Category: Income Tax
Even a single instance of loan given can be considered as money lending business for bad debts allowance – ITAT In a recent judgment, the Hon’ble ITAT has allowed deduction for bad debts written off holding that even a single instance of loan given to single party can …
Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal – ITAT Voluntary ex-gratia compensation not taxable u/s 17(3)(i). Department has to confine to the grounds taken in appeal and not permitted to set up altogether a new case. ABCAUS Case …
When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine – ITAT In a recent judgment, ITAT has set aside addition u/s 68 and held that When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine. …
Assessee was entitled to interest u/s 244A from 1st April of AY when return filed within extended due date – ITAT Assessee was entitled for interest on TDS refund u/s 244A from 1st April of AY when the return was filed within extended due date In a recent …
The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries In a recent judgment, ITAT has deleted addition u/s 68 on the alleged cash credit holding that when a debit entry in the books can not be …
Conversion of unsecured loan of wife against allotment of share in joint names in closely held company upheld The ITAT in a recent judgment held that AO was wrong in not accepting conversion of unsecured loan of director against allotment of share in joint names of husband and …
Penalty u/s 271D stayed as assessee denied having received cash loan and matter was pending in Civil Court In a recent judgment, the Hon’ble High Court has stayed penalty order u/s 271D stayed as assessee denied having received cash loan and matter was pending in Civil Court. ABCAUS …
Non allocation of common expenses for deduction u/s 80IA – ITAT quashed revision order Non allocation of common expenses to eligible business for claiming deduction u/s 80IA – ITAT quashed revision order u/s 263 passed by PCIT In a recent judgment, ITAT has quashed revision order u/s 263 …
High price of land sold no reason tax it as business income when its class remained Krishi bhumi In a recent judgment, ITAT has held that land sold can not be treated business income when its class not changed from Krishi bhumi and not changed to commercial land …
CIT(A) incorrect in not adjudicating the ground raised merely because AR agreed not to press it In a recent judgment, the ITAT has held that CIT(A) was incorrect in not adjudicating the ground raised in appeal merely because AR agreed not to press it ABCAUS Case Law Citation:ABCAUS …