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Dy. CIT v. Gopani Iron and Power (India) Pvt. Ltd.
NAGPUR TRIBUNAL : S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Captive power plant-Specified domestic transaction – Transfer Pricing -ALP of inter-unit transfer of electricity -For benchmarking transfer of power from captive power plant to assessee’s own manufacturing units, the proper CUP is the tariff at which State Electricity Distribution Company supplies power to industrial consumers and not… Read More ...
DCIT (Central ) v. Sunetra Ajit Pawar (Mrs.) (Legal Heir of Late Shri Ajit Anantrao Pawar)
Mumbai Tribunal : S. 153C : Assessment of income of other person-Addition on basis of loose papers / diaries seized from third party-No reference to assessee by name-Identification only on basis of code “DD”, mobile data, WhatsApp chats and Truecaller-Not permissible-No incriminating material “belonging to” or “relating to” assesse- Jurisdiction u/s. 153C not valid-Addition of ₹32.14 crore deleted.… Read More ...
Mahaveer Sukhanraj Kawar v. ITO
Mumbai Tribunal : S. 68 : Cash credits-Long-term capital gains-Penny stock-Addition based solely on Investigation Wing report without independent enquiry-Documentary evidences not disproved-Transactions through demat and stock exchange-Addition deleted-Suspicion cannot replace evidence. [S. 10(38), 45] The assessee earned long-term capital gains on sale of shares of Lifeline Drugs and Pharma Ltd. and claimed exemption under section 10(38). The… Read More ...
Geeta Pravin Vypari (Mrs ) v. ITO
Mumbai Tribunal : S. 69A : Unexplained money-Cash deposits during demonetization- Explained source as past withdrawals and share of siblings-Affidavit was filed before the Tribunal reaffirming the submissions made before the Assessing Officer and CIT(A)-Addition deleted as AO failed to rebut evidence and discharge burden-Additional ground admitted. [S. 115BBE, 254(1)] The assessee, a senior citizen and retired medical… Read More ...
GM Modular Private Limited v. PCIT
Bombay High Court: S. 270A : Penalty-Under-reporting of income – Disallowance of employees’ contribution to PF/ESI – Addition already made in intimation u/s 143(1) – No “under-reported income” – Claim based on jurisdictional High Court judgment – Issue debatable – No penalty leviable – Revision u/s 264 maintainable – Commissioner cannot reject revision without reasons – Penalty and… Read More ...
Yogayatan Jankalyan Trust v. CIT (Exemptions) (ITAT Mumbai)
ITAT Mumbai: Disbursal of loan scholarships to Indian students for study overseas constitutes application of income for charitable purposes in India. Therefore, registration under section 12AB or under section 80G cannot be denied on the ground that loan scholarship is granted to an Indian student in India for pursuing education outside India. Read More ...
Rahul Purswani vs. ITO (ITAT Pune)
ITAT PUNE: Reassessment – Notice issued after 01.04.2021 – AY 2015-16 – Time-barred – Addition relating to property purchase made in wrong assessment year – Not Sustainable Sections 147 and 148 of the Income-tax Act, 1961 Issue Whether reassessment proceedings for A.Y. 2015-16 initiated through a notice under section 148 issued after 01.04.2021 are valid, and whether… Read More ...
Omkara Diamonds Exports Pvt Ltd v. DCIT (ITAT Mumbai)
ITAT Mumbai: A second round of reopening of assessment on the ground that assessee had made bogus purchases and making addition to the extent of 100% of such purchases was bad in law, when there was already a first round of reassessment proceedings for the same issue of bogus purchases wherein the AO made addition to the… Read More ...
PCIT v. Sarah Faisal Hawa (Bombay High Court)
Bombay High Court: S. 263 : Commissioner - Revision of orders prejudicial to revenue-Capital gains - Business income from share transactions – Principle of consistency to be followed – Once similar income was accepted as capital gains in earlier and subsequent years, same cannot be assessed as business income in the year under consideration merely on the basis… Read More ...
Babita Chelawat vs. DCIT (ITAT Indore)
ITAT INDORE: Reassessment – Penny Stock – Unexplained Investment – Addition in Wrong Assessment Year – Not Sustainable Sections 69 and 147 of the Income-tax Act, 1961 Issue Whether an addition on account of alleged unexplained investment in penny stock shares can be made in an assessment year different from the year in which the investment was… Read More ...