Category: Income Tax
Re-assessment order passed in violation of guidelines laid down by the Supreme court in the case of GKN Driveshaft Ltd. is bad in law- ITAT ABCAUS Case Law Citation:ABCAUS 2676 (2018) (12) ITAT Important Case Laws Cited/relied upon:GKN Driveshaft (India) Ltd. Vs ITO, 259 ITR 19 PCIT vs …
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 88/2018 New Delhi, the 18th December, 2018 INCOME-TAX G.S.R. 1217(E).—In exercise of the powers conferred by sub-section (4) of section 286 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of …
DVO Report based on mere estimate not sufficient information for the purpose of reopening assessment u/s 147. ITAT deleted addition u/s 69 ABCAUS Case Law Citation:ABCAUS 2675 (2018) (12) ITAT Important Case Laws Cited/relied upon:ACIT vs. Dhariya Construction Co. (2010) 328 ITR 515 (SC) ITO vs. Santosh Kumar …
Motor car purchased by cash gift from wife and mother-ITAT upheld addition for unexplained cash as mere filing confirmations not sufficient to prove creditworthiness and genuineness of the transaction. ABCAUS Case Law Citation:ABCAUS 2674 (2018) (12) ITAT Important Case Laws Cited/relied upon:Bharati Pvt. Ltd., 111 ITR 951United Commercial …
Interest on FDRs-deduction of Interest paid on unsecured loans taken to make investment in bank FDRs allowed u/s 57(iii) in view of the clear nexus. ABCAUS Case Law Citation:ABCAUS 2673 (2018) (12) ITAT Important Case Laws Cited/reliedupon:CITvs. V.P. Gopinathan (2001) 248 ITR 449 (SC) The appeal by the …
No entity could earn gross receipts, only profit embedded to be treated as income. ITAT upholds the order of CIT(A) as appreciating the controversy in right perspective ABCAUS Case Law Citation:ABCAUS 2672 (2018) (12) ITAT Important Case Laws Cited / relied upon:Commissioner of Income Tax Vs. President industries …
CBDT has decided to subject the registration process of charitable trusts / institutions to internal audit and has issued detailed procedure in this regard. In partial modification of its earlier Instruction No. 6 of 2017 dated 21.07.2017, CBDT has stated that the Hon’ble Public Accounts Committee( PAC ) …
Ad-hoc disallowance not within permissible arena of taxing statute which is essentially welfare in nature – ITAT ABCAUS Case Law Citation:ABCAUS 2671 (2018) (12) ITAT Important Case Laws Cited/reliedupon:M/s Bajaj Auto Centre, Kanpur vs. Income Tax Officer M/s Bhullar Oxygen Pvt. Ltd. vs. Income TaxOfficer The appeal was …
Transfer of vehicle registration not necessary for claiming depreciation. Transfer of ownership of vehicles is governed by the Sale of Goods Act not by Motor Vehicles Act. ABCAUS Case Law Citation:ABCAUS 2670 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT v. Nidish Transport Corporation Panna Lal v. Chand Mal …
No deemed rental house property income can be computed when flats are held as stock in trade – ITAT deletes addition ABCAUS Case Law Citation:ABCAUS 2668 (2018) (12) ITAT Important Case Laws Cited/reliedupon:M/s. Cosmopolis Construction vs. ITOM/s. C.R. Developments Pvt. Ltd. Vs. JCITM/s. Runwal Constructions Vs. ACIT Shri …