Judgments Archive

Element of undisclosed investment in undisclosed purchases upheld. Peak credit of purchases rejected. AO to work out number of fund rotations-ITAT

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Element of undisclosed investment in undisclosed purchases upheld. Peak credit of purchases rejected. AO to work out number of fund rotations required for achieving undisclosed purchases -ITAT  ABCAUS Case Law Citation: ABCAUS 1107 (2017) (01) ITAT Assessment Year : 2010-11 The Issue for determination: The issue before the ITAT

Deduction us 54-Old fund used for construction of new house. It is not mandatory that sale consideration new house should be used for construction-ITAT

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Deduction us 54-Old fund used for construction of new house. It is not mandatory that only the sale consideration of house sold is to be utilized for purchasing or constructing a new residential house-ITAT ABCAUS Case Law Citation: ABCAUS 1106 (2017) (01) ITAT Assessment Year : 2009-10  Important Case Laws

Showing trade discounts in tax Invoice not compulsory. Credit notes eligible under Rule 3(2)(c) of Karnataka Value Added Tax Rules 2005-SC

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Showing trade discounts in tax Invoice not compulsory. Credit notes eligible under Rule 3(2)(c) of the Karnataka Value Added Tax Rules 2005-Supreme Court ABCAUS Case Law Citation: ABCAUS 1105 (2017) (01) SC Important Case Laws Cited: State of Karnataka vs. M/s Kitchen Appliances India Ltd. M/s Southern Motors vs.

TDS not applicable on provisions if payee not identifiable to whose account the credit for such TDS is to be given – ITAT

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TDS not applicable on provisions if payee not identifiable to whose account the credit for such TDS is to be given u/s  203(1) under Chapter XVII-B – ITAT ABCAUS Case Law Citation: ABCAUS 1104 (2017) (01) ITAT Assessment Year : 2010-11 ; 2011-12 Important Case Laws relied upon: Dishnet

Revisionary power us 263-Merely raising query not sufficient. Blindly accepting only part reply is incorrect assumption of facts and non-application of mind

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Revisionary power  us 263-Merely raising query not sufficient.  Blindly accepting only part reply is incorrect assumption of facts and non-application of mind by AO-ITAT ABCAUS Case Law Citation: ABCAUS 1103 (2017) (01) ITAT Assessment Year : 2011-12 Important Case Laws Cited: Anuj Jayendra Shah Vs. PCIT 67 taxmann.com 38

Assessment finality on search date reached if time for issuing notice us 143(2) had expired. Additions can be made only if incriminating material found-ITAT

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Assessment finality on search date reached if time for issuing notice us 143(2) had expired.  In such cases additions can be made only if incriminating material found-ITAT ABCAUS Case Law Citation: ABCAUS 1102 (2017) (01) ITAT Assessment Year : 2008-09 Important Case Laws Cited: National Thermal Power Co Ltd

Understated sales rates-AO must bring evidence on record. Assessing Officer should make inquiry from parties to whom sales made to verify sale rates -ITAT

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Understated sales rates-AO must bring evidence on record. Assessing Officer should make inquiry from parties to whom sales made to verify sale rates -ITAT ABCAUS Case Law Citation: ABCAUS 1101 (2017) (01) ITAT Assessment Year : 2011-12 Important Case Laws Cited: Shri Manpreet Singh Dhillon Vs ITO Shri Satinder
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