Month: January 2019

Archive for January, 2019


Seal For Life India (P.) Ltd. v. DCIT (2018) 173 ITD 229 /( 2019) 197 TTJ 742/ 174 DTR 281(Ahd.) (Trib.)

S. 143(3) : Assessment-Form 26AS-Merely on the basis of information form 26AS submitted by the deductor, addition cannot be made, as the assessee had no control over inputs made by the deductor. [ S. 4]

Ajay Kumar Singhania. v. DCIT (2018) 173 ITD 474 (Chd.)(Trib.)

S. 71 : Set off of loss-One head against income from another-Assessee has the option to set off business loss against capital gains – It is not mandatory. [S. 71(3), 80]

ACIT v. Overseas Trading and Shipping Co. (P.) Ltd. (2018) 173 ITD 446 (Rajkot)(Trib.)

S. 69B : Amounts of investments not fully disclosed in books of account –Undisclosed investments- Excess stock-Mismatch in quantity of stock- Reconciliation filed with District Supply Officer was accepted -Addition is held to be not justified.

DCIT v. Hrishikesh D. Pai (2018) 173 ITD 272 /( 2019) 197 TTJ 583(Mum.) (Trib.)

S. 69B : Amounts of investments not fully disclosed in books of account –Capital accounts -Books of account – Firm -Partner -Share in partnership was not included in the books of account- Difference was explained – Addition was held to be not justified.

DCIT v. Pratibha Pankaj Patel. (2018) 173 ITD 593/( 2019) 175 DTR 105/ 307 CTR 233 (Ahd.) (Trib.)

S. 69 : Unexplained investments-Foreign remittances-From a foreign bank, as a result of disbursements from a family trust-Addition is held to be not justified.

Sunil Ramakrishna. v. DCIT (2018) 173 ITD 468 (SMC) (Bang.) (Trib.)

S. 68 : Cash credit-Gift from father–Failure to bring on record any material evidence to prove creditworthiness and capacity of his father to advance huge amount of cash gift from any known source of income-Addition is held to be justified [S. 56(2)(viic)]

Ajay Jaysukhlal Mehta. v. ACIT (2018) 173 ITD 430/( 2019) 197 TTJ 861 (Ahd.)(Trib.)

S. 68 : Cash credit-Credit entry in capital account-Maintenance of one set of accounts for himself, as an individual and other set of accounts for his sole proprietorship concern is valid – Capital introduced cannot be added as cash credit when proper explanation is furnished.

ACIT v. Golden Line Studio (P.) Ltd. (2018) 173 ITD 200 (Mum.)(Trib.)

S. 68 : Cash credits-Share premium -Equity shares and preference shares stand on different footing and thus, net asset value method could not be used in case of preference shares to compute excess share premium charged on those shares so as to make addition as cash credits.

Shrawankumar G. Jain v. ITO (2018) 173 ITD 417 (Ahd.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Purchase of new residential house within due date specified under S. 139(4) from date of transfer of original asset- Entitle to exemption. [S. 45, 54F(4), 139(4)]

Shrawankumar G. Jain. v. ITO (2018) 173 ITD 417 (Ahd.)(Trib.)

S. 54F : Capital gains-Investment in a residential house -Depreciable asset-Exemption is available even on short-term capital gains calculated on sale of depreciable assets held for more than 36 months. [ S. 2, 42(A), 45, 50]