Category: Income Tax
No deemed dividend u/s 2(22)(e) when loan was received for commercial transaction and interest was paid on it In a recent judgment ITAT has held that there is no deemed dividend u/s 2(22)(e) when loan was received for commercial transaction and interest was paid on it ABCAUS Case …
Supreme Court to decide if non mentioning DIN by income tax authorities makes order void or it’s just a procedural mistake ABCAUS Case Law Citation:ABCAUS 3855 (2024) (02) SC CBDT Circular No.19/2019 dated 14th August 2019 provides that on or after the 15th day of October, 2019, no communication …
If assessee not availed opportunity of cross examination, it can not be ground of challenge – Supreme Court dismisses Special Leave Petition ABCAUS Case Law Citation:ABCAUS 3854 (2024) (02) SC Important Case Laws relied upon by parties:Kishan Chand Chellaram Vs. CIT, (1980) 125 ITR 713 SCSumati Daya Vs. …
Wherever word only “Business” is used, it does not include “Profession” – ITAT deletes addition for compensation u/s 28(ii)(e) In a latest decision, ITAT while deleting addition u/s 28(ii)(e) held that in the Income Tax Act, 1961 wherever word only “Business” is used, it does not include “Profession” …
Once, relief is granted based on the remand report of the AO, revenue would be precluded from filing any further appeal – ITAT In a recent judgment, the ITAT has held that once, relief is granted based on the remand report of the AO, revenue would be precluded …
In a recent judgment, ITAT has held that in the absence of Document Identification Number (DIN) mentioned in the approval memo, such statutory approval under section 153D is rendered a nonest approval in law. Absence of DIN while granting statutory approval under section 153D would tantamount to no …
Grievance for not condoning delay for filling Form No. 10B cannot be addressed by way of appeal before ITAT In a recent judgment, the ITAT has held that it can not entertain an appeal challenging the rejection of condonation of delay in filing audit report in Form No. …
Interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax – ITAT In a recent judgment, ITAT has held that AO was correct in holding that interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax following decision of the …
Turnover in respect of speculation business is only net difference of independent transactions In a recent judgment, ITAT has held that turnover in respect of derivative trading is to be reckoned as only which may be positive or negative difference for independent transactions. ABCAUS Case Law Citation:ABCAUS 3847 …
Return filed without balance sheet & profit and loss account may be defective but not invalid – Supreme Court quashes assessment made on the basis of balance sheet submitted to bank. ABCAUS Case Law Citation:ABCAUS 3846 (2024) (01) SC Important Case Laws relied upon by parties:M/s Phool Chand …