CHANDIGARH TRIBUNAL : S. 12AA : Procedure for registration-Trust or institution-Plastic Waste Management-Preservation of Environment as defined in Section 2(15) of the Act-Eligible for exemption-Denial of registration is not valid. [S. 2(15), 11, 12A, 12AA(1)(b)(ii), Form No. 10A, Constitution of India Art, 14, 19 and 21, 47, 48-A, 51-A(g), Environment (Protection) Act, 1986, the Water (Prevention and Control… Read More ...

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MUMBAI ITAT: 4 Keeping in view the fact that the assessee is corporate assessee and subjected to statutory audits and therefore, the books could not rejected in a light manner, the matter stand remitted back to the file of Ld. AO for readjudication with a direction to the assessee to substantiate the transactions carried out by him… Read More ...

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MUMBAI ITAT: We have heard the rival contentions and gone through the facts of the case. We find that the AO has applied the provisions of section 44AD and 44AF of the Act in assessing assessee’s income of Rs.40,81,308/- under totally misunderstanding of facts and law. We find that the assessee’s total turnover is at Rs.20,40,65,412/- and… Read More ...

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MUMBAI ITAT: It is clear from the above findings of CIT(A) that AO has not followed guidelines laid down by the Hon’ble Supreme Court in the case of GKN Driveshaft Ltd., accordingly, we do not find any infirmity in the order of CIT(A) for holding that reopening was not valid. Read More ...

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MUMBAI ITAT: BOGUS PURCHASE: After considering rival contentions, we find no reason to interfere with the stand of Ld. CIT(A) since the assessee was engaged in trading activities and could not achieve the sales turnover without purchase of material. The turnover of the assessee has not been doubted by the revenue and the assessee is in possession… Read More ...

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BOMBAY HIGH COURT: DTVSV-A is a beneficial statute FAQ 61 of the circular 21/2020 dated 4th December 2020 issued by the CBDT to the extent that it restricts appeals to the ones ‘dismissed in limine’ are not only adverse to the interest of the assessee but also contrary to the object and reasons of DTVSV-A. Read More ...

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Income-tax Appellate Tribunal, Mumbai : The Judgment of Supreme Court in CIT vs. Apex Laboratories (442 ITR 1) does not ipso facto mean that expenses are disallowable under section 37(1) of the Act, the same requires investigation into facts. Therefore, the Assessing Officer cannot rectify the assessment under section 154 of the Act. Read More ...

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ITAT Amritsar Bench, Amritsar: Concession of extending another opportunity to the assessee in proceedings ex-parte both before the AO and CIT(Appeals) by the Hon'ble ITAT Bench. 1.Whether concession of extending another opportunity to the assessee is warranted when the matter was heard ex-parte both in adjudication and appellate proceedings before the AO and Commissioner (Appeals) ? 2.Whether assessee is… Read More ...

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ITAT Amritsar Bench, Amritsar: Issues before the Hon'ble ITAT Amritsar Bench, Amritsar. 1.Whether revenue has power to make disallowance under section 40A(7) on a due perusal of tax audit report submitted by the auditor for the respective year under reference ? 2.Whether assessee must be given an opportunity of being heard before the revenue proceeds to sustain disallowance under… Read More ...

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MUMBAI ITAT: In such a scenario, it would be unsafe to rely only on the statement of Shri Vivek Mohanani, which has been recorded behind the back to the assessee to saddle the addition without some corroborative material which has been found during search showing that the assessee and his wife had paid cash of Rs.7,72,000/- over… Read More ...

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