Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Seva Bharati v. CIT (E) (2024)113 ITR 74 (SN)(Kol)(Trib)

S. 80G : Donation-Application for registration dismissed on ground Form 10AB was filed beyond time prescribed-Central Board Of Direct Taxes Circular No. 7 Of 2024, Dated April 25, 2024 (2024) 463 ITR 14 (St)-Directed Commissioner (E) to consider Assessee’s application and grant exemption-Delay of 243 days in filing of appeal is condoned.[S.12A,80G(5)(iii), 253(5), Form No 10A, 10AB]

Rita Gupta v. Dy. CIT (2024)113 ITR 1 (Kol) (Trib)

S. 70 : Set off of loss-One source against income from another source-Same head of income-Loss incurred on sale of shares on Stock exchange platform-Securities transaction tax paid-Eligible to be set off against long-term capital gains earned from sale of unlisted shares. [S. 10(38), 45, 71 74]

Kailash Gahlot v. Dy. CIT (2024)113 ITR 62 (SN)(Delhi)(HC)

S. 69C : Unexplained expenditure-Search and seizure-Seizure of diary entries of cash payment to vendors-Names of relatives also mentioned-Affidavit is rejected-Addition is justified. [S.115BBE, 132(4)

Durga Fire Work v. ITO (2024)113 ITR 53 (SN)(Delhi)(Trib)

S. 69A : Unexplained money-Trading in firecrackers-Cash deposited-Demonetisation-Cannot be assessed as undisclosed income. [S. 145]

Madan Lal v. ITO (2024)113 ITR 636 (Jodhpur)(Trib)

S. 69 : Unexplained investments-Unexplained money-Agricultural activities-Mistakenly reported as gross instead net income-Affidavit explaining the facts-Not cross examined-Content is proved to be correct unless rebutted by evidence-Addition is deleted-Delay in filing of appeal is condoned. [S,69A 115BBE]

Subhojit Paul v.ACIT (2024)113 ITR 3 (SN)(Kol)(Trib)

S. 68 : Cash credits-Cash deposit-Demonetisation period-Business of retail trading in medicine-Books of account not rejected-Addition is deleted. [S. 145]

Radiant Cement Co. P. Ltd. v. ITO (2024)113 ITR 28 (SN)(Chd)(Trib)

S. 68 : Cash credits-Sales from branch-Books of account accepted-Cash sales can not be assessed as cash credits. [S. 145]

Nilaben Aravindbhai Lad v. ITO (2024)113 ITR 17 (SN)(Surat) (Trib)

S. 68 : Cash credits-Cash deposit-Demonetisation period-Agricultural income-Living expenses-Addition to the extent of balance sustained-Rate of tax-Provision for taxing cash credits at sixty Per Cent. introduced from 15-12-2016 is not applicable for earlier period.[S. 115BBEE]

Kuna Impex P. Ltd. v. Dy. CIT (2024)113 ITR 7 (SN)(Ahd)(Trib)

S. 68 : Cash credits-Share application moneys-Premium-Filled all details regarding identity of share allottees, their Permanent Account Number Cards, Passports, acknowledgment of income-Tax Returns, Bank Statements etc-Addition is deleted. [S.56(2)(viib)]

The Borivali Education Society v. CIT (E) (Bom) (HC). www.itatonline.org . 1.

S. 119 : Central Board of Direct Taxes- Circular – Property held for charitable purposes – –Form No. 10B was filed manually before due date of filing of return – Mandatory e-filing of Form 10B – Delay of 2732 days in filing the form electronically –Delay is condoned –The delay should be condoned as long as such lapse is not mala fide and the assesseee has not derived any undue advantage out of his own lapse – Order of CIT( E) rejecting the application for condonation of delay is quashed and set aside . [S. 11, 119 (2)(b) , 139(9), 143(1), 154, Art. 226 ]