Day: May 26, 2019
Allowing telescoping of surrendered income against bogus sundry creditors appearing in the books of accounts was wrong – ITAT ABCAUS Case Law Citation: ABCAUS 2966 (2019) (05) ITAT The instant appeal was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) in allowing …
Chartered flight travel by a charitable society enjoying tax benefit was an unreasonable expenditure. ITAT confirms addition for want of justification ABCAUS Case Law Citation:ABCAUS 2965 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties:Chiranjiv Charitable TrustIndraprastha Cancer Society 229 Taxmann 93 (Del)Lissie medical institutions vs. …
Interest Income paid on Interest Bearing Maintenance Security by Resident Welfare Association held to be allowable expenditure u/s 57(iii) ABCAUS Case Law Citation: ABCAUS 2964 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: Belaire Condominium Association vs. ITO Bangalore Club vs. CIT 350 ITR 509. …
Meager or nil income of the lender no reason to make addition u/s 68 as bogus enty. Income may be a good reason for examining source but certainly not conclusive. ABCAUS Case Law Citation: ABCAUS 2963 (2019) (05) ITAT In the instant appeal filed by the Revenue before …