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Mere failure of creditor/ shareholder to appear no basis to make addition u/s 68 when assessee produced basic evidences – ITAT In a recent judgment, the ITAT Kolkata has set aside addition u/s 68 for fresh order without shifting onus upon assessee to produce the director of the …
AGFTC and ITBA requests Finance Minister to reduce penalty u/s 73(9) of the CGST Act 2017 All Gujarat Federation of Tax Consultants (AGFTC) and Income Tax Bar Association (ITBA), Ahmedabad has given a Representation to Union Minister of Finance to amend the penalty provision under section 73(9) of …
Non-payment cannot be a ground for disallowing the claim of sub-contract expenses – ITAT In a recent judgment, the ITAT Indore has held that non-payment cannot be a ground for disallowing the claim of expenses accrued as sub-contractor was to be paid after realization of performance guarantee. ABCAUS …
Under peak theory, only peak cash deposit to be taxed instead of entire cash deposit in bank account – ITAT In a recent judgment, the ITAT Delhi has reduced addition of entire cash deposit holding that even as per the peak credit theory, instead of taxing the entire …
Merely because no addition is made, assessment cannot be held as erroneous or prejudicial – ITAT In a recent judgment, the ITAT Jaipur has held that merely because assessment unit has not made any addition the assessment cannot be considered as erroneous or prejudicial u/s 263. ABCAUS Case …
Penalty confirmed for filing revised return claiming bogus deductions under Chapter VIA with the intention of claiming illegal refund. In a recent judgment, the ITAT Amritsar has confirmed the penalty for filing revised returns claiming bogus deductions under various sections of Chapter VIA and also claiming loss on …
A consistent view taken by AO can’t be held erroneous and prejudicial to interest of revenue – ITAT In a recent judgment, the ITAT Ahmedabad has held that a consistent view taken by AO can’t be held erroneous and prejudicial to interest of revenue. ABCAUS Case Law Citation:ABCAUS …
CIT(A) have no power to dismiss appeal for non-prosecution In a recent judgment, the ITAT Panji has held that CIT(A) does not have any power to dismiss appeal for non-prosecution. ABCAUS Case Law Citation:ABCAUS 4097 (2024) (06) ITAT In the instant case, the assessee had challenged the order …
If no addition made in reassessment proceedings on issues as per reasons recorded, AO should drop proceedings instead of passing order In a recent judgment, the ITAT Delhi has held that having recorded the reasons for reopening the assessment and having formed a belief that income of the …
Notice u/s 148A(b) issued by non-jurisdictional AO bad in law – ITAT quashed order u/s 148A(d) In a recent judgment, the ITAT Jodhpur has quashed order u/s 148A(d) as notice u/s 148A(b) was issued by the non-jurisdictional ITO was bad in law. ABCAUS Case Law Citation:ABCAUS 4095 (2024) …
