Whether the order of CIT (exemptions) rejecting the grant of registration under section 12AA of the Income Tax Act to the assessee valid or not?

Case: M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore Listen to the case summary M-S. SeyyIidmadani charitable trust vs the CIT (EXEMPTIONS), ITAT Bangalore here Background The assessee is a trust which came into existence vide deed of trust dated 7.1.1981. Its objects are enumerated as providing education. The assessee applied for grant … Continue reading Whether the order of CIT (exemptions) rejecting the grant of registration under section 12AA of the Income Tax Act to the assessee valid or not?

Whether reopening of the assessment is valid on doubts of the authorities under section 147 R/W 143(3) of the Income Tax Act, 1961

Case: ACIT Khandwa V. M/s. Rajshree Fibres Bistan Road Khargone (M.P) ITAT Indore Listen to the case summary  ACIT Khandwa V. M/s. Rajshree Fibres Bistan Road Khargone (M.P), ITAT Indore here Background a) The case of the assessee was reopened for assessment and the assessment under section 147 r.w.s 143(3) of the income tax act, … Continue reading Whether reopening of the assessment is valid on doubts of the authorities under section 147 R/W 143(3) of the Income Tax Act, 1961

Is the CIT(A)’S order that provides for a 25% disallowance of bogus purchases is erroneous?

Case: ITO -WD- 3 (1) vs BHADRESH JAYANTILAL SHAH DOMBIVALI, ITAT MUMBAI. Listen to the case summary ITO -WD- 3 (1) vs BHADRESH JAYANTILAL SHAH DOMBIVALI, ITAT MUMBAI here Background: The assesee who was engaged in the business of trading had shown certain bogus purchases against returned income. Consequently, order of re-assessment was passed under … Continue reading Is the CIT(A)’S order that provides for a 25% disallowance of bogus purchases is erroneous?

Is deduction allowed on share in goodwill paid to legal heirs of deceased partner?

Case: WADIA GHANDY AND CO vs ACIT CIR. 16(3), ITAT MUMBAI Listen to the case summary WADIA GHANDY AND CO vs ACIT CIR. 16(3), ITAT MUMBAI here Background: During the assessment proceedings, the Assessing Officer disallowed assesse’s claim of deduction towards payments made to legal heirs of deceased partners. Assessee’s appeal against the said order … Continue reading Is deduction allowed on share in goodwill paid to legal heirs of deceased partner?

Can share application money invested through cash be considered as undisclosed Income under section 68 of IT Act?

Case: DCIT v/s M-s Modern Dalkhola Flour Mills Pvt LTD, ITAT KOLKATA Listen to the case summary DCIT v/s M-s Modern Dalkhola Flour Mills Pvt LTD, ITAT KOLKATA here Facts: Share Application money along with premium was received from 11 parties.3 parties were corporate entities belonging to same group.8 parties were individuals, all relatives of the director.1 … Continue reading Can share application money invested through cash be considered as undisclosed Income under section 68 of IT Act?

Can a hotel claim deduction u/s 80IB by stating saloon services as an integral part?

Case: BIR HOTELS PVT LTD vs ASSISTANT COMMISSIONER OF INCOME TAX AND ANR, HC Allahabad Listen to the case summary BIR HOTELS PVT LTD vs ASSISTANT COMMISSIONER OF INCOME TAX AND ANR, HC Allahabad here Background: The assessee, a 3-star hotel entered into a franchise agreement with Lakme saloon and claimed deduction u/s 80IB on the … Continue reading Can a hotel claim deduction u/s 80IB by stating saloon services as an integral part?

Deputy Commissioner of Income Tax vs Sovereign Pharma Pvt Ltd, ITAT Pune

Can the AO open re-assessment on the basis of facts and documents which are already available?

Case: Deputy Commissioner of Income Tax vs Sovereign Pharma Pvt Ltd, ITAT Pune Listen to the case summary Deputy Commissioner of Income Tax vs Sovereign Pharma Pvt Ltd, ITAT Pune here Background: The Assessing Officer (AO) reopened the assessment four years from the end of the relevant assessment year and issued the notice under u/s … Continue reading Can the AO open re-assessment on the basis of facts and documents which are already available?

Transtroy (India) Ltd. vs Assistant Commissioner, Circle 2(1), Visakhapatnam, ITAT

Can deduction u/s 80-IA be claimed if the contract is awarded to Joint Venture formed by the assessee?

Case: TRANSTROY (INDIA) LTD vs ASSISTANT COMMISSIONER, CIRCLE 2(1), ITAT, Visakhapatnam Listen to the case summary TRANSTROY (INDIA) LTD vs ASSISTANT COMMISSIONER, CIRCLE 2(1) Background: The assessee formed a joint venture (JV) to participate in the bidding process with the Government of India. The government allotted the project work to the JV and subsequently, the joint venture formed a … Continue reading Can deduction u/s 80-IA be claimed if the contract is awarded to Joint Venture formed by the assessee?

Can deduction be denied for partial cultivation on agricultural land?

Case: Rajendra Bastimal Chordiya vs Income Tax Officer, ITAT, Pune Listen to Rajendra Bastimal Chordiya vs Income Tax Officer, ITAT, Pune case summary and stay updated any time anywhere. Background: Assessee’s claim of deduction u/s 54B of the Act related to the sale of agricultural land was denied by the AO as: out of the total … Continue reading Can deduction be denied for partial cultivation on agricultural land?

Tecnotree Convergence Lt d Bangalore vs Deputy Commissioner of Income Tax Circle-7(1)(1) Bangalore

Can a deduction u/s 10 A of the Act be denied if the application for extension of time to receive export sales proceeds is neither rejected nor accepted?

Case: Tecnotree Convergence Ltd Bangalore vs Deputy Commissioner of Income Tax Circle-7(1)(1) Bangalore, Banglore ITAT Listen to Tecnotree Convergence Ltd Bangalore vs Deputy Commissioner of Income Tax Circle-7(1)(1) Bangalore case summary and stay updated any time anywhere. Background:  The A/O denied deduction under Section 10A of the Income Tax Act to the assessee to extend the … Continue reading Can a deduction u/s 10 A of the Act be denied if the application for extension of time to receive export sales proceeds is neither rejected nor accepted?