ITAT Archive

Penalty us 271(1)(b) for failure to file return u/s 153C has no statutory basis – ITAT

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Penalty us 271(1)(b) for failure to file return u/s 153C. Provisions of section 271(1)(b) does not empower AO to impose the penalty for delay or failure to file the returns in response to notice u/s 153C – ITAT   ABCAUS Case Law Citation: ABCAUS 2032 (2017) (08) ITAT Important

 

Income contained in unverified transaction can only be taxed and not the entire transaction -ITAT

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Income contained in unverified transaction can only be taxed and not the amount of entire transaction.  ITAT upheld tax on profit embed in alleged bogus purchase ABCAUS Case Law Citation: ABCAUS 2031 (2017) (08) ITAT The issue involved: The only issue involved in present two appeals filed by the

 

20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c)

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20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c) for subjective disallowance of commission paid for tips given to customers- ITAT   ABCAUS Case Law Citation: ABCAUS 2030 (2017) (08) ITAT Assessment Year :  2010-11 Brief Facts of the Case: During

 

Reopening us 147 based on material found in search not permissible – ITAT

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Reopening us 147 based on material found in search not permissible. In such cases section 153C applies for framing assessment  which excludes application of section 147 – ITAT   ABCAUS Case Law Citation: ABCAUS 2029 (2017) (08) ITAT Assessment Year :  2007-08 Important Case Laws Cited/relied upon by the

 

AO can not extrapolate numbers on seized dumb document into lakhs – ITAT

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AO can not extrapolate numbers on seized dumb document into lakhs. Addition made by deciphering erased figures by forensic report was based on surmises and conjunctures- ITAT   ABCAUS Case Law Citation: ABCAUS 2028 (2017) (08) ITAT Assessment Year :  2010-11 Important Case Laws Cited/relied upon by the parties:

 

Donation made to BJP-Congress not claimed in return allowed following Supreme Court judgment

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Donation made to BJP-Congress not claimed in return allowed following Supreme Court judgment that ITAT powers not limited in dealing with claim of the assessee not made before AO. ABCAUS Case Law Citation: ABCAUS 1293 (2017) (07) HC The Question for determination: Whether in the facts and in the

 

If foundational addition is deleted other addition can not stand – ITAT

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If foundational addition is deleted other addition can not stand. CIT(A) cannot do what AO could not have done in original assessment-ITAT ABCAUS Case Law Citation: ABCAUS 1291 (2017) (07) ITAT Assessment Year : 2006-07 Important Case Laws Cited/relied upon: CIT vs. Kanpur Coal Syndicate (1964) 53 ITR 225