Category: Income Tax
Rotations from Auto Sweep A/c not fresh investments-Addition deleted In a recent judgment, ITAT Mumbai has deleted the addition u/s 68 observing that as alleged there were no fresh investments/deposits in bank account except amount along with interest being rotated several times through auto sweep in the current …
Maintenance charges received from tenants taxable under income from other sources not house property – ITAT In a recent judgment, ITAT Bangalore has held that maintenance charges received from tenants are to be assessed under the head Income from other sources and not under income from House Property …
Filing revised return in reply to show cause does not deprive assessee of opportunity to oppose proposed variation In a recent judgment, Hon’ble High Court of Orissa has held that filing revised return in response to show cause notice does not deprive assessee of opportunity to state his …
Income Tax benefits for senior citizens, higher exemptions, relief and rebates Income Tax benefits for senior citizens, higher exemptions, relief and rebates. Income-tax Act provides several benefits and exemptions to the senior citizens. However, to become eligible to these benefits the senior citizen/very senior citizen must be resident …
Disallowance u/s 40A(2)(a) without following yardstick for arriving at unreasonableness cannot be sustained – ITAT In a recent judgment, ITAT Raipur has held that disallowance u/s 40A(2)(a) without taking recourse to prescribed basis/yardstick, for arriving at unreasonableness cannot be sustained ABCAUS Case Law Citation:ABCAUS 4135 (2024) (07) ITAT …
Month wise receipt and income slightly more than last year cannot warrant the cash deposited into the bank account as unexplained cash In a recent judgment, ITAT Jaipur has held that month wise receipt and income slightly more than last year cannot warrant the cash deposited into the …
Assessee can maintain two ledger accounts of same person one under the head sundry debtor and another under sundry creditor – ITAT In a recent judgment, ITAT Kolkata has deleted addition u/s 68 for bogus creditors as the assessee maintained two accounts of same person, one under the …
There is no statutory obligation upon legal heirs to intimate death of assessee to the Income Tax Department In a recent judgment, Hon’ble High Court Karnataka held that there is no statutory obligation upon legal heirs to intimate death of assessee to the Income Tax Department. ABCAUS Case …
Once Tonnage Tax Scheme is opted, no set off against any deduction allowed – ITAT In a recent judgment, ITAT Hyderabad has held that once the assessee opts for a Tonnage Tax Scheme, then Tonnage income cannot be set off against any deduction provided under the Act. ABCAUS …
Identity capacity and genuineness of creditors fell apart when shareholder companies was found to be non-existent – High Court In a recent judgment, Hon’ble High Court of Chhattisgarh has confirmed the addition on account of share application money received from bogus shell companies observing that proof of identity …