ITAT Archive

ITAT restores registration u/s 12AA cancelled for money laundering through donation received in lieu of cash

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ITAT restores registration u/s 12AA cancelled for money laundering through donation received in lieu of cash as the amount received was applied for its objects and the allegation was based solely on sworn statement during survey proceedings. ABCAUS Case Law Citation: ABCAUS 2211 (2018) (02) ITAT Important Case Laws

 

Booking of flat with builder is construction within the meaning of section 54 for claiming LTCG dedcution ITAT

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Booking of flat with builder is construction within the meaning of section 54 and hence period of three years apply for construction of new house for claiming LTCG dedcution- ITAT ABCAUS Case Law Citation: ABCAUS 2206 (2018) (02) ITAT The Challenge/Grievance: The Revenue was aggrieved by the order passed

 

Assessment made on revised ITR with fake figures filed for bank loan purpose quashed

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Assessment made on revised ITR with fake figures filed for bank loan purpose quashed as the original return was belated and revised return was invalid legally.   ABCAUS Case Law Citation: ABCAUS 2202 (2018) (02) ITAT Brief Facts of the Case: The appellant assessee was an individual engaged in

 

Deduction u/s 36(1)(vii) allowed for sales tax component of bad debts written off in the books of accounts

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Deduction u/s 36(1)(vii) allowed for sales tax component of bad debts written off in the books of accounts. in any event the deduction has to be allowed u/s 28-ITAT ABCAUS Case Law Citation: ABCAUS 2201 (2018) (02) ITAT Brief Facts of the Case: The Petitioner assessee was a company.

 

Addition made for electricity variation with quantum of production deleted. Lower consumption should be viewed positively-ITAT

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Addition made for electricity variation with quantum of production deleted. Lower consumption of electricity for the same quantum of production should be viewed positively and not adversely-ITAT  ABCAUS Case Law Citation: ABCAUS 2200 (2018) (02) ITAT The Challenge/Grievance: The instant appeal was filed by the Revenue against the order

 

Penalty 272A(2)(c) on bank for delay in submitting information called u/s 133(6) deleted

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Penalty u/s 272A(2)(c) imposed on a bank branch for delay in submitting information called u/s 133(6) deleted as bank branches are subject to various audit and always engaged in service of customers. ABCAUS Case Law Citation: ABCAUS 2193 (2018) (02) ITAT Important Case Laws Cited/relied upon by the parties:

 

No disallowance for mistake in Transporters declaration details filed u/s 194C with Income Tax Authorities

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No disallowance for mistake in Transporters declaration details filed u/s 194C with Income Tax Authorities. Deduction is allowable if all conditions were fulfilled – ITAT   Prelude: Section 194C contains the provisions for deduction of tax at source on payments made to contractors. Sub section (6) provides an exception for