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Demonetization . Deposit of cash into bank. Before making addition for cash deposit into bank during Demonetization period the Ld. AO has to consider on merits the opening balance for which evidence were produced for allowing credit of cash withdrawal, financials of previous years and audit report if any. Accordingly, the issues raised in this appeal are restored to the files of the Assessing Officer. ITAT- Bangalore in the case of Sri Mohan Ramachandra Basawa, … vs ITO on on 20 January, 2021. Section 68, 69A and 115BBE:

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44 total views Demonetization . Deposit of cash into bank. Before making addition for cash deposit into bank during Demonetization period the Ld. AO has to consider on merits the opening balance for which evidence were produced for allowing credit of…
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115BBE, 68, 69A-Unexplained money, AY 2017-18, Bangalore Tribunal, Demonetization, In favour of Assessee (Partly)

January 23, 2021

Section 68, 69A and 115BBE: Demonetization . Deposit of cash into bank. Where the assessee proves that regular bank deposits of cash from 01.04.2016 to 2.11.2016, as well as after demonetization and also Opening balance are commensurate with the accepted turnover then the addition was not warranted and it is directed to be deleted. ITAT- Gauhati on on 20 January, 2021 in the case of Nurul Islam, Nagaon vs Income Tax Officer, Ward-Nagaon, … A.Y. 2017-18

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64 total views Section 68, 69A and 115BBE: Demonetization . Deposit of cash into bank. Where the assessee proves that regular bank deposits of cash from 01.04.2016 to 2.11.2016, as well as after demonetization and also Opening balance are commensurate with the accepted turnover…
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115BBE, 68, 69A-Unexplained money, AY 2017-18, Demonetization, ITAT Gauhati

January 23, 2021

When CIT can pass order u/s 263 by holding that the order passed by the AO is erroneous and prejudicial to the interest of the Revenue? ITAT KOLKATA passed the order on 6th Jan 2021 in the case of RUNGTA MINES LTD. vs. PCIT?

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32 total views When CIT can pass order u/s 263 by holding that the order passed by the AO is erroneous and prejudicial to the interest of the Revenue? ITAT KOLKATA passed the order on 6th Jan 2021 in the case of…
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263, 263-Revision of orders prejudicial to revenue, AY 2013-14, In Favour of Assessee, Kolkata tribunal

January 20, 2021

Consequences of absence of the notice u/s. 143(2) of the Act before framing the assessment order? Answer order liable to to be quashed. RAM NIWAS JAIN vs.ITO. ITAT DELHI on 07-Jan-2021. Section 148: Consequences of granting approval by CIT in a mechanical manner by putting only “Yes”. Answer order liable to to be quashed. RAM NIWAS JAIN vs.ITO. ITAT DELHI on 07-Jan-2021.

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73 total views RAM NIWAS JAIN vs. INCOME TAX OFFICER IN THE ITAT DELHI BENCH ‘SMC’ H. S. SIDHU, JM. ITA NOS. 6908 & 6909/DEL/2019 07-Jan-2021 Section 147, 148, 143(2) AY 2010-11 Decision in favour of:Assessee Consequences of absence of the…
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142(1), 143(3), 147, 148, AY 2010-11, Delhi Tribunal, In Favour of Assessee

January 12, 2021

Section 23(1)(c). Can AO make addition on account of notional rent when the property on rent in past is lying vacant in the relevant year and the assessee mention only the reason though no evidence of efforts made was submitted except the evidence that the property was on rent in next financial year.ITAT BOMBAY passed the order on Oct 30, 2019AY 2014-15 EMPIRE CAPITAL PVT. LTD. vs. ACIT. Decision in favour of assessee

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41 total views EMPIRE CAPITAL PVT. LTD. vs. ASSISTANT COMMISSIONER OF INCOME TAX IN THE ITAT BOMBAY BENCH ‘SMC’ VIKAS AWASTHY, JM. & RAJESH KUMAR, AM. ITA No. 6204/MUM/2018 Oct 30, 2019 (2020) 181 ITD 0173 (Mumbai-Trib) Section 22, 23,…
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143(3), 22, 23(1), 23(1)(c), Annual Letting Value of the property, AY 2014-15, ITAT Mumbai, notional rent

January 5, 2021

अगर SVA की वैल्यूएशन DVO के वैल्यूएशन से ज्यादा आती है तो कर अधिकारी धारा 50C के प्रावधान के अनुसार कौन सी वैल्यू लेगा?ITAT Mumbai ने 18.11.2016 को Sangeeta Vijay Kumar, Mumbai vs Acit 25(2) को इसका ऑर्डर पास किया है।

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135 total views अगर SVA की वैल्यूएशन DVO के वैल्यूएशन से ज्यादा आती है तो कर अधिकारी धारा 50C के प्रावधान के अनुसार कौन सी वैल्यू लेगा? ITAT Mumbai ने 18.11.2016 को Sangeeta Vijay Kumar, Mumbai vs Acit 25(2) को इसका…
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50C, 50C(2), 50C(3), AY 2010-11, In Favour of Assessee, ITAT Mumbai

December 18, 2020

Is punitive charges paid to the railways disallowable u/s 37(1) by holding as penalty. Ans is No. Order passed by ITAT KOLKATA on Nov 20, 2020 in the case of RUNGTA MINES PVT. LTD.vs. ACIT.

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81 total views Is punitive charges paid to the railways disallowable u/s 37(1) by holding as penalty. Ans is No. Order passed by ITAT KOLKATA on Nov 20, 2020 in the case of RUNGTA MINES PVT. LTD.vs. ACIT. Is disallowance under…
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14A, 14A r.w.r 8D, 37, 37(1), In Favour of Assessee, Kolkata tribunal

December 2, 2020

Is deduction under section 36 (1)(iii) for interest paid allowable when the relevant borrowed capital was given as interest free advance to sister concern for business expediency of the assessee. ITAT Jaipur passed the order on 11th Sept;2020 in the case of Kalya Awas Vikas (P). Ltd. v. ACIT

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99 total views Is deduction under section 36 (1)(iii) for interest paid allowable when the relevant borrowed capital was given as interest free advance to sister concern for business expediency of the assessee. ITAT Jaipur passed the order on 11th Sept;2020…
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36(1)(iii), In Favour of Assessee, Interest on Borrowed Capital, Jaipur Tribunal

December 2, 2020

क्या होगा जब कोई चैरिटेबल ऑर्गनाइजेशन को 148 का नोटिस इस आधार पर मिलता है कि करदाता धारा 11 और 12 की छूट का अधिकारी 12AA मिलने के पहले के एसेसमेंट ईयर के लिए नहीं है? Nov 26, 2020 को ITAT BANGALORE ने second proviso to sec.12A(2) का हवाला देकर ऑर्डर पास किया है KARNATAKA STATE STUDENTS WELFARE FUND vs ITO.

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170 total views KARNATAKA STATE STUDENTS WELFARE FUND vs. INCOME TAX OFFICER (EXEMPTIONS) IN THE ITAT BANGALORE BENCH ‘C’ N. V. VASUDEVAN, VP & B. R. BASKARAN, AM. ITA Nos. 1458 to 1462/Bang/2018 Nov 26, 2020 Section 12AA, 147, 12AA, 11,…
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11, 12, 12A(2) Second Proviso, 12AA, AY 2009-10, AY 2010-11, AY 2011-12, AY 2012-13, AY 2013-14, Bangalore Tribunal, Exemption, In Favour of Assessee, Second Proviso to section 12A(2)

December 2, 2020

Is the term ‘drug’ also includes ‘bulk drug’ and is entitle for concessional rate of GST? HIGH COURT OF KARNATAKA passed an order on Oct 21, 2020 IN RE, BIOCON LTD.

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104 total views IN RE, BIOCON LTD. HIGH COURT OF KARNATAKA D. P. NAGENDRA KUMAR (M) AND M.S. SRIKAR (M) Order No. KAR/AAAR/Appeal-06/2020-21 Oct 21, 2020 Sections 98 and 100 of the Central Goods and Services Tax Act 2017 Decision in…
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100, 98, Central Goods and Services Tax Act 2017, HIGH COURT OF KARNATAKA, In favour of Assessee (Partly)

November 27, 2020