Category: Income Tax

When prior period expenses are not admissible as deduction, following the same principle the prior period income also cannot be considered as income In a recent judgment, ITAT Ahmedabad accepted the contention that if the prior period expenses are not admissible as deduction, following the same principle the …

Supreme Court condoned delay of 972 days in filing appeal due to restructuring in Income Tax Department In a recent judgment, Hon’ble Supreme Court has quashed order of the Calcutta High Court dismissing the application of Income Tax Department for condonation of delay of 972 days in filing …

Addition can not be made relying on the valuation report of property when the stamp duty valuation is also available on record – ITAT  In a recent judgment, ITAT Agra has held that addition can not be made for inadequate sale consideration of property sold merely relying on …

Wrong claim of deduction u/s 54F/54B was not a case of concealment of particulars of income or furnishing inaccurate particulars In a recent judgment, ITAT Pune has held that making a wrong claim of deduction u/s. 54F/54B was not a case of concealment of particulars of income or …

When foundation of reopening does not survive, no addition can be made in respect of other issues – ITAT In a recent judgment, ITAT Delhi has held that when the very foundation of reopening does not survive, no addition can be made in respect of other issues based …

It is well settled that if any receipt cannot be subjected to tax being exempt under law, negligence of any tax payer would not make it taxable. In a recent judgment, ITAT Varanasi has held that it is well settled that if any receipt cannot be subjected to …

High Court declines plea of assessee that Income Tax Department wrongly read amount of cash deposit of Rs. 250000 Cr (credit) as Rs. 2.50 crores. In a recent judgment, Hon’ble Allahabad High Court declined to entertain plea of the assessee that Income Tax Department wrongly read amount of …

Discontinuance of business of partnership firm will not result in vesting ownership of firm’s property with individual partners for capital gain taxation In a recent judgment, ITAT Visakhapatnam has held that discontinuance of the business of partnership firm will not result in vesting ownership of firm’s property with …

Stipulation of 120 days for release of seized jewellery/gold u/s 132B is directory not mandatory – Delhi High Court In a recent judgment, Hon’ble Delhi High Court has held that in view of section 132B(4), the stipulation of 120 days for release of seized jewellery/gold is directory not …

Filing audit report in Form 10CCB within due date is mandatory. The assessee cannot claim deduction u/s 80-IA(7) he ground that Form 10CCB was filed before passing of assessment order – ITAT In a recent judgment, ITAT Raipur has held that the audit report in Form 10CCB had …