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Unless the bad debt is written off by debiting to the P&L account and the debtors’ account should be credited, the condition as contemplated u/s. 36(1)(vii) is not satisfied. judgment of the Supreme Court in the case of Vijaya Bank Ltd. (supra) relied on by the assessee’s Counsel applies mainly to Banking companies Regarding allowability of Provision for bad debts. No infirmity was found in exercising power u/s 263 by CIT
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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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No Penalty 271(1)(c) ITAT Chandigarh held that since the income has already been declared in the valid revised return (though after service of Summons issued by ADIT (inv.)) filed within the limitation period prescribed for filing the same therefore, the penalty u/s 271(1)(c) in respect of the aforesaid income declared is not leviable and the same is accordingly ordered to be deleted. Penalty u/s 271AAC can be levied only when there is an addition or disallowance and which it is deemed that he has evaded the payment of tax for computing the penalty so leviable. Smt. Parkash Kaur, Ludhiana vs ACIT
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ITAT KOLKATA on Mar 18, 2020 held that the assessment made u/s 153A/143(3) of the Act is invalid in the absence of any incriminating material found during course of search hence the addition made by AO in assessment completed was beyond scope.
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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 LUCKNOW ने Mar 19, 2020 को फेसला दिया कि रेवेन्यू रिकॉर्ड में दर्ज खेती की जमीन पर लगाए चावल प्लांट सहित बेचने पर केवल प्लांट और प्लांट के लिए ली गई जमीन पर केपिटल गेन टैक्स लगेगा बाकी खेती की जमीन अगर खेती की जमीन धारा 2(14) में आती है तो कोई टैक्स नहीं लगेगा।
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BOMBAY HIGH COURT on 14 February, 2020 hold that when an order has been passed without considering the reply and on the ground that no reply is filed, the impugned order will have to be set aside and the proceedings will have to be restored to the stage of show cause notice.
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ITAT – Bangalore on 13 December, 2019 held that Penny Stock-When proved that share transactions are tailor made then the submission that transactions are through recognised stock exchange, through banking channels or not allowed cross examination are not acceptable. The claim is required to be proven to be illegitimate by providing all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven and to establish genuineness of sale and purchase of alledged scripts
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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.