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Section 32, 37, 36(1)(iii), 37(1), 131, 133A, 56, 147 AY 2012-13, 2013-14, 2014-15 After going through the various terms of the deed if it is loan/finance arrangement between the parties then the assessee is entitled only to claim interest as expenditure u/s 36 (1) (iii) and depreciation and is not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1). FASTWAY TRANSMISSION (P) LTD. vs. ACIT ITAT CHANDIGARH May 6, 2020
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During lock down period- the AO has acted with undue haste in passing the orders under Section 201(1)(1A) of the Act.- The writ was allowed for quashing the order passed under Section 201 of the Income Tax Act, 1961- the demand notice. Immediately after the lockdown is withdrawn by the Government, a period of two weeks reckoned therefrom is granted to the petitioner to reply to the Notices to the show cause issued by the respondent.
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ITAT VISAKHAPATNAM on 26 February, 2020- Search and Seizure operations- Once the assessee has explained the way in which he derived income and also the purpose for which it is utilized, it is not necessary for the assessee being an educational society to substantiate further with the source of the income received in view of section 115BBC(2)&(3) of the Act. Therefore, in view of the facts and circumstances of the case, we find that the assessee has fulfilled all the conditions laid down in Section 271AAB(1)(a), therefore penalty at 10% is leviable (instead of 30%) in this case. As per section 115BBC, any trust or institution received anonymous donations, is not necessary to mention identity/address and other particulars in the books.
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Madras High Court decision on 5 March, 2020 on stay of demand-consequences of not depositing of 20% of total demand within 30 days alongwith stay application- CBDT’s instruction on stay of demand
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ITAT Ahmedabad on 11th March, 2020-Diary seized, surrender made and survey statement recorded under section 133A. But having no corroborative evidences. Exorbitant profit is not possible in the line of business of the assessee. No other business is found. No unexplained investment is found. It was held that Since it is business receipt only GP based on past history can be added as income.
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ITAT INDORE held on Mar 19, 2020 fee u/s 234E cannot be levied in the statement processed u/s 200A up to 31.05.2015.
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ITAT COCHIN held on Mar 13, 2020 that if Primary agricultural credit society give Loan for agricultural purpose then the assessee’s activities are in compliance with the activities of primary agricultural credit society and therefore claim of deduction u/s 80P(2) of the I.T. Act can not be denied.