-
ITAT Mumbai on 16th March 2020 held that the Retraction of a statement of a particular person by another person statement is bad and disregarded for all purposes.
-
Assessment framed in the name of non-existing entity/ died person is null and voidab initio ITAT BOMBAY on Nov 6, 2019
-
KOLKATA TRIBUNAL on 8.9.2019 held that Section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO’s record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. In the facts and circumstances of the case, no addition was warranted under Section 68 of the Act. The amount of Rs. 31,75,000/-, as it pertains to the previous assessment year is deleted and for balance sum of Rs.2,66,00,000/- received during the year, the assessee has proved identity, genuineness and creditworthiness of the share subscribers, hence, same is deleted. (Para 38) EVERGREEN RESIDENCY PVT. LTD. vs ITO
-
No deemed rental income when use in business or profession inspite of no depreciation claimed.Also for calculating holding period date of allotment if initial payment made by cheque
-
Compensation received in lieu of ‘right to sue’ is not taxable. Decision held In Chheda Housing Development Corporation Vs Addl. CIT (ITAT Mumbai) on dated 29/05/2019
-
The proceedings u/s 153C could be initiated against a party only if the document seized during the search and seizure proceedings of another person belonging to the assessee concerned.
-
अगर 148 का नोटिस समुचित रूप से सर्व नहीं हुआ है तो रीएसेसमेंट की सारी कार्यवाही रद हो जाएगी मुंबई ट्रिब्यूनल ने फैसला देते हुए कहा है कि फ्लैट नंबर या ऑफिस का नंबर सही ढंग से नहीं लिखने के या कोई भी कारण भी अगर नोटिस सर्व नहीं हुआ है तो आगे की सारी कार्यवाही रद्द मानी जाएगी
-
If a decision is challenged before the first appellate authority both on the issue of validity of jurisdiction as well as merits of the case, the adjudication on validity of reopening can by no stretch of imagination be liable for rejection on the ground that the assessment has been decided in favour of the assessee on merits. If the order is not so kindly take the ground in the appeal / cross objection to higher authority so that the higher authorities will have the benefit of the decision on other points also, if the necessity arises as otherwise