Month: May 2024

Tax recovery on the basis of wrong computation sheet stayed as tax liability was NIL as per Assessment Order In a recent judgment, the Hon’ble Andhra Pradesh High Court stayed recovery of tax on the basis of wrong computation sheet when returned income was accepted and as per …

There is no provision under Income-tax law for making ad-hoc disallowance of sundry creditors – ITAT In a recent judgment, ITAT Surat has quashed ad-hoc addition of creditors holding that there is no provision under Income-tax law for making ad-hoc disallowance of sundry creditors.  ABCAUS Case Law Citation:ABCAUS …

In case of non-filer notice u/s 143(2) not mandatory and notice issued u/s 142(1) is sufficient – ITAT In a recent case, the ITAT Guwahati has held that in case of non-filer notice u/s 143(2) not mandatory and notice issued u/s 142(1) is sufficient ABCAUS Case Law Citation:ABCAUS …

One PAN was allotted to two taxpayers resulting Re-assessment order of wrong person quashed by High Court In a recent judgment, the Hon’ble High Court has quashed a re-assessment order passed u/s 147 on a wrong person because one PAN was allotted by the Department to two taxpayers …

Fixing three successive dates of hearing in a single notice invalid as adjudicating authority had to pass specific orders for adjournment on each date fixed In a recent judgment, the Hon’ble Allahabad High Court has quashed service tax demand and penalty holding that fixing three successive dates for …

ICAI set up branch in Tonk District (Rajasthan) with effect from April 25, 2024. The Institute of Chartered Accountants of India (ICAI) has set up a Branch of Central India Regional Council (CIRC) in Tonk District (Rajasthan) with effect from April 25, 2024. The Branch shall be known …

Duty drawback cannot be a part of total turnover and is separately chargeable – ITAT In a recent judgment, the Surat ITAT has held that duty drawback received on export sales cannot be a part of total turnover and is separately chargeable. ABCAUS Case Law Citation:ABCAUS 4025 (2024) …

CIT(A) can not dismiss appeal in limine for non filing of written submissions by assessee In a recent judgment, the Agra ITAT has held that CIT(A) can not dismiss appeal in limine for not filing written submissions without deciding the issues on merits as per law in terms …

Addition could be made only for part of additional profit on sales corresponding to bogus purchase bills In a recent judgment, the Bombay ITAT has held that addition could be made only for part of additional profit on sales corresponding to bogus purchase bills ABCAUS Case Law Citation:ABCAUS …

Genuineness of transaction continuing from preceding year can not be disapproved without cogent material In a recent judgment, the Bombay ITAT has held that genuineness of the transaction continuing from preceding year can not be disapproved merely based on information received from the Investigation Wing ABCAUS Case Law …