In the case of Catholic Syrian Bank Ltd vs. DCIT, ITAT Cochin has held that: An assessee supported by large number of CAs & Advocates cannot seek condonation of delay on the ground that the officer handling the issue was transferred. A party cannot sleep over its rights and expect its appeal to be entertained. […]

In the case of ITO vs. Ashok Jain, ITAT Surat has held that: No doubt in the present case, the ld.AO has applied for such approval which was granted on 29.3.2017, but before grant of approval, the ld.AO has already issued notice on 28.3.2014 which is without any jurisdiction. He can issue notice only after […]

In the case of ACIT vs. Karam Chand Rubber Industries, ITAT Delhi has held that: The fact that the vendors are not available at the given address is not sufficient to treat the purchases as bogus if the assessee has discharged primary onus and substantiated the purchases through documentary evidence and payment is made through […]

In the case of Mukta Gupta vs. ITO, ITAT Delhi has held that: Capital gains cannot be treated as bogus solely on the basis that the price of the shares has risen manifold and the reason for astronomical rise is not related to any fundamentals of market. If the transactions are duly proved by trading […]

In the case of M/s. Shree Balaji Ventures vs. ITO, ITAT Pune has held that: The annual letting value (ALV) of unsold units of properties lying as stock in trade is not assessable as income under the head “Income from house property”. The deeming provision of section 23 cannot be extended beyond its ambit so […]

In the case of Aamby Valley Ltd vs. ACIT, ITAT Delhi has held that: Section 56(2)(viia) of income tax act is an anti-abuse provision which applies only to cases of bogus capital building and money laundering. It does not apply to an amalgamation where shares are allotted at alleged undervaluation. Increase in general reserves due […]