Income Tax Archive

Revenue cannot judge fee paid for business development services with respect to the benefit derived by assessee – ITAT

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Revenue cannot judge fee paid for business development services with respect to the benefit derived by the assessee in terms of increased turnover– ITAT ABCAUS Case Law Citation: ABCAUS 1261 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the confirming the disallowance

Deposits in Bank-Income estimated 10% of cash and 20% of cheque deposits

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Deposits in Bank-Income estimated 10% of cash and 20% of cheque deposits as the assessee reasonably proved that he was carrying on business activity – ITAT ABCAUS Case Law Citation: ABCAUS 1260 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the addition

Revision us 263-Student Development-Capitation Fees not reflected in Income Expenditure Account

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Revision us 263-Student Development-Capitation Fees not reflected in Income Expenditure Account shown directly in the Balance Sheet held as  erroneous and prejudicial to the interest of Revenue-Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1259 (2017) (05) HC  Grounds of Appeal: Whether on the facts and circumstances of the case

Bogus Purchases-AO cannot sit back and make addition without enquiry simply relying on information from Sales Tax Deptt.

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Bogus Purchases-AO cannot sit back and make addition without enquiry simply relying on information from Sales Tax Deptt. and issuing notices u/s 133(6)-ITAT ABCAUS Case Law Citation: ABCAUS 1258 (2017) (05) ITAT The Grievance: The instant case deal with four appeals. Common grievance of all the assessee pertained to

CBDT signed two Unilateral APA with Indian taxpayers related to chip design software and IT software

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CBDT signed two Unilateral APA with Indian taxpayers related to chip design/development of embedded software and IT software development sectors  Central Board of Direct Taxes (CBDT) signs 2 Unilateral Advance Pricing Agreements (APA) with Indian taxpayers taking the number of APAs signed in the current Financial Year to four

Penalty 272A(2)(k)-Accountant left services was reasonable cause. If TDS + interest paid and return filed though belatedly there was no loss to Revenue

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Penalty 272A(2)(k)-Accountant left services was reasonable cause. If TDS + interest paid and statements filed though belatedly there was no loss to Revenue – ITAT ABCAUS Case Law Citation: ABCAUS 1257 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of

Handling-distribution loss in dealing wholesale poly pack milk allowed as nature of business demanded such losses & % was consistent

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Handling-distribution loss in dealing wholesale poly pack milk allowed. The nature of business demanded such losses and the percentage incurred was consistent. ABCAUS Case Law Citation: ABCAUS 1256 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax  (Appeals)
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