Day: August 14, 2016

Keeping cash in bank not in hand not mandatory under any law. Cash deposited in bank from withdrawals made long back accepted  as the AO was not able to show that the cash so withdrawn was spent elsewhere – ITAT ABCAUS Case Law Citation: 990 2016 (08) ITAT Assessment …

Penalty us 271(1)(c) if assessee agreed disallowance to buy peace. Merely because assessee agreed addition, he can not be saddled with penalty-ITAT ABCAUS Case Law Citation: 989 2016 (08) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: August, 2016 Brief Facts of the Case: The assessee in his return …

Notional interest on loans-advances when no such agreement – It is not necessary to pay interest in the absence of such arrangement. Additions made deleted by ITAT ABCAUS Case Law Citation: 988 2016 (08) ITAT Assessment year: 2010-11 Date/Month of Judgment/Order: August, 2016 Brief Facts of the Case: The …