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Question : Is Penalty under Section 271E is permissible in the absence of regular assessment framed against the assessee by the Revenue? ITAT – Ahmedabad in the case of Vijayaben G Zalavadia, … vs The Jt. Cit, Gandhinagar on 11 May, 2022. Answer: Penalty Quashed.
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Q.Consequences when the only reason for making and upholding the disallowance of the interest is the statement recorded by the officers of the Department and that too not by the Assessing Officer himself and that too which were not made available to the assessee for cross examination ? The ITAT- Lucknow M/S. Keymen Laminators Private … vs DCIT… passed order on 2 November, 2021. For full order kindly click the link. Section 68, 153A, 133(6)
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The question in the present case is as to whether the information received from the investigation wing/search team would constitute ‘reason to believe’ empowering the Assessing Officer to reopen the assessment u/s 147/148. Answer is given by ITAT Ahmedabad on 12/11/2020 in the case of Hitesh Ashok Vaswani Vs DCIT. https://www.bpmundraca.com/it-cases-240-2021/
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Section 56(2)(vii)(b) When purchase transactions of immovable property were carried out in FY 2011-12 for which full consideration was also parted with the seller. Mere registration at later date would not cover a transaction in AY 2014-15 already executed in the earlier years. The Revenue is debarred. ITAT- Ranchi in the case of Bajrang Lal Naredi, Ranchi vs Ito,Ward-1(3), Jamshedpur on 20 January, 2020
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Section 23(1)(c). Can AO make addition on account of notional rent when the property on rent in past is lying vacant in the relevant year and the assessee mention only the reason though no evidence of efforts made was submitted except the evidence that the property was on rent in next financial year.ITAT BOMBAY passed the order on Oct 30, 2019AY 2014-15 EMPIRE CAPITAL PVT. LTD. vs. ACIT. Decision in favour of assessee
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Section 144 r.w. Section 145(3): ITAT JAIPUR on Jun 19, 2020 held that Even if the books f accounts rejected by invoking provisions of Section 145(3) due doubt on genuineness of the purchases, the A.O. is bound to frame the assessment on best assessment as per provisions of Section 144 r.w. Section 145(3). Therefore, after rejection of books of account, the A.O. is required to estimate the income of the assessee on some reasonable and proper basis. Once the past year results have attained finality and not in dispute, the same can form the basis for estimating the GP rate for the current year. KEDIA EXPORTS PVT. LTD. & ANR. vs. ACIT. AY 2009-10, 2012-13, 2013-14 & 2014-15 Decision in favour of Assessee
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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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Kindly note Supreme Court in Vodafone Idea on 29th April 2020 held that there is assessment year wise regime in processing of refund u/s 143(1)
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ITAT Delhi on 31st jan; 2019 held that CIT(A) could not enhance income of assessee on altogether ‘new Source’. before submitting your written submission kindly read carefully the notes and read case laws mentioned.
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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.