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The question in the present case is as to whether the information received from the investigation wing/search team would constitute ‘reason to believe’ empowering the Assessing Officer to reopen the assessment u/s 147/148. Answer is given by ITAT Ahmedabad on 12/11/2020 in the case of Hitesh Ashok Vaswani Vs DCIT.
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Can Ld. AO disallow the certain percentages of expenses when the expenses are supported only by self made vouchers and AR agreed to disallowance without pointing out any specific instances of unverifiable element therein? ITAT Kolkata decided on Apr 28, 2021. Section 143(3). Kindly click the link to get the order.
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If the assessee for bona fide reasons was unable to bring materials on record to factually prove its claim before the departmental authorities and comes forward to file additional evidences before the Tribunal to prove such fact, the assessee should not be prevented from doing so. It is in the interest of natural justice and fairplay to allow assessee to establish its claim Income Tax Appellate Tribunal – Mumbai in the case of Fab Trade Private Limited, Mumbai vs Ito, Ward 15(1)(2), on 8 March, 2021.
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Addition for accommodation entries without making any independent enquiry from the suppliers nor allowed any cross-examination of the third party though specifically demanded by the assessee-company? ITAT Ahmedabad on 8th March 2021 hold that the addition is deleted as it based on hypothesis, conjectures and suspicion. In the case of ACIT Vs. Darshanam Life Space Pvt. Ltd. & Anr Section 143(3)
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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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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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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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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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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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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.