ITAT Archive

Mere third party statement of accommodation entries not sufficient to reopen assessment

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Mere third party statement of accommodation entries not sufficient to reopen assessment in the absence of any nexus of statement to alleged share applicants-ITAT ABCAUS Case Law Citation: ABCAUS 1279 (2017) (06) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income

Appeal before CIT rejected for not filed electronically remanded for reconsideration by removing defect

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Appeal before CIT rejected for not filed electronically remanded. Sufficient time to be given to assessee to remove defect by filing e Form-35 – ITAT ABCAUS Case Law Citation: ABCAUS 1278 (2017) (06) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of

No Addition for upto 10 percent difference in DVOs report and investment shown by the assessee-ITAT

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No Addition for upto 10 percent difference in DVOs report and the amount of investment shown by the assessee which is liable to be ignored – ITAT ABCAUS Case Law Citation: ABCAUS 1277 (2017) (06) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the

Time Limit for assessment complettion when ITAT simply restored matter to AO without any finding or direction

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Time Limit for assessment-When ITAT simply restored matter to AO for fresh adjudication without any finding or direction, section 153(2A) was applicable and the order was subject to time limitation prescribed. Time Limit for assessment completion u/s 153 ABCAUS Case Law Citation: ABCAUS 1276 (2017) (06) ITAT The Grievance:

Only real income can be taxed under Income Tax Act – Bogus Purchase addition restricted to 10%

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Only real income can be taxed under Income Tax Act. Even if whole transaction is not verifiable only income component not the entire purchase taxable ABCAUS Case Law Citation: ABCAUS 1275 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of

When substantial question of law admitted by High Court, it is apparent that addition is debatable – ITAT

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When substantial question of law admitted by High Court, it is apparent that addition is debatable – ITAT ABCAUS Case Law Citation: ABCAUS 1274 (2017) (06) ITAT Assessment Year : 1999-2000 Date/Month of Pronouncement: May, 2017 Important Case Laws Cited relied upon: Rupam Mercantile vs. DCIT (2004) 91 ITD

Personal jewellery of family members found during survey in physical stock was to be excluded during assessment – ITAT

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Personal jewellery of family members found during survey in physical stock was to be excluded during assessment as the burden was on AO to controvert the statement – ITAT     ABCAUS Case Law Citation: ABCAUS 1273 (2017) (06) ITAT The Grievance: The appeal of the assessee was directed
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