Judgments Archive

Non-renewal of THC cannot deprive supporting manufacturer of deduction u/s 80HHC(1A)

Author: | Categories: High Courts, Income Tax, Judgments No comments
Non-renewal of THC cannot deprive supporting manufacturer of deduction u/s 80HHC(1A). Lgislative intent is to extend benefit either to exporter or to supporting manufacturer and not to both – High Court ABCAUS Case Law Citation: ABCAUS 2033 (2017) (08) HC Assessment Year :  1996-97 Important Case Laws Cited/relied upon

 

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

Author: | Categories: Income Tax, ITAT, Judgments No comments
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

Author: | Categories: Income Tax, ITAT, Judgments No comments
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)

Author: | Categories: Income Tax, ITAT, Judgments No comments
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

Author: | Categories: Income Tax, ITAT, Judgments No comments
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

Author: | Categories: Income Tax, ITAT, Judgments No comments
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:

 

Important judgment on EPS payment by exempted establishment by Kerala High Court

Author: | Categories: EPFO, High Courts, Judgments No comments
Important judgment on EPS payment by exempted establishment under Section 17(1)(C) by Kerala High Court in the case of cooperative bank Hon’ble High Court of Kerala has dismissed the Petition flied by an exempted establishment challenging the assessment order passed by Kannur. P.F. office. The petition was filed by