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Gains made on sale of investments by a share trader are capital gains and shoul…
Nov. 26, 2015
Assessee invested in shares & securities. In return of assessee disclosed certain short-term capital gains on account of sale of shares. AO held, sale & purchase was not in nature of investm't & held it as business income & levied penalty. On appeal CIT(A) deleted penalty, as capital gains particulars were duly disclosed in return as well as in balance sheet as stock-in-trade for business. On appeal, ITAT & HC upheld CIT(A) decision.
AO had no reason to believe, income escaped assessm't, thus disallowance made,HC
Dec. 09, 2015
Petition challenged notice u/s 148 of I.T. Act, purporting to reopen assessm't & notice u/s 142(1) questioning disallowance to be made u/s 40(a)(ia) of I.T. Act of amt. of Rs. 49.40 cr. for non-deduction of TDS u/s 194H. HC held, as per Jagran Prakashan Ltd. v. Dy. CIT (TDS) [2012] 345 ITR 288, AO had no reason to believe, income escaped assessm't on ground, there is disallowance liable to be made u/s 40(a)(ia) for non-deduct'n of TDS u/s…
Loan to AE abroad, int. rate applicable is rate in country where loan consumed.
Dec. 08, 2015
Assessee mfd. plastic parts & rendered engineering services. It advanced certain amt. as loan to its subsidiary in Germany & charged no interest on it. TPO determined ALP on interest on loan advanced at 10.25%. AO passed assessm't order on it. AO challenged it before DRP. On apppeal ITAT held, loan advanced to AE situated abroad, interest rate to be applied is rate prevailing in country where loan has been consumed. HC upheld it on appeal.-000323
On proving his innocence, accused was acquitted of offences under FERA & FEMA A…
Nov. 05, 2015
In search & seizure, enforcement officer seized Rs 4 lacks. Show cause notice & summons were issued to accused. Trial Court acquitted him on basis of oral & testamentary evidence. On appeal HC upheld Trial court decision stating that accused has proved his innocence by way of marking documents. His confession was obtained by coercion. Therefore acquitted for offence u/s 9(1)(b) & 9(1)(d) & Sec 56(1)(i) of FERA Act & sub-Sec.…
Additions made by AO held correct by HC as based upon right reasoning.
Dec. 08, 2015
Assessee dealt in medical equipm't. During assessm't AO made addit'n of income of electro medical maintenance center & other addit'ns. On appeal CIT(A) deleted two. However, ITAT reversed it on appeal & held AO correct. On appeal HC held, reasoning of ITAT which is based on material, which AO found on verification of bank statement & there records for relevant assessment year, was correct. Thus, tribunal held justified in confirming AO …
Assessee held entitled to deduct'n claim u/s 54 I.T.Act. as CBDT circular, ITAT
Dec. 11, 2015
Assessee in return showed amt. as long-term capital gain. It claimed deduct'n u/s 54D in respect of capital gain from sale of bungalow. AO held Sec. 54D applicable in case of compulsory acquisition of lands and buildings . Thus, rejected assessee's claim. CIT(A) allowed it on appeal as due to inadvertent typographical error wrong Sec. was mentioned. On appeal ITAT held, assessee entitled to deduct'n u/s 54 as per facts of case & CBDT circular.
Burden to prove concealment/undervaluation of income is on revenue, held HC.
Nov. 03, 2015
Assessees purchased properties. AO made additions on basis of valuation by DVO. On appeal ITAT held, AO could not tax amounts merely based upon DVO's report in absence of any material pointing to under valuation. On appeal HC upheld ITAT decision relying upon CIT v. Bajrang Lal Bansal[2011] 335 ITR 572/200: Only when burden to prove concealment of income is discharged by revenue, it would be permissible to rely upon valuation given by DVO.-000291
AO held incorrect as profit earned by assessee not taxable as business income.
Dec. 30, 2015
Assessee sold shares of 'T' Ltd. to foreign Co.Income arising from sale of shares was declared as short term capital gain. AO opined that profit earned by assessee was taxable as business income. CIT(A) confirmed order of AO. On appeal ITAT held, assessee made investm't in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it can't be said that assessee was doing business. Thus, AO action held incorrect.-00…
Assesse's edu. sty. given reg. u/s 12A as fulfilled necessary conditions. ITAT
Dec. 11, 2015
Assessee (educat'nl sty) sought reg. u/s 12A. It was denied on many ground including that sty. was charging fees over & above fees prescribed by Govt. Thus, can't be held charitable sty. On appeal, ITAT held, there can't be any doubt that one of objects of sty. is to impart educat'n & for achieving it, assessee has established educat'nl institut'n & is imparting educat'n. Therefore, there can't be any doubt with regard to its char…

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Here is business page of Rajeev, with all his work

About Portfolio

My dear ,

My dear ,

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Ok , no issues, if you have a question then you can try the search feature at quaremon.

Hi Thakurani,I want to deposit in my accountThanks,

Hi Thakurani,
I want to deposit in my account
Thanks,