Prasad Multi Services Pvt Ltd Vs DCIT
Whether an entity is pre-dominantly engaged in the business of hiring crane machines, then higher rate of depreciation cannot be denied solely because such entity might also be using such cranes for its personal construction business - YES: HC
Whether RTO registration is a sine qua non for allowing depreciation on a vehicle - NO: HC
- Assessee's appeal dismissed: GUJARAT HIGH COURT
2019-TIOL-1637-ITAT-DEL
Janak Goel Vs DCIT
Whether a passbook qualifies as books of account after introduction of the definition of books of accounts u/a 2(12A) of the Finance Act 2001 - YES: ITAT
Whether the provisions of Section 68 of the I-T Act make any distinction as to who writes the books of accounts and do not mandate that such books of accounts should be maintained by the assessee only - YES: ITAT
Whether therefore, even if the assessee does not maintain the books of accounts but an amount is deposited in the assessee's accounts and remains unexplained, additions made u/s 68 would be sustainable - YES: ITAT
- Assessee's appeals dismissed: DELHI ITAT
2019-TIOL-1626-ITAT-MUM
DCIT Vs Comet Investment Pvt Ltd
Whether in the absence of any evidence, addition on account of obtaining fictitious losses by way of CCM and on account of commission paid to brokers to obtain fictitious loss can be made when transactions take place on the Stock Exchange and no one except registered brokers can modify Client code - NO : ITAT
- Revenue's appeal dismissed: MUMBAI ITAT
2019-TIOL-1625-ITAT-MUM
Larsen and Toubro Infotech Ltd Vs Pr.CIT
Whether invoking jurisdiction u/s 263 by the CIT needs to be set aside, when the view taken by AO in allowing the assessee's claim u/s 10A is justified as per relevant provision - YES: ITAT
- Assessee's appeal allowed: MUMBAI ITAT
2019-TIOL-1624-ITAT-BANG
Chinnappa Anthonappa Vs ACIT
Whether deduction u/s 54B can be allowed if assessee has utilized, within a period of two years from the date of transfer of capital asset, the capital gain in purchasing another land for being used for agricultural purposes - YES : ITAT
Whether benefit of deduction u/s 54B can be denied merely because assessee does not get legal title to the lands when all other conditions are satisfied - NO : ITAT
- Assessee's appeal allowed: BANGALORE ITAT
2019-TIOL-1623-ITAT-PUNE
S K Bhansali and Associates Vs ITO
Whether addition u/s 69B on account of on-money payment for purchase of land can be made based on documents seized during search operation coupled with un-rebutted statements of seller of land explaining the entire transaction, same as recorded on seized documents - YES : ITAT
- Assessee's appeal dismissed: PUNE ITAT
2019-TIOL-1622-ITAT-AHM
Rakeshbhai K Rajput Vs ITO
Whether in absence of any explanation filed by the assessee regarding STCG earned, the addition made for undisclosed STCG based on justified method adopted by AO should be upheld - YES : ITAT
- Assessee's appeal dismissed: AHMEDABAD ITAT
2019-TIOL-1621-ITAT-AHM
Systronics India Ltd Vs ACIT
Whether merely because obtaining usecured loans is time-saving, not much paperwork and no guarantee, assessee is justified to pay interest rate @ 18% to its associated enterprise - YES: ITAT
Whether foreign travelling expenses merits no disallowance, if assessee has put forth relevant details & evidences to explain the purpose of such expenses in nexus with business expenditure- YES: ITAT
- Assessee's appeal allowed: AHMEDABAD ITAT
By By G Natarajan
