JUDGEMENT

In the case of Vijayrattan Balkrishan Mittal vs DCIT, ITAT Mumbai has held that: In deciding whether the claim is genuine or not, the authorities have to be guided by the legal evidence and not on general observations based on statements, probabilities, human behavior, modus operandi etc. The AO has to show with evidence the …

The Fact That A Scam Has Taken Place In Some Penny Stocks Does Not Mean That All Transactions In Penny Stocks Can Be Regarded As Bogus: ITAT Mumbai Read More »

In the case of JDC Traders Pvt. Ltd vs. DCIT, ITAT Delhi has held that: If we accept the argument of the learned DR that u/s 154 of the Act, ld. AO is empowered to deal with the escapement of income in respect of which the reasons were not recorded even after the assessment reopened …

The AO Cannot, After Conclusion of Proceedings u/s 147, Take Aid of Explanation 3 to Section 147 to Make Any Addition u/s 154 Read More »

In the case of Bhagwati Colonizers Pvt. Ltd vs ITO, ITAT Amritsar has held that: When an assessee authorizes a counsel to appear on his behalf, such authorization is given by placing faith on the legal expertise of the Counsel and also with the hope that the counsel shall take care of the interest of …

Mistake of Counsel May Be Taken Into Account in Condoning Delay: ITAT Amritsar Read More »

In the case of Clearview Healthcare P. Ltd vs ITO, ITAT Delhi has held that: Keeping in view of the facts and circumstances of the case and by applying the principles from the aforesaid decision and legislative intent behind insertion of section 56(2)(viib), I hold that addition made by AO on account of alleged excess …

The Legislative Intent is to Apply Section 56(2)(viib) Where Unaccounted Money Received in Garb of Share Premium Read More »

In the case of Rajasugumar Subramani vs ITO, ITAT Bangalore has held that: Since the Tribunal has taken a view in similar set of facts, we find no justification to take a contrary view in this appeal. Accordingly, following the same, we hold that the assessee is entitled for deduction under section 54F of the …

The Words “In India” Cannot be Read Into Section 54F When Parliament in Its Legislative Wisdom Has Deliberately Not Used the Words: ITAT Bangalore Read More »

In the case of Bajrang Lal Naredi vs ITO, ITAT Ranchi has held that: It is not in dispute that purchase transactions of immovable property were carried out in FY 2011-12 for which full consideration was also parted with the seller. Mere registration at later date would not cover a transaction already executed in the …

Amendment w.e.f. AY 2014-15 Will Not Apply to A Purchase Transaction of Immovable Property For Which Full Consideration is Paid Pre-Amendment: ITAT Ranchi Read More »

In the case of Boutique Hotels India (P) Ltd vs ACIT, ITAT Delhi has held that: It is not as if mistake of a legal advisor, however, gross and inexcusable, will entitle an assessee to condonation of delay in filing of appeal. The facts of the case are to be examined to ascertain if there …

The Tendency to Perceive Delay As A Non-Serious Matter Should be Discouraged: ITAT Delhi Read More »

In the case of Carestream Health Inc vs DCIT, ITAT Mumbai has held that: The ld DR vehemently argued that the percentage of shareholding remains the same because reduction of shares had happened for all shareholders. We find that the ld DR relied on para 24 of the judgement of Special Bench of Mumbai Tribunal …

The Loss Arising to Assessee for Cancellation of Its Shares Pursuant to Reduction of Capital Should be Allowed as Long Term Capital Loss: ITAT Mumbai Read More »

In the case of Shri Dhar Sabha Vaishno Devi vs CIT(E), ITAT Amritsar has held that: 23.) In the instant case, the Ld. CIT(E) denied the registration by observing that the head of the society is restricted to be from Shree Dhar Vansh and no other member of the Sabha will have any right to …

The Only Requirement For Granting Registration Under Section 11/ 12AA of the Income Tax Act is That The Objects of The Society Should be Charitable in Nature and Activities are Genuine: ITAT Amritsar Read More »

In the case of Aricent Technologies Holdings Ltd vs. ACIT, ITAT Delhi has held that: As held by the Gauhati High Court in the course of Omprakash Gattani (supra), once the mode of collecting tax by deduction at source is adopted, that mode alone is to be adopted for recovery of tax deducted at source. …

Where the Deductor has Deducted Tax at Source But Has Not Deposited the Tax with the Government, the Assessee Cannot be Made to Suffer: ITAT Delhi Read More »

In the case of DZ Bank AG – India Representative Office vs. DCIT, ITAT Mumbai has held that: 30.) In the light of the above discussions, as also bearing in mind entirety of the case, it is clear that, on the facts and in the circumstances of this case and in law, there is no …

A Representative Office of a Foreign Enterprise is Not a Taxable Unit. Foreign Enterprise is the Taxable Unit: ITAT Mumbai Read More »

In the case of Bank Of India vs ACIT, ITAT Mumbai has held that: 80.) To sum up, the assessee is declined the foreign tax credits for Rs 182,64,22,948, and, accordingly, we hold that the assessee is not entitled to seek a refund of that money from the Indian tax exchequer. As we hold so, …

An Indian Taxpayer is Not Entitled to Claim Refunds From the Government of India of Taxes Paid Outside India: ITAT Mumbai Read More »

In the case of Shiv Bhagwan Gupta vs ACIT, ITAT Patna has held that: “The assessee has filed return u/s 139 showing income of Rs. 2808270/-The assessee has disclosed income of Rs.2179221/- during the year on account of undisclosed jewellery. Penalty u/s 271AAB is initiated.” A perusal of the above reproduced relevant part of the …

Order of the AO Imposing Penalty on Assessee Under Section 271AAB of the Income Tax Act Does Not Pass the Mandate of the Provisions of Section 271AAB of the Act. So Appeal of the Assessee is Allowed: ITAT Patna Read More »

In the case of Aashray vs CIT (Exemption), ITAT Agra has held that: The appeal of the assessee is allowed for statistical purposes, the Commissioner (exemption) is directed to examine the objects of the assessee and find out whether the objects of the assessee are charitable in nature or not on the basis of the …

The Commissioner has to Re-Examine the Application of the Assessee Because He Rejected the Assessee’s Application Without the Opportunity of Being Heard: ITAT Agra Read More »

In the case of Smt. Poonam Shivhare vs A.C.I.T., ITAT Agra has held that Having carefully examined the order of the CIT(A) in the aforesaid cases, we find that the CIT(A) has rejected the appeals without hearing the assessee, although, he has discussed the issue on merits. In the light of these facts, we are …

CIT Has Rejected the Appeals Without Hearing the Assessee, So We are Giving Opportunity of Being Heard to the Assessee: ITAT Agra Read More »

In the case of Smt. Uma Agarwal vs ITO, ITAT Agra has held that: The word “ may” had been used by the statute under section 69A, as had been used by the statute under section 69 of the Income Tax Act 1961, therefore applying the same analogy as laid down by SC in the …

Must Read: Assessee Gets Relief From ITAT Agra Due to Word “May” as Used in Section 69 of the Income Tax Act [Read Order] Read More »