Only the right person is liable to be taxed and not the wrong person

Only the right person is liable to be taxed and not the wrong person The brief facts of the case is that during the scrutiny proceedings, the Assessing Officer observed that assessee is the beneficiary of accommodation entry provided by Shri Pravin Kumar Jain-Group.Therefore, Assessing Officer, after considering the reply of the assessee and as … Read more

Addition u/s 69A on account of unexplained jewellery

Addition u/s 69A on account of unexplained jewellery A search & seizure operation u/s 132(1) of the Income Tax Act, 1961 was carried out on the business and residential premises of the M/s SK Jewelers Group of Cases which included the assessee who is shown to be the proprietor of M/s SK Jewelers. The subject … Read more

Reassessment proceedings liable to be quashed if no fresh tangible material or information found: ITAT

Reassessment proceedings liable to be quashed if no fresh tangible material or information found: ITAT The assessee bank has been maintaining its books of accounts under mercantile basis. While admitting the interest on securities for Income Tax purposes, the assessee bank reduced the interest of Rs. 12,66,24,544 from the total income for the asst year … Read more

Only Investments that Yield Exempt Income to be considered for computing the disallowance u/rule 8D(2)(iii): ITAT

Only Investments yielding Exempt Income Considered for computing disallowance u/rule 8D(2)(iii): ITAT The assessee has earned a dividend income of Rs. 22,09,778 and offered suo-moto disallowance of Rs. 2,92,220 being 0.5% of the average value of investments of Rs. 5,84,43,989. The assessee did not consider an investment in equity shares for the purpose of computing … Read more

Cannot inter mix Concealment of Income or Furnishing of Inaccurate particulars of Income: ITAT

Cannot inter mix Concealment of Income or Furnishing of Inaccurate particulars of Income: ITAT The assessee is deriving his income from house property, capital gain and other sources and filed a return of income declaring a total income of Rs. 2,64,980 and in response to notice u/s 153A filed return of income declaring same income … Read more

Depreciation is compulsory allowed whether assessee has claimed it or not: ITAT

Depreciation is compulsory allowed whether assessee has claimed it or not: ITAT The assessee had deposited its funds in short-term deposits with the bank for periods ranging from 10 days to 91 days. The assessee’s accounts with the bank were known as “Flexi Account” whereby the bank also uses to transfer excess of the funds … Read more

ITAT decline to condone the inordinate delay in filing the appeal on no sufficient cause being shown

ITAT decline to condone the inordinate delay in filing the appeal on no sufficient cause being shown In this matter, the assessee preferred an appeal against the order of CIT(A) dated 13-12-2017 for the Assessment Year 2014-15 as per the grounds of appeal on record. This appeal was time barred by 1103 days. The assessee … Read more

Reassessment proceedings without service of notice u/s 148 is void ab initio

Reassessment proceedings without service of notice u/s 148 is void ab initio The issue in this appeal of the assessee is regard to the non-service of notice issued u/s 148 of the Income Tax Act, 1961 (the Act). In this matter, notice u/s 148 was said to have been issued on 28.03.2018. Similar notice u/s … Read more

No transfer u/s 2(47) of Income Tax If assessee himself did not hold valid title of Capital Asset: ITAT

No transfer u/s 2(47) of Income Tax If assessee himself did not hold valid title of Capital Asset: ITAT The assessee is engaged in the business of Flour Mill and derived income there from and filed its return declaring total income of Rs.36,000. Thereafter, notice under section.142(1) was issued and necessary information/ documentation were called … Read more