-
Assessment framed in the name of non-existing entity/ died person is null and voidab initio ITAT BOMBAY on Nov 6, 2019
-
It is well settled that in case the books of accounts are rejected the income of the business in which the Assessee was engaged can be determined by estimating the profit rate considering past history.
-
Though the limitation period is available for passing the order, not for service but as per the settled issue, the order must be served on the assessee within the reasonable time otherwise Order is Annulled.
-
Nov 8, 2019-ITAT VISHAKAPATNAM hold that The additional ground is admitted if it goes to the root of the order.
-
No valid addition can be made by merely proceeded to make allegation of suppression of production on the basis of excess consumption of manufacturing cost and electricity consumption it cannot be concluded that the assessee’s books of account were not reliable or the assessee is engaged in producing finished goods outside the books of account.
-
कर निर्धारण अधिकारी के आर्डर में भूल सुधार के लिए धारा 154 में एप्लीकेशन लगाने पर इसी आधार पर अपील पेंडिंग होने का कारण देकर एप्लीकेशन खारिज नहीं की जा सकती
-
परिवार में सहायता के लिए रोकड़ दिए धन पर धारा 269SS का उल्लंघन नहीं एवं धारा 271D में पेनल्टी नहीं CUTTACK TRIBUNAL Sept 23,2019
-
“…..Commissioner could exercise his jurisdiction under Section 263 of the Act “only in cases where no enquiry is made by the assessing officer.” (Para 9) Aug 2, 2019 HIGH COURT OF CALCUTTA
-
Section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO’s record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. In the facts and circumstances of the case, no addition was warranted under Section 68 of the Act. The amount of Rs. 31,75,000/-, as it pertains to the previous assessment year is deleted and for balance sum of Rs.2,66,00,000/- received during the year, the assessee has proved identity, genuineness and creditworthiness of the share subscribers, hence, same is deleted. (Para 38)
-
No deemed rental income when use in business or profession inspite of no depreciation claimed.Also for calculating holding period date of allotment if initial payment made by cheque