Search Results For: Rakesh Joshi


Sanjaykumar Footermal Jain vs. ITO (ITAT Mumbai)

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DATE: August 14, 2018 (Date of pronouncement)
DATE: August 15, 2018 (Date of publication)
AY: 2012-13
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CITATION:
S. 2(42A)/45: The law laid down in Suraj Lamps & Industries 340 ITR 1 (SC) that transfer of immovable property is effective only on registration of conveyance deed is not applicable for computing the holding period of property. Holding period should be computed from the date of issue of the allotment letter and not from the date of the conveyance deed (Rasiklal M. Parikh vs. ACIT 393 ITR 536 (Bom) distinguished)

The definition as contained in Section 2 (42A) of the Act, though uses the words, “a capital asset held an assessee for not more than thirty-six months immediately preceding the date of its transfer”, for the purpose of holding an asset, it is not necessary that, he should be the owner of the asset, with a registered deed of conveyance conferring title on him. In the light of the expanded definition as contained in Section 2(47), even when a sale, exchange, or relinquishment or extinguishment of any right, under a transaction the assessee is put in possession of an immovable property or he retained the same in part performance of the contract under Section 53-A of the Transfer of Property Act, it amounts to transfer

Ram Infrastructure Ltd vs. JCIT (ITAT Pune)

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DATE: December 30, 2016 (Date of pronouncement)
DATE: March 17, 2017 (Date of publication)
AY: 2009-10
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S. 251: The CIT(A) has no power to enhance by discovering a new source of income which is neither discussed in the assessment order nor mentioned in the return of income filed by the assessee

It is well settled law laid down by the Hon’ble Apex Court in Commissioner of Income Tax Vs. Shapoorji Pallonji Mistry, 44 ITR 891 (SC) and Commissioner of Income Tax Vs. Rai Bahadur Hardutroy Motilal Chamaria, 66 ITR 443 (SC) and subsequently followed by the Hon’ble Delhi High Court in Commissioner of Income Tax Vs. Sardari Lal & Co., 251 ITR 864 (Delhi)(SB) that the CIT(A) is not competent to enhance assessment in appeal by discovering new source of income not mentioned in return or consider by the Assessing Officer in assessment. We hold that the Commissioner of Income Tax (Appeals) has exceeded his jurisdiction in making addition u/s. 2(22)(e) of the Act as there is no reference of such income either in the return of income or in the assessment proceedings

Trans Polyurethane Pvt. Ltd vs. DCIT (ITAT Mumbai)

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DATE: March 25, 2015 (Date of pronouncement)
DATE: April 13, 2015 (Date of publication)
AY: 2003-04
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S. 271(1)(c): Mistake in claiming deduction of interest expenditure despite s. 43B attracts penalty

The assessee is a regular assessee, well serviced by tax and audit professionals. The latter issuing a disclaimer for being unable to state the amount disallowable u/s.43B in the absence of the relevant information, defeats its case of it being an inadvertent mistake. On what basis, then, one may ask, was the deduction claimed?

ACIT vs. Dilip Nabera (HUF) (ITAT Mumbai)

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DATE: October 8, 2014 (Date of pronouncement)
DATE: October 12, 2014 (Date of publication)
AY: 2005-06
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CITATION:
Even if s. 50C addition can be made on the basis of stamp duty valuation, addition u/s 69B cannot be made barely on the basis of DVO's report

At the outset, we have to demarcate the territory of the case, i.e. application of section 50C and addition to be made u/s 69C. We find that both the sections operate independently i.e. to say that section 50C shall bet

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