Category: ITAT
Addition u/s 69 for unexplained cash deleted by the Tribunal. It was held that tag of another bank found on cash bundles not to be given weightage as it is a common practice amongst banks to issue currency bundles as received by them ABCAUS Case Law CitationABCAUS 3457 …
STamp duty valuation not a relevant criteria to decide payment of on-money by assessee but piece of evidence to ascertain correct facts with regard to value of property ABCAUS Case Law CitationABCAUS 3455 (2021) (02) ITAT Important case law relied referred:ShyamKumar vs. ACIT (2018) 99 Taxman.com 39Pullongode Rubber …
Education cess is an allowable expenditure under Section 37 of the Income Tax Act 1961. ITAT allows deduction on the basis of CBDT circular and PAN India judgments ABCAUS Case Law CitationABCAUS 3450 (2021) (02) ITAT Important case law relied referred:National Thermal Power Co. Ltd. vs CIT (1998) …
Reason recorded by non jurisdictional Assessing Officer cannot give jurisdiction to the jurisdictional Assessing Officer. ABCAUS Case Law CitationABCAUS 3449 (2021) (02) ITAT Important case law relied referred:Pankaj Bhai Jayshuklal Shah vs. CIT (2020) 425 ITR 70Manoj Kumar vs. ACIT reported 79 ITR (Tribunal) 158 Delhi In the …
Deduction u/s 35(1)(ii) for scientific research allowed in hands of donors, notwithstanding approval granted to Organization withdrawn retrospectively ABCAUS Case Law CitationABCAUS 3448 (2021) (02) ITAT Important case law relied referred:Pullangode Rubber Produce Co. Ltd. vs. State of Kerala, 91 ITR 18 (SC)IT vs. Chotatingrai Tea & Ors., …
Advance taken in cash against sale not loan or deposit u/s 269SS hence no penalty us/ 271D is leviable on the assessee ABCAUS Case Law CitationABCAUS 3447 (2021) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the order …
Annual letting value of property u/s 23(1)(a) on the basis of Municipal Valuation accepted by ITAT ABCAUS Case Law CitationABCAUS 3445 (2021) (01) ITAT Important case law relied referred:CIT v/s Mani Kumar Subba (2011 333 ITR 838)CIT v/s Tip Top Typography (2014 368 ITR 330) In the instant …
Filing belated return & non-registration u/s 12AA no valid reasons to issue notice u/s 148 in absence of other tangible material other than return filed ABCAUS Case Law CitationABCAUS 3442 (2021) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in …
Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …
Penalty u/s 271E deleted when loan was paid in cash to avoid default effecting CIBIL score as signed cheque books were not available with staff ABCAUS Case Law CitationABCAUS 3439 (2021) (01) ITAT Important case law relied referred:Hindustan Steel Ltd. vs State of Orissa reported in (1972) 083 …