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Monthly Archive: January 2021

B.P.Mundra > 2021 > January

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:

 450 total views

 450 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

 399 total views

 399 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?

 227 total views

 227 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.

 298 total views

 298 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

 200 total views

 200 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

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    Recent Posts

    • Question: Consequences of Penalty-Concealment-Non-striking off of the irrelevant part while issuing notice u/s 271(1)(c). ITAT – Delhi in the case of Malook Nagar, New Delhi vs Acit Central Circle-15, New Delhi on 13 May, 2022
    • Question : Is Penalty under Section 271E is permissible in the absence of regular assessment framed against the assessee by the Revenue? ITAT – Ahmedabad in the case of Vijayaben G Zalavadia, … vs The Jt. Cit, Gandhinagar on 11 May, 2022. Answer: Penalty Quashed.
    • Q Validity of 148 notice when the assessment for the same assessment year has not concluded yet? IN THE DELHI HIGH COURT DCM Shriram Ltd. v. Asstt. CIT, W.P.(C) 6627/2022 & CM APPL.20136/2022 on dated 10 May, 2022
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    • Specimen application for waiver of penalty under Section 270A and prosecution under section 276C/276CC