ld. A.O was not justified in applying the percentage completion method on the assessee merely on the basis that it was followed by the developer JSM DPL and arbitrarily making addition to the income ignored the fact that project completion method/completed contract method of accounting has been consistently adopted by the assessee and even have… Read More »
IN THE ITAT DELHI BENCH ‘SMC’ Kranti Devi v. Income-tax Officer-1(2), Rampur SMT. DIVA SINGH, JUDICIAL MEMBER IT APPEAL NO. 2132 (DELHI) OF 2016 [ASSESSMENT YEAR 2009-10] JUNE 26, 2018 K. Sampat and V. Raja Kumar, Advs. for the Appellant. Ms. Ashima Neb, Sr. DR for the Respondent. ORDER 1. The present appeal has been filed by the assessee, assailing… Read More »
Hon’ble Madras High Court, in the case of CIT v. Indian Express (Madurai) (P.) Ltd. [1983]140 ITR 705 at page 722, observed that unlike a law suit in civil appeals, in tax litigation, it cannot be treated as a “lis” between two rival parties but the job of the Assessing Officer is to arrive at the correct taxable income. Therefore,… Read More »
No TDS was deducted on expenses provisions as the same was contingent liability and the bills were not issued which were issued subsequently and on that the TDS was deducted as and when the final bills were received. HIGH COURT OF GUJARAT Principal Commissioner of Income-tax-4, Ahmedabad v. Sanghi Infrastructure Ltd. M.R. SHAH AND A.Y. KOGJE, JJ.… Read More »
mere fact that the assessee had received this advance does not imply, or even suggest, that it constitutes an income which has escaped assessment. IN THE ITAT DELHI BENCH ‘A’ Anil Laul v. Income-tax Officer, Ward 38 (1), New Delhi PRAMOD KUMAR, ACCOUNTANT MEMBER AND SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER IT APPEAL NO. 566 (DELHI) OF 2011… Read More »
the assessing officer made in the impugned addition because in the sale deed appellant was shown as a seller in his individual capacity, PAN number used in the sale deed was that of the individual, sale proceeds were deposited into the appellant’s bank account held in individual capacity In case the property was belonging to… Read More »
HIGH COURT OF CALCUTTA United Bank of India v. Commissioner of Income Tax, W.B.-IV, Calcutta I.P MUKERJI AND AMRITA SINHA, JJ. ITR NOS. 19 OF 1999 & 7 OF 2000 JUNE 27, 2018 Abhratosh Majumdar, Sr. Adv., Avra Majumdar, and Amiya Kanti Bandyopadhyay, Advs. for the Petitioner. Md. Nizamuuddin, R.N. Bandyopadhyay, and Aniket Mitra, Advs. for the Respondent. JUDGMENT ITR No. 7 of 2000… Read More »
The amount of Rs. 2,30,00,000/- was received by the assessee trust from Bank of India towards corpus fund. The said amount was specifically directed to be kept as a tied-up fund and only interest earned from the same was to be utilised for the furtherance of the objects of the trust corpus donations being in… Read More »
HIGH COURT OF BOMBAY Dharmakumar C. Kapadia v. Assistant Commissioner of Income Tax 19(1) M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NOS. 239 & 241 OF 2016 JUNE 18, 2018 Nitesh Joshi and A.K. Jasani for the Appellant. A.R. Malhotra and N.A. Kazi for the Respondent. JUDGMENT 1. These two Appeals under Section 260-A of the Income-tax Act, 1961 (the Act), challenge the… Read More »
HIGH COURT OF BOMBAY Shree Maheshwar Hydel Power Corporation Ltd. v. Commissioner of Income-tax M. S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 67 OF 2016 JULY 17, 2018 Manish Kanth and Atul Jasani for the Appellant. ORDER 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 18.3.2015 passed by… Read More »