Judgments Archive

Lack of enquiry or inadequate enquiry. Revision u/s 263 quashed by ITAT applying the large number of judgments of High Court and Supreme Court.

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Lack of enquiry or inadequate enquiry. Revision u/s 263 quashed by ITAT applying the large number of judgments of High Court and Supreme Court. ABCAUS Case Law Citation: ABCAUS 1220 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the revisionary order passed by the Commissioner of

Salary recovered for notice period not taxable u/s 16 – ITAT

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Salary recovered for notice period not taxable salary us 16 as per agreement with the employers when actually assessee had received less salary – ITAT ABCAUS Case Law Citation: ABCAUS 1219 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the Commissioner of Income

Disallowance of interest for drawings out of cash credit account deleted as closing balance of capital was more than opening balance

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Disallowance of interest for drawings out of cash credit account deleted as despite drawings closing balance of capital was more than opening balance ABCAUS Case Law Citation: ABCAUS 1217 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the Commissioner of Income Tax (Appeals)

Let justice be done though the heavens fall- Supreme Court explains the ambit of Article 142

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Let justice be done though the heavens fall-Supreme Court explains the ambit of Article 142 of the Constitution viz-a-viz powers of the Apex Court ABCAUS Case law Citation: 1218 (2017)(04) SC Important Case Law Cited/referred A.R. Antulay v. R.S. Nayak & Another, (1988) 2 SCC 602, Supreme Court Bar

Slump Sale of entire running business with all assets & liabilities in one go was LTCG us 48(2) for taxation purpose-Supreme Court

Slump Sale of entire running business was LTCG us 48(2). Sale in one go with assets and liabilities cannot be considered as STCG for Taxation-Supreme Court ABCAUS Case Law Citation: ABCAUS 1216 (2017) (04) SC The Grievance: The appellant Commission of Income Tax (CIT) was aggrieved by the order

No concealment penalty on return revision before issue of notice u/s 148 but after initiation of investigation in tax evasion petition filed – ITAT

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No concealment penalty on return revision made before issue of notice u/s 148 though after initiation of investigation in tax evasion petition filed against the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 1215 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order of

Concealment means positive act on part of the assessee and onus to prove is on Revenue – ITAT

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Concealment means positive act on part of the assessee and the onus to prove is on Revenue. Penalty can not be levied on estimate or guess work – ITAT ABCAUS Case Law Citation: ABCAUS 1214 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order
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