himachal Pradesh High Court bench of Justice Sabina and Justice Satyen Vaidya has deleted the addition on the grounds that the Assessing Officer has failed to consider genuine purchases and sales entered in the books of account. The Assessing Officer had prepared the trading account, the gross profit of the assessee came out against the sales, and, as a …

Loss From Trading In Commodity Derivatives Non-Speculative In Nature, Can Be Set Off Against Regular Business Income: ITAT Lucknow
2 years, 9 months ago

Loss From Trading In Commodity Derivatives Non-Speculative In Nature, Can Be Set Off Against Regular Business Income: ITAT Lucknow

Live Law  

The Lucknow Bench of ITAT has ruled that trading in commodity derivatives, that satisfies the requirements of Clause of the first proviso to Section 43 of the ITAT, 1961, is non-speculative in nature, and thus the loss arising from it can be set off against the regular business income. The Assessee submitted that the loss incurred by it in derivatives …

Additions Cannot Be Made To Assessee's Income On Basis Of Document Declared By The CESTAT As 'Dumb Document': Ahmedabad ITAT
2 years, 10 months ago

Additions Cannot Be Made To Assessee's Income On Basis Of Document Declared By The CESTAT As 'Dumb Document': Ahmedabad ITAT

Live Law  

The Ahmedabad Bench of ITAT has ruled that additions cannot be made to assessee's taxable income under the Income Tax Act, 1961 on the basis of documents that are declared as 'dumb documents' by the CESTAT in the service tax proceedings before it. The Assessee Rajesh Sajjanraj Bafna submitted before the ITAT that additions were made by the authorities on …

Remuneration From Partnership Not 'Gross Receipt' For Purpose Of Audit Under Section 44AB Of Income Tax Act: Bombay High Court
2 years, 11 months ago

Remuneration From Partnership Not 'Gross Receipt' For Purpose Of Audit Under Section 44AB Of Income Tax Act: Bombay High Court

Live Law  

The Bombay High Court has ruled that remuneration received from partnership firm cannot be treated as gross receipt in profession for the purpose of compulsory audit under Section 44AB of the Income Tax Act, 1961. The counsel for the Assessee Perizad Zorabian Irani submitted before the High Court that the remuneration received by the Assessee as a partner could not …

LTCG On Penny Stock Transaction Cannot Be Denied Exemption In Absence Of Incriminating Material: ITAT Mumbai
3 years ago

LTCG On Penny Stock Transaction Cannot Be Denied Exemption In Absence Of Incriminating Material: ITAT Mumbai

Live Law  

The Mumbai Bench of ITAT, consisting of members Rahul Chaudhary and Shamim Yahya, has ruled that long term capital gains arising from a penny stock transaction cannot be denied exemption under the Income Tax Act, 1961 on the ground that the said transaction is bogus and pre-arranged in the absence of any incriminating material. The AO therefore had made additions …

AO's claim That The Assessee Is Only Into Job Work And Not Manufacturing Rejected, Deduction Allowed By ITAT Delhi
3 years ago

AO's claim That The Assessee Is Only Into Job Work And Not Manufacturing Rejected, Deduction Allowed By ITAT Delhi

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal while allowing the deduction under Income Tax Act has rejected the claim of AO that the assessee is only into job work and not manufacturing. The assessee electronically filed its return of income, declaring nil income after claiming a deduction under section 80IC of the Income Tax Act. During the course …

ITAT dismisses ₹152 crore undisclosed income addition on Flipkart founders
4 years, 6 months ago

ITAT dismisses ₹152 crore undisclosed income addition on Flipkart founders

Live Mint  

The Bangalore Income Tax Appellate Tribunal on Thursday dismissed an income tax appeal of adding ₹152 crore of undisclosed on Flipkart founders’ when they exited ‘UrbanTouch.com’ in 2012. The income tax department in the assessment year 2013-14 had alleged that the founders of Flipkart had received an amount of USD 30 million as proceeds for sale of urbantouch.com and had …

Relief For Harish Salve As ITAT Says Deferral Of Depreciation Allowance Doesn’t Result In Concealment Of Income [Read Order]
7 years, 6 months ago

Relief For Harish Salve As ITAT Says Deferral Of Depreciation Allowance Doesn’t Result In Concealment Of Income [Read Order]

Live Law  

Deferral of depreciation allowance does not result into any concealment of income or furnishing of any inaccurate particulars, the Income Tax Appellate Tribunal has held while setting aside the penalty imposed on eminent lawyer Harish Salve for alleged concealment of income as it said his tax payments running into crores show his intention to be “tax compliant”.A bench of HS …

Relief For Harish Salve As ITAT Says Deferral Of Depreciation Allowance Doesn’t Result In Concealment Of Income [Read Order]
7 years, 6 months ago

Relief For Harish Salve As ITAT Says Deferral Of Depreciation Allowance Doesn’t Result In Concealment Of Income [Read Order]

Live Law  

Deferral of depreciation allowance does not result into any concealment of income or furnishing of any inaccurate particulars, the Income Tax Appellate Tribunal has held while setting aside the penalty imposed on eminent lawyer Harish Salve for alleged concealment of income as it said his tax payments running into crores show his intention to be “tax compliant”.A bench of HS …

Waiver Of Interest To Be Treated As Income In Hands Of Assessee: Says SC In An Amalgamation Matter [Read Judgment]
7 years, 11 months ago

Waiver Of Interest To Be Treated As Income In Hands Of Assessee: Says SC In An Amalgamation Matter [Read Judgment]

Live Law  

When the assessee is allowed the benefit of the accumulated losses, while computing those loses, the income which accrued to it had to be adjusted and only thereafter net losses could have been allowed to be set off by the assessee company, said the Bench.Supreme Court of India in M/s McDowell v. CIT Karnataka held that to ascertain the actual …

Waiver Of Interest To Be Treated As Income In Hands Of Assessee: Says SC In An Amalgamation Matter [Read Judgment]
7 years, 11 months ago

Waiver Of Interest To Be Treated As Income In Hands Of Assessee: Says SC In An Amalgamation Matter [Read Judgment]

Live Law  

When the assessee is allowed the benefit of the accumulated losses, while computing those loses, the income which accrued to it had to be adjusted and only thereafter net losses could have been allowed to be set off by the assessee company, said the Bench.Supreme Court of India in M/s McDowell v. CIT Karnataka held that to ascertain the actual …

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