The Delhi Bench of Income Tax Appellate Tribunal has held that the computation of six assessment years for search assessments under Section 153C of the Income Tax Act starts from the date of receiving seized documents.The bench of Saktijit Dey and Naveen Chandra has relied on the decision of the Supreme Court in the case of CIT vs. Jasjit Singh,. …
On finding that assessee had made bona fide mistakes in the computation of its total income while filing its original return, which were later corrected by filing revised computation during assessment proceedings, the Mumbai ITAT deleted the penalty levied u/s 271 of the Income Tax Act. The Bench of the ITAT comprising of Sandeep Singh Karhail and Prashant Maharishi observed …
The Mumbai ITAT ruled that the date of the agreement by no stretch of imagination could be the date of sale of the shares by the assessee to the purchaser, for purpose of computation of capital gains. The assessee had shown capital gain on sale of shares as long-term capital gain as date of acquisition of shares and date of …
The Mumbai Bench of Income Tax Appellate Tribunal has directed the ALP Computation Towards Guarantee Commission at a rate of 0.3523% in the case of Macrotech Developers.The bench of Kuldip Singh and Padmavathy S. has observed that the rate of guarantee commission is required to be determined on the basis of the credit rating of the issuer company. The Mumbai …
The Kolkata Bench of the Income Tax Appellate Tribunal, consisting of Aby T Varkey and Girish Agarwal, has directed the assessing officer to allow the depreciation on molasses tanks by making the correct computation of new assets. The CIT, in respect of the claim of depreciation on the molasses tank, directed the AO to allow depreciation after verifying that the …