ITAT Archive

Change in closing stock to include VAT-Excise us 145A and required corresponding adjustments

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Change in closing stock to include VAT-Excise us 145A required corresponding adjustments for opening stock, Payment of Excise and VAT out of Cash/Bank but not debited in P & L Account – ITAT   ABCAUS Case Law Citation: ABCAUS 2128 (2017) (11) ITAT The Assessing Officer (AO) noted from

 

Very short period of appearance given to assessee violated principles of natural justice – ITAT

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Very short period of appearance given to assessee violated principles of natural justice. ITAT set aside order passed by CIT (Exemptions) for decision afresh ABCAUS Case Law Citation: ABCAUS 2126 (2017) (11) ITAT The assessee trust was aggrieved by the order of Commissioner of Income Tax (Exemptions) [CIT(E)] rejecting

 

Destruction of Pan Masala stock on court’s order due to impermissible limits disallowed u/s 37(1) being prohibited by law – ITAT

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Destruction of Pan Masala stock on court’s order due to impermissible limits of magnesium carbonate disallowed u/s 37(1) being prohibited by law and not incurred for the purpose of business – ITAT   ABCAUS Case Law Citation: ABCAUS 2124 (2017) (11) ITAT The Challenge/Grievance: The instant appeal was filed

 

No deemed dividend u/s 2(22)(e) where personal property pledged as collateral security – ITAT

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No deemed dividend u/s 2(22)(e) where personal property pledged as collateral security for enabling the company to obtain loan/credit facilities from bank – ITAT   ABCAUS Case Law Citation: ABCAUS 2123 (2017) (11) ITAT The respondent assessee was one of the directors of a Private Limited Company with substantial

 

No delay condonation application was required for appeals when the order was received late- ITAT

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No delay condonation application was required for appeals when the order was received late- ITAT restores appeals of the assessee to the file of CIT-A  ABCAUS Case Law Citation: ABCAUS 2115 (2017) (11) ITAT The Challenge/Grievance: The assessee had challenged the orders of Commissioner of Income Tax –Appeals (CIT-A)for

 

Penalty can not be imposed based on findings of assessment proceedings as they cannot automatically be adopted

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Penalty can not be imposed on the basis of findings of assessment proceedings as they cannot automatically be adopted in penalty proceedings. Denial made in assessment proceedings on the basis of human probability can not be the basis for the purpose of levying penalty under Section 271(1)(c) – ITAT

 

Penalty for late filing VAT return-balance sheet held non compensatory and disallowed u/s 37 by ITAT

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Penalty for late filing VAT return-balance sheet held non compensatory and disallowed as per Explanation -1 to section 37 as penalty for infraction of law ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT Important Case Laws Cited/relied upon by the parties: Swadeshi Cotton Mills Ltd. vs. CIT, (1967)