Category: Income Tax
Onus to explain investment sources by wife discharged when she and her husband both admitted that husbands paid the money – ITAT ABCAUS Case Law CitationABCAUS 3644 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition …
Non searched persons liable to pay interest on late filing of return u/s 158BC even in absence of a notice u/s 158BC and even for the period prior to 01.06.1999 – Supreme Court ABCAUS Case Law Citation ABCAUS 3643 (2023) (01) SC Important Case Laws relied upon:Mathuram Agrawal …
Supreme Court amends section 10(26AAA) to extend exemptions to Sikkimese and women who marries non Sikkimese ABCAUS Case Law Citation ABCAUS 3641 (2023) (01) SC In the instant case a writ was filed before the Hon’ble Supreme Court praying striking down Section 10(26AAA) of the Income Tax Act, …
Liability of company paid by Director in cash is cash loan u/s 269SS liable to Penalty u/s 271D of the Income Tax Act, 1961. ABCAUS Case Law Citation ABCAUS 3640 (2023) (01) ITAT Important Case Laws relied upon:CIT v. Dimple Yadav, reported in (2015) 280 CTR (All) 309CIT …
Deemed dividend to be taxed in the hands of individual shareholder and not in the hands of Partnership Firm in which he is partner ABCAUS Case Law CitationABCAUS 3638 (2023) (01) HC In the instant case, the assessee had challenged the order passed by the Income Tax Appellate …
Interest paid to legal heirs of deceased partner cannot be disallowed merely on ground of passing book entry on year end – ITAT ABCAUS Case Law Citation ABCAUS 3637 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …
Interests on capital account has to be calculated on daily product basis not on opening or closing balance of financial year – ITAT ABCAUS Case Law Citation ABCAUS 3636 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …
40 percent deduction for cash deposit in undisclosed bank account was very liberal as no details/evidences of expenses submitted by assessee says ITAT ABCAUS Case Law CitationABCAUS 3635 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in partly confirming …
Entrance fee received by Club capital receipt not revenue. Supreme Court dismissed SLP of the Income Tax Department ABCAUS Case Law Citation ABCAUS 3634 (2023) (01) SC Important Case Laws relied upon:CIT vs. Diners Business Services Pvt. Ltd 263 ITR 1 (Bom.) In the instant case. SLP was …
Addition for cash deposit upheld for absence of cash flow statement/cash book ABCAUS Case Law CitationABCAUS 3633 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made on account of cash deposit in bank as cash credits …
