Monthly Archive: April 2020

ITAT VISAKHAPATNAM on 26 February, 2020- Search and Seizure operations- Once the ‎assessee has explained the way in which he derived income and also the purpose for which it ‎is utilized, it is not necessary for the assessee being an educational society to substantiate ‎further with the source of the income received in view of section 115BBC(2)&(3) of the Act. ‎Therefore, in view of the facts and circumstances of the case, we find that the assessee has ‎fulfilled all the conditions laid down in Section 271AAB(1)(a), therefore penalty at 10% is ‎leviable (instead of 30%) in this case.‎ As per section 115BBC, any trust or institution received anonymous donations, is not ‎necessary to mention identity/address and other particulars in the books.‎

ITAT VISAKHAPATNAM on 26 February, 2020- Search and Seizure operations- Once the assessee has explained the way in which he derived income and also the purpose for which it is utilized, it is not necessary for the assessee being an…
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115BBC(2), 115BC(3), 271AAB, 271AAB(!0(a), 271AAB(1), AY 2013-14, AY 2014-15, In Favour of Assessee, VISAKHAPATNAM BENCH

ITAT Banglore on 13th December, 2019 Penny Stock-Penny Stock-When proved that share transactions are tailor made then the submission that transactions are through recognised stock exchange, through banking channels or not allowed cross examination are not acceptable. The claim is required to be proven to be illegitimate by providing all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven and to establish genuineness of sale and purchase of alledged scripts. Remanded. Ramesh Chand Kothari (Huf) vs ITO AY 2015-16

ITAT – Bangalore Ramesh Chand Kothari (Huf) , … vs Income Tax Officer Ward-2(2)(1), … on 13 December, 2019 held that in case Penny Stock- Penny Stock-where statement and report of third parties are only secondary and subordinate material which…
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10(38), 68, AY 2015-16, Bangalore Tribunal, Penny stock, Remand

Madras High Court decision on 5 March, 2020 on stay of demand-consequences of not ‎depositing of 20% of total demand within 30 days alongwith stay application- CBDT’s ‎instruction on stay of demand

Madras High Court decision on 5 March, 2020 on stay of demand-consequences of not depositing of 20% of total demand within 30 days alongwith stay application- CBDT’s instruction on stay of demand, IN THE MADRAS HIGH COURT S.S. SUNDAR…
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226, 226(3), Appeal dismissed, AY 2012-13, AY 2013-14, AY 2014-15, AY 2015-16, AY 2016-17, AY 2017-18, madras High Court

ITAT DELHI on Mar 11, 2020 held in Penny stock- The assessee submitted sufficient ‎documentary evidences before A.O. The A.O. has not brought any adverse material against the ‎assessee so as to make the above additions. The interim order of the SEBI have been revoked ‎against the assessee. The denial of right of cross-examination is a flaw which renders the ‎assessment order a nullity. Hon’ble Supreme Court in the case of Kishanchand Chellaram 125 ‎ITR 713 (SC) and Andaman Timber Industries vs., CCE 314 ELT 641.‎

ITAT DELHI on Mar 11, 2020 held in Penny stock- The assessee submitted sufficient documentary evidences before A.O. The A.O. has not brought any adverse material against the assessee so as to make the above additions. The interim order of…
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10(38), 68, AY 2014-15, Delhi, Delhi Tribunal, In Favour of Assessee

ITAT Ahmedabad on 11th March, 2020-Diary seized, surrender made and survey statement recorded under section 133A. But having no corroborative evidences. Exorbitant profit is not possible in the line of business of the assessee. No other business is found. No unexplained investment is found. It was held that Since it is business receipt only GP based on past history can be added as income.

Diary seized, surrender made and survey statement recorded under section 133A. But having no corroborative evidences. Exorbitant profit is not possible in the line of business of the assessee. No other business is found. No unexplained investment is found. It…
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133A, 234A, 292C, Ahmedabad Tribunal, AY 2013-14, In favour of Assessee (Partly), Survey

AO to adopt the value of the property for the purpose of section 50C of the Act for computing capital gains as on the date of execution of agreement to sale, but not as on the date of sale deed reason being that the assessee received the part consideration by an account payee cheque on or before the date of the agreement for transfer: ITAT VISHAKAPATNAM on Mar 11, 2020

AO to adopt the value of the property for the purpose of section 50C of the Act for computing capital gains as on the date of execution of agreement to sale, but not as on the date of sale deed…
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50C, 50C proviso 1st, 50C proviso 2nd, AY 2015-16, In Favour of Assessee, VISAKHAPATNAM BENCH

दिल्ली ट्रिब्यूनल ने 28 मार्च 2020 को फैसला दिया है कि धारा 205 के अनुसार अगर करदाता टीडीएस कट जाने का प्रूफ दे देता है तो उस टीडीएस की रिकवरी कर निर्धारण अधिकारी करदाता से इस आधार पर नहीं कर सकता टीडीएस काटने वाले ने के लिए जमा नहीं कराया। धारा 201 के अनुसार आयकर विभाग के पास समुचित अधिकार है जिसने टीडीएस काटा है उस से रिकवरी कर ली जाए

दिल्ली ट्रिब्यूनल ने 28 मार्च 2020 को फैसला दिया है कि धारा 205 के अनुसार अगर करदाता टीडीएस कट जाने का प्रूफ दे देता है तो उस टीडीएस की रिकवरी कर निर्धारण अधिकारी करदाता से इस आधार पर नहीं कर…
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195, 201, 205, AY 2015-16, Decisions, Delhi, Delhi Tribunal, In Favour of Assessee

Activity of the assessee are primarily motivated with the objective of promoting ‎handloom sector in India and said activity are not for gain or profit of an individual. The ‎executive committee of the Society also consist of all government officials with no motive ‎of profit sharing or personal interest. The member subscription is received by the assessee ‎in proportion of the supply by the agency and the rate decided. The said subscription fee ‎received cannot be equated with the cess or fee against services rendered. The AO is not ‎justified in holding that provision to section 2(15) will be attracted in the case of the ‎assessee and therefore qualifies for exemption under section 11. ‎

Activity of the assessee are primarily motivated with the objective of promoting handloom sector in India and said activity are not for gain or profit of an individual. The executive committee of the Society also consist of all government officials…
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11, 12A, 12AA, AY 2012-13, Delhi Tribunal, In Favour of Assessee

ITAT AHMEDABAD held on Mar 2, 2020 that when assessee has not made ‎any claim for exemption of any income from the payment of tax, therefore, there ‎cannot be any disallowance u/s.14A of the Act

ITAT AHMEDABAD held on Mar 2, 2020 that when assessee has not made any claim for exemption of any income from the payment of tax, therefore, there cannot be any disallowance u/s.14A of the Act SHRAVANKUMAR GISULAL JAIN vs….
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14A, Ahmedabad Tribunal, AY 2012-13, In Favour of Assessee

ITAT Ahmedabad held on 6.1.2020 that the provisions of section 68 cannot be ‎applied in relation to the sales receipt as the sales receipt has already been shown in ‎the books of accounts as income at the time of sale only particularly when the ‎purchases have been accepted, then the corresponding sales cannot be disturbed ‎without giving any conclusive evidence/finding. No addition can be made on this ‎ground.‎

The provisions of section 68 cannot be applied in relation to the sales receipt as the sales receipt has already been shown in the books of accounts as income at the time of sale only particularly when the purchases have been accepted,…
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68, Ahmedabad Tribunal, AY 1995-96, In Favour of Assessee