Author: administrator
No addition when cash deposited in bank was out of cash in hand available with the assessee and AO could not show that cash in hand was spent otherwise In a recent judgment, Hon’ble Allahabad High Court dismissed Revenue’s appeal confirming ITAT order that there can be no …
Use of word “can” in arbitration clause cannot be said to be a binding arbitration agreement –Supreme Court In a recent judgment, Hon’ble Supreme Court has held that use of word “can” in arbitration clause in the contract indicates merely the future possibility of referring disputes to arbitration …
Repayments of loans taken for asset generation can’t be deducted to arrive at earning capacity for determining maintenance to wife – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that repayments of loans taken for asset generation can not be deducted to arrive at real …
Seat of arbitration is governed by the agreement of the parties and not by the place of hearing or the place where the award is signed – Supreme Court In a recent judgment, Hon’ble Supreme Court has explained the distinction between the seat and venue of the arbitration …
ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if desired. In a recent judgment, ITAT Delhi has quashed order u/s 263 observing that PCIT had ignored the fact that assessee had filed an appeal against the addition …
Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax Act – ITAT In a recent judgment, ITAT Surat has held that the section under which AO should initiate penalty cannot be determined under revisionary jurisdiction under section …
Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying to evade the payment of tax – ITAT In a recent judgment, ITAT Rajkot has held that as per CBDT Circular, provisions u/s 40A(2) and particularly with regard …
The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined to ‘sale’ of property only – ITAT In a recent judgment, ITAT Raipur has held that the word ‘transfer of property’ does not include ‘acquiring’ of property or …
AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient cash-in-hand in the books – ITAT In a recent judgment, ITAT Chandigarh has held that AO was not justified in questioning the cash withdrawals from the bank account …
Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon’ble Supreme Court due to Covid-19 In a recent judgment, Hon’ble Allahabad High Court has set aside the order of CIT(Exemption) passed u/s 119(2(b) and order u/s 154 passed by the Assessing Officer …
