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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 The interim order of the SEBI have been revoked against the assessee.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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ITAT Ahmedabad on 11th March, 2020-Diary seized, surrender made and survey statement recorded under section 133A. But having no corroborative evidences. Exorbitant profit is not possible in the line of business of the assessee. No other business is found. No unexplained investment is found. It was held that Since it is business receipt only GP based on past history can be added as income.
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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
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ITAT Ahmedabad held on 6.1.2020 that the provisions of section 68 cannot be applied in relation to the sales receipt as the sales receipt has already been shown in the books of accounts as income at the time of sale only particularly when the purchases have been accepted, then the corresponding sales cannot be disturbed without giving any conclusive evidence/finding. No addition can be made on this ground.
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ITAT AHMEDABAD on Mar 11, 2020 held that 148 Notice issed in the name of dead person. One legal representative participated in proceedings. Raised objection 1st time in appeal. It is procedural mistake rectificable 292B to frame assessment in the name of all legal heirs as per the provisions of law after issue of notice u/s 148 to all legal representatives.
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ITAT CHENNAI held on Mar 13, 2020 Disallowance of interest is valid when out of borrowed funds the assessee advanced interest free loan to subsidiary concern without commercial expediency.
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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