Day: March 2, 2017

Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established beyond doubt no further test to be applied -Allahabad High Court

Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established  beyond doubt no further test to be applied -Allahabad High Court   ABCAUS Case Law Citation: ABCAUS 1152 (2017) (03) HC Question for determination: In short, the question sought to be answered by the Hon’ble High Court was whether …

Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT

Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1151 (2017) (03) ITAT Assessment Year(s) : 2006-07 and 2007-08 Date/Month of Pronouncement: March, 2017 Brief Facts of the Case: …