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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 KOLKATA on Mar 13, 2020 quashed the reopening of assessment and allow this appeal of the assessee on the ground that the re-opening is bad in law as the Assessing Officer has not independently applied his mind to the material and recorded reasons which are vague and merely based on borrowed satisfaction.
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What are the consequences when the notice u/s 143(2) served without examining the return filed in compliance of notice.? The answer is given by ITAT DELHI on 20 February, 2020 in the case of Ananya Portfolio (P) Ltd. v. ITO- IT-CASES-203-2020. Assessment quashed.
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Section 147, 132 Gujarat High Court on 25 February, 2020 held that when Search and seizure of incriminating material is at third party and have not in the name of or in hand writings or signature of the assessee, also no such transaction is with third party then in the absence of any other independent material to corroborate the statement of third party no addition can be made. it-cases-205-2020
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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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ITAT DELHI on Mar 11, 2020 held in Penny stock- The assessee submitted sufficient documentary evidences before A.O. The A.O. has not brought any adverse material against the assessee so as to make the above additions. The interim order of the SEBI have been revoked against the assessee. The denial of right of cross-examination is a flaw which renders the assessment order a nullity. Hon’ble Supreme Court in the case of Kishanchand Chellaram 125 ITR 713 (SC) and Andaman Timber Industries vs., CCE 314 ELT 641.
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AO to adopt the value of the property for the purpose of section 50C of the Act for computing capital gains as on the date of execution of agreement to sale, but not as on the date of sale deed reason being that the assessee received the part consideration by an account payee cheque on or before the date of the agreement for transfer: ITAT VISHAKAPATNAM on Mar 11, 2020
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दिल्ली ट्रिब्यूनल ने 28 मार्च 2020 को फैसला दिया है कि धारा 205 के अनुसार अगर करदाता टीडीएस कट जाने का प्रूफ दे देता है तो उस टीडीएस की रिकवरी कर निर्धारण अधिकारी करदाता से इस आधार पर नहीं कर सकता टीडीएस काटने वाले ने के लिए जमा नहीं कराया। धारा 201 के अनुसार आयकर विभाग के पास समुचित अधिकार है जिसने टीडीएस काटा है उस से रिकवरी कर ली जाए
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Activity of the assessee are primarily motivated with the objective of promoting handloom sector in India and said activity are not for gain or profit of an individual. The executive committee of the Society also consist of all government officials with no motive of profit sharing or personal interest. The member subscription is received by the assessee in proportion of the supply by the agency and the rate decided. The said subscription fee received cannot be equated with the cess or fee against services rendered. The AO is not justified in holding that provision to section 2(15) will be attracted in the case of the assessee and therefore qualifies for exemption under section 11.
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ITAT AHMEDABAD held on Mar 2, 2020 that when assessee has not made any claim for exemption of any income from the payment of tax, therefore, there cannot be any disallowance u/s.14A of the Act