In the case of V.R.Enterprises vs ITO, ITAT Mumbai has held that: The assessee was in possession of primary purchase documents and the payments to the suppliers was through banking channels. The assessee had established corresponding sales before Ld. AO. The books of accounts were audited wherein quantitative details of stock was provided. We are […]

In the case of Time Media & Entertainment LLP vs ITO, ITAT Mumbai has held that: It came to notice of the Revenue that in FY 2009-10 many brokers had misused this facility of client code modifications to artificially create profits/losses which were passed on various clients/ beneficiaries with a view to defraud revenue. These […]

In the case of Anil Kisanlal Marda vs ITO, ITAT Pune has held that: Section 27 provides that service by post shall be deemed to be effected by properly addressing, pre-paying and posting by registered post. It means that when a letter containing the document is properly addressed, pre-paid and posted by a registered post, […]

In the case of Chheda Housing Development Corporation vs ACIT, ITAT Mumbai has held that: Despite the definition of the expression capital asset in the widest possible terms in section 2(14), a right to a capital asset must fall within the expression ‘property of any kind’ and must not fall within the exceptions. Section 6 […]

In the case of Janani Infrastructure Pvt. Ltd vs ACIT, ITAT Bangalore has held that: The share premium has been collected as per the understanding reached between both the parties. We notice that the AO has not mentioned in the assessment order that the assessee has failed to satisfy the three main ingredients in the […]

In the case of United Investments vs ACIT, ITAT Kolkata has held that: If one carefully analyzes various sub-sections of Section 10 then it is evident that each sub-section enlists specific specie of receipt to which exemption from tax is granted if certain conditions are fulfilled. We therefore find that Section 10 enlists various species […]

In the case of Asha Gandhi vs ITO, ITAT Chandigarh has held that: In my experience as a dispenser of Justice, I have noticed that generally the violations of tax laws by new assessees do not occur because they are so desired but because of sheer lack of proper advice. Instead of letting these sparks […]

In the case of Vijay Kumar vs ITO, ITAT Chandigarh has held that: The impugned additions have been made by the Assessing Officer on certain other issues, whereas, the case of the assessee was selected for the purpose of limited scrutiny relating to security transactions. The additions made by the Assessing Officer, thus, being exceeding […]

In the case of Narang Access Pvt. Ltd vs DCIT, ITAT Mumbai has held that: While valuing the share premium and to determine the fair market value of shares in terms of section 56(2)(viib) of the Act, the assessee has option for adoption of valuation method and the basis of valuation has to be DCF […]

In the case of India Convention and Culture Centre Pvt. Ltd vs ITO, ITAT Delhi has held that: As per the circle rate prescribed by the competent authority, the value of total assets i.e., the fair market value of the land which was converted from ‘agricultural’ into ‘institutional’ comes to Rs.113,00,72,749/-. If the other assets […]