ITAT Ranchi Judgments — November 2022

MECON LTD,RANCHI vs DCIT CIR-2, RANCHI

ITA 267/RAN/2017[14-15]Status: Disposed23 Nov 2022Allowed

The Tribunal held that CSR expenses, being mandatory under the Companies Act, 2013, should be allowed as a deduction. The amendment to Section 37(1) of the Income Tax Act, introducing Explanation 2, was not retrospective and did not apply to the assessment year in question.

ACIT, CENTRAL CIRCLE-1, RANCHI vs SHRI KAMAL BHUSHAN, RANCHI

ITA 8/RAN/2021[2015-16]Status: Disposed15 Nov 2022AY 2015-16Dismissed

The Tribunal upheld the CIT(A)'s decision to delete the additions, finding that the assessee had provided sufficient evidence and that the AO had not pointed out specific defects. The Tribunal also noted that the CIT(A) had considered materials not fully examined by the AO.

SHRI BINOD KUMAR,JAMSHEDPUR vs JCIT, JAMSHEDPUR

ITA 139/RAN/2016[2011-12]Status: Disposed10 Nov 2022AY 2011-12Dismissed

The Tribunal held that there is no provision preventing additions for sundry creditors and disallowance of expenditure if the net profit is above 5%, provided the assessee is not under presumptive taxation. The assessee's failure to furnish details led to the dismissal of the grounds.

DCIT CIR-3(1), JAMSHEDPUR vs M/S YASH INFRATECH PRIVATE LIMITED, JAMSHEDPUR

ITA 155/RAN/2017[14-15]Status: Disposed9 Nov 2022Allowed

The Tribunal held that the short-term capital loss claimed by the assessee was bogus and arranged through accommodation entry providers to reduce tax liability. The assessee's director had also admitted to arranging this bogus loss.

MAYUR RICE MILLS PRIVATE LIMITED,JHUMRITELAIYA vs PCIT, RANCHI

ITA 33/RAN/2022[2012-13]Status: Disposed2 Nov 2022AY 2012-13Allowed

The Tribunal held that the revisionary jurisdiction exercised by the PCIT was barred by limitation. The issue of share premium was examined in the original assessment and was not part of the reassessment proceedings, thus the limitation period for revision runs from the original assessment order.