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Dec 31, 2011

CIT can set aside 143(3) assessment if creditors not been verified during the Assessment

CIT can set aside 143(3) assessment if creditors not been verified during the Assessment

Posted: 31 Dec 2011 01:49 AM PST

Southern Metals & Alloys Vs. ACIT (ITAT Chennai)- The assessing authority had asked for details in respect of various creditors and in respect of the above stated trade creditors. The assessee had not furnished any particulars before the...

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Cash seized should be adjusted advance-tax liability from the date of seizure

Posted: 30 Dec 2011 10:17 PM PST

Shri Ram S Sarda vs DCIT (ITAT Rajkot) - ITAT, Mumbai Bench in the case of Sudhakar M Shetty vs ACIT held that the department has to adjust the seized amount towards the advance-tax from the date when it was seized and accordingly directed the...

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Re-assessment proceedings cannot, be initiated on the ground that the Assessing Officer was legally wrong and had misapplied and wrongly understood the law/legal position

Posted: 30 Dec 2011 09:31 PM PST

BLB Limited Vs. ACIT (Delhi HC) - If in the course of original assessment proceedings, the Assessing Officer has considered and examined a particular aspect, the said aspect cannot be made a ground to reopen and initiate reassessment proceedings....

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Power to reopen an assessment cannot be exercised to reopen what formed subject matter of an appeal to Commissioner (Appeals)

Posted: 30 Dec 2011 09:15 PM PST

ICICI Bank Ltd. V. DCIT (Bombay HC) - Second proviso to Section 147 stipulates that the Assessing Officer may assess or re-assess such income other than the income involving matters which are the subject matter of any Appeal, Reference or Revision,...

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Return treated as non est and 'invalid' cannot be treated as allowance or deduction – So Interest waived by bank cannot be charged to tax under s. 41(1)

Posted: 30 Dec 2011 08:32 PM PST

NJP Surya Cold Storage Pvt Ltd. vs. ITO (ITAT Hyderabad)- In this case, it is on record that in earlier years, returns were non est. returns and the interest claimed cannot be considered as allowed to the assessee in the earlier years. This being...

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ITAT may dismiss appeal for non attendance by the Assessee

Posted: 30 Dec 2011 08:32 PM PST

M/s Panwar Roshin & Turpentine Co. Ltd. Vs ITO (ITAT Delhi)- The appeal was filed on 08.12.2010 when an acknowledgement cum- notice was served on the bearer under which the appeal was fixed for hearing on 10.02.2011. None attended on that...

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TDS U/s. 194C not deductible on Packing or Printed material supplied to us as per pur specification

Posted: 30 Dec 2011 08:32 PM PST

DCIT Vs. Elgie Engineering Works (ITAT Calcutta)- On perusal of the bills of parties, it is seen that the payments are for manufacture and supply of items such as Buckstay Slings, Economiser coils, Lifting beams etc. The bills show that the price is...

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Tribunal may allow additional documents to be produced or witness to be examined or affidavit to be filed or may allow such evidence to be produced

Posted: 30 Dec 2011 08:31 PM PST

Pradeep Khanduja Vs ITO - ITAT Delhi - even after passing of the assessment order, the assessee did not move any application before the ld. CIT(Appeals) for admission of additional evidence, which has now been filed before us, and which is sought to...

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Expenditures for value addition and for competing in the market are revenue Expenditure

Posted: 30 Dec 2011 08:30 PM PST

ACIT Vs. Kannappan Iron and Steel Co. Pvt. Ltd. (ITAT Chennai) - The Tribunal found that the expenditures were not incurred for setting up of any business or initiating an expansion programme. The expenditures were incurred as a measure of value...

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Genuineness of Unsecured Loan if assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement alongwith Confirmation

Posted: 30 Dec 2011 08:30 PM PST

Shri Rajeev Kumar Jain Vs ITO (ITAT Kolkata)- Assessee stated that the assessee during the year under consideration took loan of Rs. 3,00,000/- from one Shri Amit Kr. Jain, a close relative, by account payee demand draft. The assessee furnished...

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In case of revival of any order, all the connected matters are also liable to be revived

Posted: 30 Dec 2011 08:30 PM PST

ACIT Vs. L&T Western India Toll Bridge Ltd  (ITAT Chennai) - It was yelled by the ld.AR that merits of the grounds taken in the cross objection should not be washed away permanently and the assessee should be given an opportunity to revive these...

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