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Decision on Loose Papers found during the Search Section 132
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Can AO made the addition u/s. 41(l)(a) by holding cessation of liability even when there is litigation in the court? ITAT Mumbai passed the order in the case of Dcit-8(2)(2), Mumbai vs M/S Surbhit Impex Pvt. Ltd., … on 17 September, 2021
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Section 69: NO ADDITION CAN BE MADE ONLY ON THE BASIS OF INFORMATION RECEIVED When affidavit is filed and statement on oath is submitted by the assessee unless proved otherwise. ITAT- Mumbai. Shri Mohan Thakur, Mumbai vs A.C.I.T. Cent. Cir. 8(4), Mumbai on 24 May, 2021. https://www.bpmundraca.com/it-cases-242-2021/
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If the assessee for bona fide reasons was unable to bring materials on record to factually prove its claim before the departmental authorities and comes forward to file additional evidences before the Tribunal to prove such fact, the assessee should not be prevented from doing so. It is in the interest of natural justice and fairplay to allow assessee to establish its claim Income Tax Appellate Tribunal – Mumbai in the case of Fab Trade Private Limited, Mumbai vs Ito, Ward 15(1)(2), on 8 March, 2021.
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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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अगर SVA की वैल्यूएशन DVO के वैल्यूएशन से ज्यादा आती है तो कर अधिकारी धारा 50C के प्रावधान के अनुसार कौन सी वैल्यू लेगा?ITAT Mumbai ने 18.11.2016 को Sangeeta Vijay Kumar, Mumbai vs Acit 25(2) को इसका ऑर्डर पास किया है।
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ITAT BOMBAY on 13 March, 2020 hold that it is settled position of law that penalty u/s271(1)(c) cannot be levied when the additions as made by the AO was a pure estimate and nothing concrete as to bogus purchases were brought on records by the AO by making any further enquiries or investigation though the assessee failed to prove the genuineness of the alleged bogus purchases from the Hawala. ITO vs. PREMKUMAR SHEHGAL
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ITAT Mumbai on 16th March 2020 held that In case of bogus bill found where actual purchases were made by cash, method of peak credit as adopted by AO would not be a suitable method rather an adhoc estimated addition would meet cause of justice
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ITAT Mumbai on 16th March 2020 held that to make addition in Section 69C it is postulated that source of expenditure incurred not found satisfactory by Ld. AO. When purchases were reversed by the assessee in subsequent years and the transactions of purchases as well as sales were stated to be mere paper entries. The such stock purchased was reflected in closing stock. Thus it is circular transactions and are mere paper entries and no addition can be made u/s 69C.
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ITAT Mumbai on 16th March 2020 held that the Additions merely on the basis of statements made during survey proceedings u/s 133A would not hold much evidentiary value unless the same were backed up by some cogent corroborative material.