Daily Archive: Sunday, June 5, 2016

Addition us 68 remanded back for short time lag between inquiry initiation and conclusion when the evidence was to be produced in just 10 days

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Addition us 68 remanded back by ITAT for short time lag between inquiry initiation and conclusion when the evidence was to be produced in just 10 days. ABCAUS Case Law Citation: 1781 2016 (06) ITAT Brief Facts of the Case: During the assessment proceedings, the copy of the cash book was

 

Gift received from Step Father not taxable us 56(2)(vi) as income from other sources in view of meaning of relatives as per Explanation to section 56(2)

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Gift received from Step Father not taxable us 562vi as income from other sources. The Explanation to section 56(2) would indicate that the expression “relatives” would recognize the relationship between the step-father and step-son for the purpose of exemption available under section 56(2) of the Income Tax Act, 1961. This

 

Bad Debts written off as irrecoverable must form part of income. ITAT specifies 6 requisite conditions to be adhered for allowance of bad debts.

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Bad Debts written off as irrecoverable must form part of income. The assessee can claim bad debts by just writing off as irrecoverable in the accounts without establishing that they have actually become bad debts or not but it is incumbent on the assessee to at least prove that the