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Untitled Document

TODAY'S CASE (DIRECT TAX)

Taxindiaonline.com



August 31, 2021

++ I-T - AO must take income declared by assessee in original ITR as returned income while computing income u/s 143(3) instead of assessed income u/s 143(1) : ITAT

++ I-T - Additions made u/s 153A simply on basis of assessment order subsequent to finalization of assessment proceedings and in absence of any incriminating material, merits deletion: ITAT

++ I-T - Failure of order to explain why decision of larger special bench not reversed by HC is not considered is a mistake apparent on face of record : ITAT

++ I-T - Tribunal can recall order if Department rectifies mistake due to which order is passed : ITAT

++ I-T- Penalty cannot be imposed as assessee is entitled to file revise return to correct bona fide omission and a wrong statement : ITAT

++ I-T - Sundry creditors - Assessee not notified about having to submit details of creditors - Additions framed are not tenable: ITAT

++ I-T - provisions of section 263 need not be invoked for computational error for which other provisions of the Act are fairly sufficient : ITAT

++ I-T - Ad hoc disallowance of certain expenses is tenable where any specific instances of unverifiable elements are not made out : ITAT

August 30, 2021

++ I-T - If AO has reason to believe that reopening is necessary to consider such issue, which was never dealt with in regular proceedings, then reopening is legally sustainable: HC

++ I-T - Income Declaration Scheme does not provide for Revenue to retain taxes so paid, in respect of declaration which is void and non-est: HC

++ I-T - business expenses incurred by assessee cannot be disallowed ad hoc without first establishing that such expenses were in fact incurred for some personal purpose : ITAT

++ I-T - an entity would be considered as a developer with the grant of letter of approval from competent authority, if the approval has been granted for development, operating and maintaining the SEZ: ITAT

++ I-T - Following order passed by Tribunal in assessee's own group case involving identical facts, benefit on account of diminution in value of investments should be extended to assessee while working out disallowance u/s 14A : ITAT

++ I-T - In absence of contrary proved by Revenue and following order passed by coordinate Bench in group company case, claim of additional depreciation can be allowed : ITAT

++ I-T - Rejection of books of accounts without affording opportunity of hearing to taxpayer for cross-examination, merits to be quashed: ITAT

++ I-T - No disallowance could be made once an assessee's profits are estimated at the fixed percentage of it's turnover: ITAT

++ I-T- Cash subsidy received against BOT projects conducted during previous years can't be taxed in subsequent year : ITAT

++ I-T - Assessee's claim cannot be discarded without rebutting his assertions by cogent evidence : ITAT

August 28, 2021

++ I-T - club engaged in activity of promotion of welfare and recreational activities of the police personnel, is charitable in its objects & hence eligible for registration u/s 12AA : ITAT

August 27, 2021

++ I-T - Assessment order is not tenable where it is passed without giving proper amount of time to file reply to SCN & where such order is passed before expiry of limited time frame given to assessee: HC

++ I-T - A blanket injunction restraining Revenue from initiating action against assessee cannot be granted, considering that same would cause prejudice to Revenue's procedures contemplated under the Act: HC

++ I-T - Sec 37 is a residuary provision extending the allowance to items of business expenditure that are not covered by Ss. 30 to 36 : HC

++ I-T - Merely because claim preferred by assessee is unacceptable to Revenue, penalty cannot be levied u/s 271(1)(c) : ITAT

++ I-T- Disallowance of expenses u/s 14A is not required as interest paid on loans is used only for purpose of non-agri division activities : ITAT

++ I-T- Since case in not delayed for fault of assessee and assessee has made partial payment, application for stay can be granted : ITAT

++ I-T- Upon rejection of books of accounts, estimation of commission should be on some rational basis and average rate of profits of earlier 4 years is rational and plausible one : ITAT

++ I-T- By filing miscellaneous application, assessee is misusing process of filing miscellaneous application and assessee is seeking review of order already passed after duly considering all the facts : ITAT

++ I-T- Penalty imposed u/s 271(1)(c) is rightly removed as AO has imposed penalty on ad-hoc basis without adducing any evidence on record for concealment of income : ITAT

August 26, 2021

++ I-T - Current depreciation is deductible in the first place from the income of the business to which it relates : HC

++ I-T- Opportunity should be given to assessee to complete confirmation of donations as desired by Commissioner (E) and also produce documentary evidence in support of medical services provided : ITAT

++ I-T - If assessee is consistently declaring the lease rentals/deposits as income on proportionate basis in accordance with lease period, Revenue is not justified in disturbing same : ITAT

++ I-T - After accepting assessee's objections AO does not assess/reassess income, which is basis of notice, AO cannot assess income under other issue independently u/s 147 : ITAT

++ I-T - Penalty u/s 271(1)(b) can be imposed due to assessee not furnishing relevant evidence, where assessee was unable to furnish evidence due to its premises being sealed by the Revenue : ITAT

++ I-T - Initiating penalty u/s 271(1)(c) on the basis of vague and ambiguous notice is not sustainable in eyes of law : ITAT

August 25, 2021

++ I-T-There cannot be separate addition other than estimation of profits where books of accounts have been rejected u/s 145(3): ITAT

++ I-T - So long as liabilities are continuously shown and admitted in audited accounts, they do not cease to exist : ITAT

++ I-T - Where difference between agreement value and market value is less than 10%, no addition should be made : ITAT

++ I-T - Penalty u/s 271(1)(c) is not imposable where neither concealment of income nor furnishing inaccurate particulars of income is attributed to the assessee : ITAT

++ I-T - In consonance with doctrine of approbate & reprobate, the Revenue cannot accept one consequence while rejecting another consequence, both of which arise from the same statement : ITAT

++ I-T - Application for registration u/s 12AA cannot be rejected based on suspicion alone : ITAT

++ I-T- ESOP compensation expenditure is not a notional expenditure but an allowable expenditure u/s 37(1): ITAT

August 24, 2021

++ I-T - Faceless Assessment - Final order must mandatorily be preceded by personal hearing & draft assessment order - Non compliance violates rules of natural justice: HC

++ I-T - AO can be expected to deal with the grounds which all are not raised in the objections by the assessee - matter remanded for re-consideration: HC

++ Wealth Tax - Penalty initiated and levied u/s 18(1)(c) of Wealth Tax Act, without clearly specifying particular default relates concealment of wealth and/or furnishing of inaccurate particulars is not valid in law : ITAT

++ I-T - Revisionary power u/s 263 can be exercised as order passed by the AO is without making enquiries or verifications, which should have been made : ITAT

++ I-T - No disallowance of deduction claimed towards provision made for gratuity fund can be made during pendency of assessee's application for approval of gratuity scheme: ITAT

++ I-T - Liquidated damages are deductable expenditure: ITAT

++ I-T - There is no reason to suspect business transactions which are recorded in books of account: ITAT

++ I-T - For AO to impose penalty u/s 271(1)(c), it is necessary to issue proper notice & any defect in such notice vitiates the penalty proceedings: ITAT

++ I-T - HUF is entitled to take benefit of sec. 54B : ITAT

August 23, 2021

++ I-T - Provisions of sec. 115JB, as it stood prior to its amendment by virtue of Finance Act, 2012, are not applicable to a banking company : ITAT

++ I-T- Dividend distribution tax can be considered income tax paid and refund can be granted : ITAT

++ I-T - Power of revision cannot be exercised where the factual aspects of the matter have properly examined by AO, due to which original assessment order is neither erroneous nor prejudicial to Revenue's interest: ITAT

++ I-T - When there is no change in material facts/circumstances, Revenue is debarred from taking flickering stands on same issue taken in assessee's own case in earlier years : ITAT

August 21, 2021

++ I-T - For making addition u/s 153C, documents found in search should be incriminating but there is no such requirement for initiating proceedings u/s 153C : ITAT

++ I-T - When no exempt income is earned/received by assessee in a particular AY, no disallowance u/s 14A r.w. Rule 8D can be made : ITAT

++ I-T - Interest-free loans given to consultant as per terms of employment cannot be equated with loan given without interest/security to persons referred to u/s 13(1)(c) r.w.s. 13(3) to deny benefit of exemption u/s 11 : ITAT

August 20, 2021

++ I-T - final assessment order passed without issuing SCN or draft assessment order contravenes the principles of natural justice : HC

++ I-T - Power of revision is rightly exercised where the AO omits to compute MAT u/s 115JB in respect of assessee's provisions for bad or doubtful debt : ITAT

++ I-T - Additions framed on account of unexplained income merit being upheld where the relevant records do not conclusively establish the source of such income earned by the assessee or the manner in which it has been earned : ITAT

++ I-T - If AO fails to corroborate disclosures made in statement given u/s 133A during survey with incriminating material gathered thereunder, no addition can be made purely on basis of the statement : ITAT

++ I-T - No deemed notional rent for flat can be assessed in hands of taxpayer who is not in possession of such flat: ITAT

++ I-T - Where book profits u/s 115JB as computed by the assessee is not in accordance with the computations of the AO, the same is not sufficient grounds to levy penalty : ITAT

++ I-T - Assessee-company is liable to deduct TDS in respect of amount paid towards equipment hire charges : ITAT

++ I-T - Provisions of Sec 68 are inapplicable where there is no cash credit in the books of accounts of the assessee: ITAT

August 19, 2021

++ I-T - Violation of principles of natural justice as well as mandatory procedure, merits quashing of faceless assessment: HC

++ I-T - Lease equalization charges has to be added back to book profits for purpose of determining deemed income u/s 115JA: HC

++ I-T - If loan is advanced by company to registered share holder and other conditions mentioned u/s 2(22)(e) having been satisfied, then such loan has to be treated as deemed dividend: HC

++ I-T - Assessee's request to be assigned a new Assessing Officer merits being allowed where any allegations of bias or mala fide against the erstwhile officers, are not established: HC

++ I-T - Writ petition cannot be entertained against an assessment order, where the assessee has appeals pending before the CIT (A) as well as the ITAT: HC

++ I-T - Application for waiver of interest on tax demand, cannot be rejected without affording opportunity of hearing: HC

++ I-T - Ex-gratia payment made to employees is eligible for deduction u/s 37(1) of I-Tax Act: HC

++ I-T - Activity of polishing granites would amount to manufacture for purpose of claiming deduction u/s 10B: HC

++ I-T - AO must possess specific material to back claim that assessee's income has escaped assessment for proceedings u/s 147/148 to be held jurisdictionally valid : ITAT

++ I-T - For enlarging scope of limited scrutiny, AO should form reasonable view that in absence of complete assessment, there would be under assessment of income : ITAT

++ I-T - When assessee makes entries in books regarding charges but no real income has accrued to it in respect of those charges, there cannot be any income-tax : ITAT

August 18, 2021

++ I-T - Faceless Assessment Scheme mandatorily requires that SCN as well as draft assessment order be issued & not satisfying such mandate contravenes the principles of natural justice : HC

++ I-T - Income by way of interest in respect of the said account is not recognized as income till it is actually accrued to the assessee : HC

++ I-T - providing an opportunity of personal hearing is mandatory under the Faceless Assessment Scheme & any order passed without affording such hearing is unsustainable : HC

++ I-T- Once borrowed funds were indeed utilized by taxpayer company for purpose of its business, then interest paid on such borrowings becomes allowable deduction u/s 36(i)(iii): ITAT

++ I-T - Charges received towards maintenance and promotion of common area are business receipts liable to be assessed under the head 'Income from business' : ITAT

++ I-T-Penalties imposed on an assessee will not survive where the additions based on which such penalties were imposed, are themselves set aside : ITAT

++ I-T- Reopening initiated on mere basis of change of opinion, cannot be sustained: ITAT

August 17, 2021

++ I-T - AO is required to pass speaking order culling out reasons as to how grant of refund is likely to affect revenue, before withholding refund u/s 241A: HC

++ I-T - Benefit of higher gratuity is one-time available to employees only after commencement of Amending Gratuity Act: SC

++ I-T - It is fit case for remand where re-assessment order is passed without considering the assessee's objections to re-assessment: HC

++ I-T - When sale consideration is received prior to entering into registered sale deed, date of agreement to sell must be considered for determination of value u/s 50C: ITAT

++ I-T - Merely because an agreement has taken placed prior to April 01, 2013, would not take away transaction from ambit of the provisions of Sec. 43CA : ITAT

++ I-T - When assessee fulfills conditions provided u/s 10(38), claim of exempt income u/s 10(38) of LTCG from sale of equity shares must be allowed : ITAT

++ I-T - For purposes of claiming deduction u/s 80HHB, maintaining separate accounts is sufficient, even if separate books of accounts are not maintained : ITAT

++ I-T - Losses arising to assessee in derivative segment are not to be considered as speculative in nature by virtue of sec. 43(5)(d) : ITAT

++ I-T - To reopen assessment after 4 years from end of relevant AY, u/s 151(1), AO must obtain permission from Principal Chief Commissioner/Chief Commissioner/Principal Commissioner/Commissioner, as the case may be : ITAT

++ I-T - Reassessment order is void ab initio as notice u/s 148 is neither served to assessee personally or by post nor served by affixing copy thereof in terms of order V Rule 20 of CPC: ITAT

++ I-T - Payment of enhanced compensation can be allowed as assessee is paying same as per agreement and claim of deduction has been allowed in past AYs and there is no change in facts : ITAT

August 16, 2021

++ I-T- Taxpayers being 'other persons' u/s 153 require opportunity to rebut contentions raised against them from and out of materials collected from premises of 'searched person': HC

++ I-T-Adjustment of dues upon direction of State government which was acknowledged as debt by such government, does not attract Sec 41: HC

++ I-T-Exemption u/s 54 is dependant on date of acquisition of property and not on date of payment made in respect of such property: HC

++ I-T - Assessee is eligible for deduction for provision made against debtors, claimed in P&L a/c and adjusted against sundry debtors/bad and doubtful debts in balance sheet : ITAT

++ I-T - Money borrowed to advance it to subsidiary for business purpose qualifies for deduction of interest if it is not utilised by assessee for personal benefit : ITAT

++ I-T - Professional fees paid to directors of company shall not be disallowed if it is not in excess of market rate: ITAT

August 14, 2021

++ I-T - Addition cannot be made as undisclosed investment only because there is difference in valuation made by valuer and value stated by assessee during survey in his statement as approximate estimate of stock available with him : ITAT

++ I-T - Penalty imposed on assessee consequent to enhancement of income, will not survive, where the enhancement of income itself has been quashed : ITAT

++ I-T - Once assessment is framed, AO cannot take suo motu decision to convert protective assessment into substantive assessment : ITAT

August 13, 2021

++ I-T - Re-opening of assessment can be sustained where AO omits to fulfil statutory mandate of disposing of assessee's objections to the re-assessment proceedings: ITAT

++ I-T - Loss incurred by assessee based on delivery cannot be part of speculative transactions as per provisions of sec 43(5)(d): ITAT

++ I-T - Re-opening of assessment is valid where cash payments over Rs. 20,000/- made by assessee escape scrutiny u/s 40A : ITAT

++ I-T-AO while giving effect to proceedings of CIT should not have travelled beyond directions given by him: ITAT

++ I-T - Employee's contribution to EPF & ESI cannot be disallowed where payment is made before due date of filing Income Tax Return : ITAT

++ I-T - Assessee cannot plead that since percentage of expenditure compared to income is very low, therefore, there is no need of submission of any details: ITAT

++ I-T - Rule 8D is prospective in operation and cannot be applied to any AY prior to AY 2008-09 : ITAT

++ I-T - Generation of revenue, as observed by the tax authorities, should not be the criteria for determining the date of setting up of business : ITAT

++ I-T - Having not drawn any adverse inference in original assessment, AO is debarred by first proviso to invoke section 147 on the basis of same material which was fully & truly disclosed during original assessment: ITAT

August 12, 2021

++ I-T - Value of free samples of medicines given to physicians by pharmaceutical companies, cannot be treated as freebies as such samples are presented with intention of building physicians' trust in the medicine supplied : ITAT

++ I-T - Penalty imposed u/s 271(1)(c) is unsustainable where penalty notice cites furnishing of inaccurate particulars as reason, whereas the penalty order cites concealment of income as reason : ITAT

++ I-T - Since difference between circle rate and sale consideration from sale of flats is less than 10%, no addition is called for u/s 50C : ITAT

++ I-T- Claim of assessee for not reducing brought forward losses from profit of business of current year before allowing deduction u/s. 10AA is proper : ITAT

August 11, 2021

++ Bonafide issue of debentures under rehabilitation plan, to extinguish liability of interest altogether, does not plug in misuse of provision of Section 43B: SC

++ Once Revenue has accepted sales declared by assessee, it is only profit element embedded in such bogus transactions that has to be brought to tax: ITAT

++ I-T - Action u/s 153C cannot be taken on the basis of statement u/s 131 that is recorded before search or after conclusion of search : ITAT

++ I-T - Liability pertaining to earlie r AY cannot be added as unexplained cash credit u/s 68 in hands of assessee for year under consideration : ITAT

++ I-T - Scope of remand - AO has no power to add any other amount other than what has been restored : ITAT

August 10, 2021

++ Re-assessment order cannot be sustained where assessee's objections to re-opening of assessment are not disposed of on merits: HC

++ Provisions of Section 115JB(2) are not applicable to banking companies and assessee is entitled to deductions u/s 36(1)(vii) : HC

++ I-T -There TDS liability on payments made to individual contractors arose from 01.06.2007, then assessee need not deduct TDS on payment made for previous year 2006-07 : HC

++ Prior to passing a final assessment order, AO is obligated to pass & forward draft assessment order to assessee u/s 144C(1): HC

++ I-T - Merely because transactions are carried out through banking channels, creditworthiness of parties as well as genuineness of transaction do not stand proved for purposes of sec. 68 : ITAT

++ I-T - Unexplained cash deposits in absence of creditworthiness of lender and genuineness of transaction, merits addition u/s 68: ITAT

++ I-T - Subsidy only granted in order to accelerate industrial development and promote employment opportunities, is to be treated as 'capital receipt': ITAT

++ I-T - Framing of de-novo assessment by AO pursuant to directions given by Pr. CIT u/s 263 has to be within specified time period as spelled out in unequivocal terms u/s 153(3): ITAT

++ I-T - Disallowance u/s 14A r/w Rule 8D is unsustainable where assessee makes investments out of the surplus funds and no borrowed funds are utilized : ITAT

August 09, 2021

++ I-T - When assessee has not made any unexplained investments during year in question, no addition either u/s 68 or u/s 69 can be made : ITAT

++ I-T - In case of difference in turnover, addition can't be made on the entire sales : ITAT

++ I-T - Mere directions given by agent to bank to transfer funds in account of principal does not establish beneficial ownership of agent over the funds : ITAT

++ I-T - Other business income shall also be included in gross total income for claiming deduction u/s 80IA : ITAT

++ I-T - AO can't reopen reassessment solely on the basis of investigation report : ITAT

August 07, 2021

++ I-T - Difference arising due to reworking of carry forward depreciation by AO is not a case of concealing of income or furnishing of inaccurate of particulars of income : ITAT

++ I-T - Interest expenditure cannot be disallowed, when assessee has sufficient own funds, over and above investment amount in exempt-bearing investment : ITAT

++ I-T - Assessment made u/s 143(3) r/w sec. 147 without issuing notice u/s 143(2) is not valid : ITAT

August 06, 2021

++ I-T - Application filed by trust seeking approval u/s 80G cannot be rejected solely on the ground that it is engaged for religious purposes: ITAT

++ I-T - Even proposed activities can be considered as charitable in nature & so registration u/s 12AA cannot be denied solely because such activities are yet to commence : ITAT

++ I-T - If taxpayer's claim that entire expenditure incurred in forex outside India does not relate to providing technical services overseas, then same cannot be excluded from export turnover: ITAT

++ I-T - No disallowance u/s 14A is permitted, if no expenditure was incurred in relation to earning of exempt income: ITAT

August 05, 2021

++ I-T - Depreciation u/s 32 can be allowed to any person in whom for time being, vests the dominion over a property and who is entitled to use such property in own right for purpose of business or profession : HC

++ I-T - Appellate authorities are bound to verify the original records, if necessary & such a valuable opportunity cannot be denied to litigants : HC

++ I-T - In case of person other than searched person, concluded assessment can be tinkered with only if incriminating material is found pertaining to other person : ITAT.

++ I-T - Period in respect of capital asset for purpose of computing capital gains/losses must be considered from date of allotment letter : ITAT.

++ I-T - Non-cooperation of assessee's counsel in filing appeal within prescribed time is a sufficient cause to condone delay : ITAT

++ I-T - Payment for acquiring land cannot be said disbursement of expense or not claimed as expense : ITAT

++ I-T - Suspicion per se cannot be a basis to make addition when there are sufficient evidence on record to disprove such a suspicion or at least affording a ground for verification : ITAT

++ I-T - Certain transportation expenses incurred by an assessee cannot be treated as bogus solely due to non-compliance of noticees towards summons issued by AO u/s 131: ITAT

August 04, 2021

++ To frame assessment on best judgment u/s 145(3) r/w Sec 144, assessee's past history is only relevant when conditions in which business activity is being conducted are similar to those of earlier period : ITAT

++ For allowing of interest on borrowed funds u/s 36(1)(iii) of the Act, what is required is only whether borrowed funds were used by assessee for purpose of business : ITAT

++ Order passed u/s 201(1) is not sustainable where passed beyond period of 2 years end of FY in which last TDS statement is filed : ITAT

++ Deduction u/s 37(1) cannot be allowed in respect of those expenses which are not proven to have been incurred wholly & exclusively for business purposes : ITAT

++ While making disallowance u/s 14A r/w Rule 8D, AO must record objective satisfaction regarding correctness of claim made by assessee : ITAT

++ Sec. 263 does not empower PCIT to rectify each and every mistake in assessment order : ITAT

++ Wrong assumption of facts which are crucial to decide the issue, will constitute mistake apparent from record : ITAT

August 03, 2021

++ Tax Department promises to refrain from posting allegation of perjury against taxpayer, in absence of verification of facts; Charges framed against taxpayer under IPC stands deleted: HC

++ Delhi HC directed CBI to enquire into dispute over forgery and fabrication conducted in email sent by Tax Department; says allegation of perjury by AO lacks bonafide: HC

++ If foundational facts sought to be urged in appeals are diametrically opposite to case set up by taxpayer before Writ Court and Statutory I-T Authorities, then such appeals shall not be entertained u/s 260A: HC

++ I-T - While disposing of objections against reopening notice it is obligatory on part of AO to deal with issues raised therein and pass speaking order: HC

++ I-T - Mere procedural mistakes in mentioning address of person to whom it is to be served, which is subsequently rectified, is no basis to vitiate entire proceedings: HC

++ Issue which was neither raised before I-T authority nor in memorandum of petition, cannot be permitted to be raised for first time during course of arguments before Writ Court: HC

++ I-T - Assessee cannot be penalised u/s 271C of the Act on account of failure to deposit amount of TDS deducted on expenses within the time specified under the statute : ITAT

++ I-T - CIT(A) can't make addition suo motu on issues which did not arise in assessment order by invoking the powers u/s 251: ITAT

++ I-T - Disallowance of bogus purchases is to be restricted to the quantum of profit embedded therein, rather than the entire quantum of the purchases : ITAT

++ I-T - Assessment u/s 153A r.w.s. 143(3) can't be held as valid, when designated authority has given ritualistic approval only to comply with the provisions of law without application of mind on complex facts of search assessment : ITAT

++ I-T - Reassessment proceeding must be quashed if approval for issue of notice u/s 148 is granted by Pr. CIT in a mechanical manner and without application of mind : ITAT

August 02, 2021

++ Bogus donations completely misused by 'Trusts' calls for cancellation of registration granted to it u/s 12AA & 80G: SC

++ I-T - Alternative statutory remedy does not operate as a bar to maintainability of a writ petition where the proceeding is carried out in violation of principles of nature justice: HC

++ I-T - Error made by CIT (A) in appreciating effect order by Tribunal and consequential deduction and quantification u/s 80HHB merits dismissal: HC

++ Telecom expenses incurred in forex merits deduction from export turnover as well as total turnover, while computing eligible deduction u/s 10A: HC

++ I-T - AO can't charge late filing fees for late filing of TDS return for period of tax deducted prior to first day of June, 2015 : ITAT

++ I-T - Plausible view held by AO cannot be held as erroneous and unsustainable in law by PCIT u/s 263 as per revisionary jurisdiction : ITAT

++ I-T - On issue of share premium, Sec 56(2)(viib) cannot be applied for making addition even u/s 68 of Act : ITAT

++ I-T - In absence of contrary being proved by Revenue and following decision of Tribunal in assessee's own case for previous years, disallowance made u/s 14A r.w.r. 8D for expenses incurred in earning exempted income be deleted : ITAT

++ I-T - No reason is found to interfere with CIT(A) conclusion, deleting addition as relevant capital asset is situated in industrial area and DR failed to dispute that DVO report has not taken into consideration the same and is influenced by other consideration - ITAT

++ I-T - Disallowance u/r 8D cannot be framed where the assessee has not earned any exempt income in the relevant AY: ITAT

++ I-T- Upon rejection of books of accounts, estimate of Gross profit can be made on basis of 5 years' average GP rate when accounts are not reliable : ITAT

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