Category: Income Tax
Urban Improvement Trust constituted under the Rajasthan Urban Improvement Act, 1959 not a Municipal Committee hence not exempted u/s 10(20) of the Income Tax Act, 1961 – SC ABCAUS Case Law Citation: ABCAUS 2585 (2018) (10) SC Important Case Laws Cited/relied upon by the parties: New Okhla Industrial …
Closing debit balance of directors current account not deemed dividend u/s 2(22)(e) if no fresh loan/advance was given during the year – ITAT ABCAUS Case Law Citation: ABCAUS 2584 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT v. K. Srinivasan 59 ITR 788 (Mad.) …
CIT-Appeals is not Assessing Officer hence can not initiate or levy penalty. The enhancement of penalty u/s 271AAA by CIT-A held not sustainable ABCAUS Case Law Citation: ABCAUS 2583 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT versus Mrs. Ritu Singhal 403 ITR 97 …
Assessment order u/s 153C will supersede an earlier order passed u/s 143(3). ITAT allowed the additional ground raised and restored the issue to the file of Assessing Officer ABCAUS Case Law Citation: ABCAUS 2582 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. Anil …
Non service of notice-affidavit of director cannot be brushed aside lightly. ITAT remands the issue to Assessing Officer to decide afresh ABCAUS Case Law Citation: ABCAUS 2581 (2018) (10) ITAT The assessee had filed an appeal against the order of CIT(A) in confirming the disallowance made by the …
Disallowance For prepaid insurance expenses set aside on the principle of consistency where incurrence of expenditure for the purposes of business was not disputed ABCAUS Case Law Citation: ABCAUS 2580 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: ACIT vs. Shri Satish Sehrawa CIT Vs. …
No Penalty u/s 271(1)(b) when as per the assessment order, the assessee appeared time to time and explained return, furnished documents as requisitioned and case was heard and discussed – ITAT ABCAUS Case Law Citation: ABCAUS 2578 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: …
Trust receiving donations under no obligation to verify the source of fund of donor or whether such fund was acquired by any unlawful activity- High Court ABCAUS Case Law Citation: ABCAUS 2577 (2018) (10) HC Important Case Laws Cited/relied upon by the parties: CIT v. Red Rose School …
High Court quashed the appointment of Special Auditor u/s 142(2A) when the matter was remanded on a specific issue and no complexity was involved in the adjudication ABCAUS Case Law Citation: ABCAUS 2576 (2018) (10) HC For the relevant assessment year, the petitioner’s return of income was processed …
No concealment penalty based on circumstantial evidence of bogus purchases where the income was estimated on the basis of circumstances brought on record ABCAUS Case Law Citation: ABCAUS 2575 Â (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. Gujarat Ambuja Export Ltd. Sanjay Oilcake …