Yearly Archives: 2019

Housing loan interest allowed only upto Rs. 1.5 lakh assessee failed to prove that property was let-out to mother : ITAT

By | April 18, 2019

The assessee inter alia claimed deduction on interest on borrowed capital at Rs. 8,27,014/- under s.24 of the Act under the head ‘income from house property’. The lower authorities have rightly questioned the veracity of claim of property being actually let out. The affidavit filed was clearly bald and a self-serving document. No cross examination of the… Read More »

Quoting of Aadhaar in ITR from A.Y. 2019-20 is mandatory : Supreme Court

By | April 18, 2019

SUPREME COURT OF INDIA Union of India v. Shreya Sen A.K SIKRI AND ABDUL NAZEER, JJ. SPECIAL LEAVE PETITION (CIVIL) DIARY NO. 34292 OF 2018 FEBRUARY  4, 2019 1. Delay condoned. 2. The High Court vide impugned order dated 24.2.2018 passed in Petition (Civil) No.7444 of 2018, had permitted the respondents herein to file the Income Tax Return for the Assessment… Read More »

CIT(A) cannot permit an assessee to withdraw an appeal or dismiss without deciding it on merit : ITAT

By | April 18, 2019

ITAT Mumbai Ms Deekay Gears Vs ACIT  ITA No. 2366/Mum./2018 Date of Judgement: 16/01/2019 Related Assessment Year : 2009-10 Aforesaid appeal has been filed by the assessee challenging the order dated 21stSeptember 2017, passed by the learned Commissioner (Appeals)-40, Mumbai, pertaining to assessment year 2009-10. 2. There is a delay of 116 days in filing… Read More »

No TDS U/s. 195 on commission paid to USA based payee for services rendered outside India : ITAT

By | April 18, 2019

Non-resident company which did not have any permanent establishment India and the services by the said company was rendered outside India and such no services was rendered or no activity was performed in India   section 195 of the Act comes into play only if the concerned recipient’s income is chargeable to tax in India.… Read More »

No Addition for Jewellery if declared in Revised return and purchase bills available : ITAT

By | April 18, 2019

ITAT Jaipur Bithal Dass Mundra Vs  DCIT   ITA No. 433/JP/2018 Date of Judgement: 20/12/2018 Related Assessment Year : 2014-15 This appeal by the assessee is directed against the order dated 01/02/2018 of ld. CIT(A)-IV, Jaipur for the A.Y. 2014-15. The assessee has raised following grounds of appeal: “1. That under the facts and circumstances of the case… Read More »

Sec. 54 deduction allowed on purchase of flats even if investment is not from sale proceeds : ITAT

By | April 18, 2019

 we do not find any restriction/condition imposed mandating investment of the capital gain/sale proceeds towards purchase of new house for claiming deduction under section 54 of the Act. What the provision postulates is, for claiming deduction the assessee has to make investment in purchase of a new house one year before or two years after… Read More »

Depreciation claimed in revised return cannot be denied because of non-claim in original return : ITAT

By | April 17, 2019

The assessee has duly filed the return u/s. 139(1) within the due date. Thereafter, the assessee claimed the depreciation on goodwill in the revised return u/s. 139(5) which was filed on time. This claim of deprecation in the revised return cannot be denied solely on the ground that it was not claimed in the original… Read More »