Category: Income Tax
Assessing Officer was wrong to put the onus on assessee to prove that alleged cash transaction did not taken place – ITAT ABCAUS Case Law Citation:ABCAUS 3805 (2023) (09) ITAT In the instant case, the Income Tax Officer has challenged the order passed by the CIT(A) in deleting …
Reasons on which reopening done must first survive to make addition on additional issues also – ITAT explains Explanation 3 to section 147 ABCAUS Case Law Citation:ABCAUS 3804 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) and raised the …
Denial of Registration u/s 12AB remanded for de novo consideration when notices were issued at very close intervals and hearing concluded within a very short span of time In a recent judgment, ITAT has quashed the order passed by CIT(E) denying Registration u/s 12AB as order was passed …
Revision u/s 263 was justified due to contradictory stand of assessee on credit card cash payments was left out of examination – ITAT ABCAUS Case Law Citation:ABCAUS 3802 (2023) (09) ITAT Important Case Laws relied upon by parties:CIT, Shimla Versus Greenworld Corporation 2009 181 Taxman 111 (SC)Mr. Jitendra …
CBDT extends timelines for filing of Audit Report in Form 10B/10BB and Form ITR-7 for charitable trusts for AY 2023-24 CBDT has issued Circular No. 16/2023 dated 18.09.2023 extending the due dates for filing of Audit Report in Form 10B/10BB and Form ITR-7 for charitable trusts for AY …
Assessing Officer was wrong to disbelieve partnership rectification deed when stamp paper was issued on a prior date – ITAT ABCAUS Case Law Citation:ABCAUS 3801 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A)/NFAC in confirming the action of Assessing …
Income Tax Department FAQs on Digital Signature Certificate (DSC) related issues and solutions. Income Tax Department has issued a FAQs on Digital Signature Certificate (DSC) related issues and its solutions. Taxpayers are advised to check DSC for its expiry date, registration on e-filing portal & installation of latest …
ITAT deleted addition for cash deposits in bank during demonetization period following CBDT Instruction that no addition to be made up to Rs. 2.50 lakhs ABCAUS Case Law Citation:ABCAUS 3800 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …
Issue of bonus shares not taxable. ITAT deleted addition made u/s 56(2)(vii)(c) of the Income Tax Act 1961 In a recent judgment, ITAT has held that issue of bonus shares is not taxable u/s 56(2)(vii)(c) as income from other sources ABCAUS Case Law Citation:ABCAUS 3799 (2023) (09) ITAT …
Excess stock of gold found during survey cannot be isolated with regular stock in trade to be treated unexplained investment and taxed u/s 69B – ITAT ABCAUS Case Law Citation:ABCAUS 3798 (2023) (09) ITAT Important Case Laws relied upon by parties:M/s. SVS Oil Mills vs ACIT 418 ITR …
