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Capital contribution by the partners cannot be treated as income of the assessee and if the partners are not able to explain the sources for their investment, the AO can only make the addition in the hands of the partners and not in the hands of the assessee firm.
Jayashree Anand Enterprises Vs ITO
(2020) TaxCorp(LJ) 22517 (ITAT-HYDERABAD) · Section 69
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Invocation of Rule 27 for challenging the decision of the CIT (A) on the legal ground was well within the scope of Rule 27.
SANJAY SAWHNEY Vs PRINCIPAL COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22516 (HC-DELHI)
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Ground relating to challenging the order passed by the Assessing officer for want of jurisdiction was taken before the ld CIT(A), however, it appears that the ld CIT(A) has wrongly read the ground relating to jurisdiction and limitation together and has dismissed both these grounds as not pressed. Given that this ground was taken by the assessee before the ld CIT(A) and not adjudicated upon, the matter deserve to be set-aside to the file of the ld CIT(A) to adjudicate the said ground of appeal after providing reasonable opportunity to the assessee.
EID MOHAMMAD NIZAMUDDIN VERSUS INCOME TAX-OFFICER
(2020) TaxCorp(LJ) 22515 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83328&Category=ITAT&CategoryType=Zip
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Assessee sold all the shares and incurred a huge loss and as per the records submitted before us, assessee has claimed it as the business loss considering the fact that assessee has treated the above shares which was sold during the year as stock-in-trade. As per the records brought to our notice by Ld. AR, it clearly indicates that all this information of conversion of shares into stock-in-trade were brought to the notice of the AO in the original assessment itself.
DCIT CIR 6 (1) (1) , MUMBAI VERSUS M/S AGARWAL TEXTILES INDUSTRIES PVT. LTD. AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22514 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83324&Category=ITAT&CategoryType=Zip
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Section 271C provides that if any person fails to deduct whole or any part of the tax as required, then he shall be liable to pay by way of penalty a sum equal to the amount of tax which he has failed to deduct. Section 273B of the Act provides that notwithstanding the provisions contained under Section 271C, no penalty shall be imposable upon the person or the assessee for any failure referred to in the aforesaid provision if the person or the assessee concerned proves there was reasonable cause for the said failure.
UNION BANK OF INDIA VERSUS ADDL. COMMISSIONER OF INCOME TAX (TDS) , JAIPUR
(2020) TaxCorp(LJ) 22513 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83329&Category=ITAT&CategoryType=Zip
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There is no dispute that the assessee has supplied electrical goods to M/s Shri Om Sai Stones Industries vide sale bill no. 237 dated 24.05.2012 for a sum of ₹ 4,58,430/-. It is also not in dispute that the cash amount of ₹ 1 lac received earlier from M/s Shri Om Sai Stones Industries during the last quarter of the impugned financial year has been adjusted against the said sales and only the balance amount of ₹ 3,58,430/- has been received by the assessee.
SURESH KUMAR DAPKARA VERSUS THE ADD. CIT, RANGE-1, KOTA.
(2020) TaxCorp(LJ) 22512 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83330&Category=ITAT&CategoryType=Zip
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Infosys BPO Ltd. cannot be considered as a comparable to the assessee company for the simple reason that the assessee company is engaged in rendering system integration, enterprise solutions and software development services to the clients of its Associated Enterprises (AE) and also to independent customers in the United Kingdom, the United State of America and others countries in Europe as well as India while being a subsidiary of Steria (UK). On the other hand Infosys BPO Ltd.
M/S. STERIA (INDIA) LTD. VERSUS ADD. COMMISSIONER OF INCOME TAX, NEW DELHI
(2020) TaxCorp(LJ) 22511 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83331&Category=ITAT&CategoryType=Zip
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Once there was no incriminating material, neither any such information was available with AO, then where is the question of roping such an addition or making such inquiry in the assessment proceedings. If there would have been any incriminating document pertaining to the alleged bank account found directly or indirectly linking the said bank account with the assessee during the course of search, then only the entire scope of inquiry for the purpose of assessment could have been made and if there is no such incriminating material or seized document, then ostensibly assessment has to be confined to the seized document relating to the assessee.
ANURAG DALMIA VERSUS DCIT, CENTRAL CIRCLE-2, NEW DELHI
(2020) TaxCorp(LJ) 22510 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83333&Category=ITAT&CategoryType=Zip
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The assessee being natural guardian of minor sons is obliged to protect the interest of the minors as per The Hindu Minority and Guardianship Act and thus could not have diverted sale proceed of shares held by minor sons to repay bank loan of Rs. 4.25 Cr availed by a ALEPL.
Shri K. Srikanth Vs The Asst. Commissioner of Income Tax
(2020) TaxCorp(LJ) 22509 (ITAT-CHENNAI)
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Assessee's erroneous treatment of income/loss under a different head in earlier years does not act as an estoppel on the assessee to claim it as assessable under the right head subsequently, if it is found that income was actually assessable under a different head.
M/s Anant Raj Limited Vs ACIT
(2020) TaxCorp(LJ) 22508 (ITAT-DELHI)
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Since assessee was under bona fide and genuine belief that he was not required to sign consent waiver form and no incriminating material was found indicating assessee's direct or indirect involvement in opening bank account, there was reasonable cause for non-levy of penalty u/s 273B.
Anurag Dalmia Vs DCIT
(2020) TaxCorp(LJ) 22507 (ITAT-DELHI) · Section 271(1)(b)
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The coverage under customs laws was very wide while we are dealing with 1961 Act read with 1962 Rules and coverage of the term computer software is restrictive to computer program which is recorded in any disc, tape, perforated media or other information storage device.
M/s. Pentamedia Graphics Ltd. Vs The Dy. Commissioner of Income Tax
(2020) TaxCorp(LJ) 22506 (ITAT-CHENNAI)
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It would be grossly unfair and unjust to deny the assessee the credit of TDS where the corresponding income has been assessed in its hand.
M/s. Easylink Insurance Services Pvt. Ltd. Vs DCIT
(2020) TaxCorp(LJ) 22505 (ITAT-MUMBAI)
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The assessee has purchased the entire property within a span of 13 days in the month of February, 2015. An harmonious reading of the agreement for sale of the property and the registered sale deed clearly indicates that the assessee intended to purchase the entire property including the vacant land from the vendor Shri R. Selva Kumar.
SHRI MD SUNDAR RAO VERSUS THE INCOME TAX OFFICER, NON-CORPORATE WARD -6 (2) , CHENNAI.
(2020) TaxCorp(LJ) 22504 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83317&Category=ITAT&CategoryType=Zip
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Hon’ble Bombay High Court in the case of PCIT vs. Vembu Vaidyanathan has taken note of CBDT circular no. 471 dated 15th October 1986 as well as CBDT circular 672 dated 16th Dec. 1993 and concluded that the assessee shall be deemed to have acquired rights in the property on the date of issue of allotment letter for the purposes of expression capital asset.
SHRI D.R. KUMARASWAMY VERSUS THE INCOME TAX OFFICER, WARD-3 (3) (4) , BANGALORE
(2020) TaxCorp(LJ) 22503 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83318&Category=ITAT&CategoryType=Zip
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A perusal of the deposit and withdrawals in the said bank account filed by the assessee shows that there are systematic deposits as well as withdrawals. The assessee is engaged in the business of readymade garments, therefore, taxing only the deposits without giving corresponding credits to the withdrawals, in my opinion, will be not justified in the instant case especially when the assessee is a small trader. Since the peak credit comes to ₹ 7,70,390/-, therefore, modify the order of the CIT(A) and restrict the addition to ₹ 7,70,390/-.
SANJAY JAIN VERSUS ITO, WARD-58 (3) , NEW DELHI
(2020) TaxCorp(LJ) 22502 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83319&Category=ITAT&CategoryType=Zip
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The assessee has paid interest on the money borrowed from the company namely SDIPL. This fact can be established from the details such as TDS certificate issued by the assessee to the company for the deduction of TDS on the payment of interest to the company. There is also Ledger account of the assessee in the books of the company showing the amount of interest received from the assessee by the company. There remains no dispute that the assessee has incurred interest expenses on the money borrowed from the company.
MOHAN B. AGRAWAL VERSUS D.C.I.T., CIRCLE-4 (2) , AHMEDABAD.
(2020) TaxCorp(LJ) 22501 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83321&Category=ITAT&CategoryType=Zip
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Infosys Ltd., it possesses huge tangibles of more than ₹ 1,00,000/- Crores. It is a full-fledged risk bearer with a turnover of more than ₹ 12,000/- Crores. The functions of Infosys Ltd. are highly diversified, and branching out into product conceptualization, core design, research & development to marketing and sales of products, etc. No such function is carried out by the assessee. Being a captive service provider, its function is completely confined to software development services for its AE.
PRINCIPAL COMMISSIONER OF INCOME TAX-7 VERSUS OPEN SOLUTIONS SOFTWARE SERVICES PVT. LTD.
(2020) TaxCorp(LJ) 22500 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82916&Category=Judgment&CategoryType=Zip
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Rule 27 embodies a fundamental principal that a Respondent who may not have been aggrieved by the final order of the Lower Authority or the Court, and therefore, has not filed an appeal against the same, is entitled to defend such an order before the Appellate forum on all grounds, including the ground which has been held against him by the Lower Authority, though the final order is in its favour.
SANJAY SAWHNEY VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22499 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82917&Category=Judgment&CategoryType=Zip
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In respect of an identical payment made by the assessee under the very same agreement for establishing cricket Academy for assessment year 2010-11, the issue was considered by this Tribunal and the Tribunal held that expenditure in question was revenue expenditure and should be allowed as a deduction.
M/S ROYAL CHALLENGERS SPORTS PVT. LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL RANGE-2 (3) BANGALORE
(2020) TaxCorp(LJ) 22498 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83298&Category=ITAT&CategoryType=Zip
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