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Jagdishkumar Madanlal Gupta v. Dy. CIT
Mumbai Tribunal : S. 69C : Unexplained expenditure-Bogus Purchases-Addition based on estimation cannot be made without rejection of books of account. Assessee produced invoices, e-way bills, ledger accounts and bank statements, and Revenue failed to establish purchases as bogus; the entire addition was deleted. [S. 37(1), 145(3)] The assessee, engaged in the business of hoarding advertisements, was subjected… Read More ...
Jagdishkumar Madanlal Gupta v. Dy. CIT
Mumbai Tribunal : S. 69A: Unexplained Money-Protective addition-under section Gold bullion found during search-Not sustainable where ownership stood admitted by company and bullion was duly recorded in books of account of the company. [S. S.132(4), S.143(3)] During the course of the search, gold bullion was found and a protective addition of ₹8.28 crore was made in the hands… Read More ...
Gudari Large Sized Multipurpose Cooperative Society Ltd. v. ITO
CUTTACK TRIBUNAL : S. 254(1) : Appellate Tribunal-Powers-Practice and Procedure- Authorised representative-Virtual Hearing-Dress Code- Appeal dismissed for non-compliance with SOP.[S. 288, R. 49 , ITAT R, 1963, 17A] The ITAT dismissed the assessee's appeal solely on the ground that the assessee's authorised representative, who appeared through virtual mode, was not dressed in the uniform prescribed under the Standard… Read More ...
Pr. CIT v. Arunkumar Ramniklal Mehta
Bombay High Court: S. 153A : Assessment- Search- HSBC Geneva accounts- In absence of incriminating material found during search, no addition can be made in respect of completed/unabated assessments- Foreign bank account additions based merely on the Base Note received from the French Government and not on search material were unsustainable- Addition under section 69A also deleted as… Read More ...
Panaqua Tradecom P Ltd.
ITAT Agra Bench: Issue: Whether in terms of newly inserted proviso to section 251(1)(a) empowering CIT(A) to set aside assessment, where assessment is made u/s 144, the CIT(A) must necessarily set aside the assessment order and restore it the assessing officer? The court held that “4. Perusal of the impugned order shows that the ld CIT(A) has remanded/… Read More ...
Mohamedali Shabanali Badami v. ITO
Mumbai Tribunal : S. 148 : Reassessment-Limitation-Notice issued under section 148 after expiry of six years under the erstwhile law is barred by limitation notwithstanding that notice under section 148A(b) was issued within the limitation period-Reassessment quashed. [S. 147, 148A(b) 149] The assessee challenged the validity of the reassessment proceedings for A.Y. 2015-16 on the ground that the… Read More ...
JM Financial Credit Solutions Ltd. v. DCIT
Mumbai Tribunal : S. 80G: Donation-Deduction-Corporate Social Responsibility (CSR) expenditure-Donation made as part of CSR obligation to an institution approved under section 80G is eligible for deduction-Disallowance under Explanation 2 to section 37(1) does not bar deduction under Chapter VI-A. [S . 37(1), Companies Act, 2013, S. 135] The assessee incurred Corporate Social Responsibility (CSR) expenditure in compliance… Read More ...
Mrunmayee Priyadarshini Pattnaik Vs ITO (ITAT Delhi)
Delhi ITAT: The Delhi ITAT allowed the assessee’s appeal and quashed the reassessment proceedings after holding that the non-supply of approval under Section 151 of the Income Tax Act rendered the reassessment invalid. The assessee’s case was reopened through a notice under Section 148 dated 31.03.2022. The reopening was based on allegations that the assessee had purchased… Read More ...
Prakash Bhaguji Katkade v. ITO
Mumbai Tribunal : S. 69A : Unexplained money-Alleged on-money paid for purchase of flat-Principles of Natural Justice-Addition based solely on statement of builder and uncorroborated Excel sheets seized during search-No incriminating material supplied to assesse-Cross-examination denied -Addition deleted. [S. 132(4), 147, 148, 254(1), Evidence Act, 1872, S. 65B] The assessee's assessment was reopened on the basis of information… Read More ...
Pr. CIT v. Jas Trading Pvt. Ltd.
Bombay High Court: S. 147 : Reassessment-Supply of reasons-Accommodation entries-Furnishing only the gist of the reasons instead of the complete recorded reasons vitiates the reassessment proceedings. Reassessment based solely on a statement which had already been retracted and whose retraction had been accepted by the appellate authority does not constitute a valid "reason to believe" that income had… Read More ...