Tag Archives: Section 263

No Disallowance u/s 40(a)(ia) when books rejected and income estimated

IN THE ITAT KOLKATA BENCH ‘A’ Future Distributors v. Principal Commissioner of Income-tax, Kolkata P.M. JAGTAP, ACCOUNTANT MEMBER AND S.S. VISWANETHRA RAVI, JUDICIAL MEMBER IT APPEAL NO. 277 (KOL.) OF 2016 [ASSESSMENT YEAR 2010-2011] JULY  29, 2016 S.K. Tulsiyan, Advocate for the Appellant. Sachchidananda Srivastava, for the Respondent. ORDER P.M. Jagtap, Accountant Member – This… Read More »

Oral partition of property not justified

Q; Can the Assessee claim that there was oral partition of Property and hence capital gains should be apportioned among the members ? Assessee filed his return of income declaring certain capital gains apportioned amongst himself and his three sons stating that there was an oral partition  Assessing Officer completed assessment accepting income declared by… Read More »