Share transactions supported by broker's note, share certificate and demat statement couldn't be held bogus
IT: Where transaction of purchase and sale of shares were supported with broker's note, contract note, copies of share certificates and de-mat statement, transaction of shares could not be treated bogus
ITAT denies depreciation as assessee failed to prove that asset was used in his business operations
IT: Depreciation on factory building and plant & machinery never put to use during year, could not be allowed
IT: Where assessee had not paid Securities Transaction Tax (STT) in respect of sale of shares and even then claimed exemption under section 10(38), such claim could not be termed inadvertent mistake and penalty under section 271(1)(c) was rightly imposed on assessee
AO couldn't make disallowance by resorting to rectification proceedings for debatable issues
IT: Where rectification pertaining to computation of deduction under section 80HHC was highly debatable, rectification could not be resorted to under provisions of section 154
ITAT allows sec. 54 relief for two flats as their layout plan indicated that both were used as a single unit
IT : Where acquisition of two flats had been done independently but eventually they were a single unit and house for purpose of residence, claim under section 54 could not be denied
To compute ALV AO has to determine standard rent of property if it isn't fixed under Rent Control Act
IT: At the time of determining Annual Letting Value of properties, which are subject to Rent Control Act, it is the duty of AO to determine standard rent if it isn't fixed under Rent Control Legislation
Receipts of all institutions of one society are to be clubbed together to check limit of 1 crore under sec. 10(23C)
IT: Where receipts of assessee-society from two institution managed and run by it exceeded Rs. 1 crore, in absence of exemption certificate under section 10(23C), receipt exceeding over Rs. 1 crore was rightly brought to tax
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