S. 143(3) : Assessment-Income from undisclosed Sources-Difference in stock-Books of account not rejected-Reconciliation of stock filed-Addition is held to be not valid. [S. 69, 132]
SMC Food Ltd. v. ACIT (2020) 83 ITR 6 (SN) (Delhi)(Trib.)S. 143(3) : Assessment-Income from undisclosed Sources-Difference in stock-Books of account not rejected-Reconciliation of stock filed-Addition is held to be not valid. [S. 69, 132]
SMC Food Ltd. v. ACIT (2020) 83 ITR 6 (SN) (Delhi)(Trib.)S. 143(3) : Assessment-Malmanagement company-Sponsorship and promotional income-Power and fuel Charges-Marketing income considered net of expenses and not separately credited to profit and loss account-Addition is held to be not valid-Security charges, matter remanded. [S. 28(i)]
Orion Property Management Services Ltd. v. ITO (2020)83 ITR 4 (SN) (Bang.)(Trib.)S. 143(3) : Assessment-Amalgamation of Companies-Assessing Officer required to take successor entity on record and authorised representative required to file Power of Attorney duly authorised by amalgamated entity-Assessment made on non existent entity void ab-initio.
Haryana Gramin Bank v. Dy. CIT (2020) 83 ITR 8 (SN) (Delhi)(Trib.)S. 115JB : Book profit-Profit on sale of agricultural land-Direction of CIT(A) to exclude sum from book profits-Held to be proper. [S. 10, 115JB(2)(k)(ii)].
ITO v. Buniyad Developers Pvt. Ltd. (2020) 83 ITR 23 (SN) (Delhi)(Trib.)S. 115JB : Book profit-Disallowance under Section 14A not to be included while computing book profit. [S. 14A]
Ameya Logistics Pvt. Ltd. v. Dy. CIT (2020) 83 ITR 46 (SN) (Mum.) (Trib.)S. 92C : Transfer pricing-Arm’s length price-Comparable-Matter remanded-Adjustment for working capital difference nor working provided-Addition is held to be justified.
Open Solutions Software Services Pvt. Ltd. v. Add.CIT (2020) 83 ITR 21 (SN) (Delhi)(Trib.)S. 92C : Transfer pricing-Arm’s length price-Working capital adjustment granted-Outstanding receivables part of working capital-No separate benchmarking warranted.
Dy. CIT (LTU) v. EXL Service.Com (India) Pvt. Ltd. (2020) 83 ITR 11 (SN) (Delhi)(Trib.)S. 80P : Co-operative societies-Business of Banking and disbursement of agricultural loans-Assessing Officer director to examine each loan disbursement to determine its purpose-Matter remanded. [S. 80P(2)]
Mugu Service Co-Operative Bank Ltd. v. ITO (2020) 83 ITR 85 (SN) (Cochin)(Trib.)S. 80IA : Industrial undertakings -Initial Assessment year-Option given by CBDT to assessee to choose initial Assessment year-Prior period depreciation on investment in premises. [S. 80IA (4)(iv)(a) , 119]
ACIT v. Suma Shilp Ltd. (2020)83 ITR 39 (SN) (Pune)(Trib.)S. 80IA : Industrial undertakings-Infrastructure development- Development, Maintenance and operation of Industrial Park. [S. 80IA(4)(iii)]
Dy. CIT v. Marigold Premises Pvt. Ltd. (2020)83 ITR 32 (SN) (Pune)(Trib.)