Category: Income Tax
Peak credit theory not applicable if deposits are unexplained u/s 68. High Court overruled ITAT decision where CA was providing accomodation entries and could not explain the deposits in his bank account. The Court held that where assessee is unable to explain the sources of deposits and the corresponding …
Expression ‘’derived’’ is narrower then ‘’attributable to’’ in section 80IA or like sections. Income derived from secondary source not the effective source, falls outside deductions – High Court ABCAUS Case Law Citation: ABCAUS 2025 (2017) (08) HC Assessment Year : 2009-10 Important Case Laws Cited/relied upon by …
Loss on sale of foreign cars held as business loss not capital loss u/s 50 as the imported cars did not form part of block of assets and depreciation was not allowable – High Court ABCAUS Case Law Citation: ABCAUS 2026 (2017) (08) HC Assessment Year : …
Income Tax to write off arrear demands of Rs 25 Lakhs or more for 186 cases . CBDT writes letter on arrear write-off to all Principal CIT of Gujarat GOVERNMENT OF INDIA DEPARTMENT OF REVENUE DIRECTORATE OF INCOME-TAX (RECOVERY & TDS) 6th Floor, Mayur Bhawan,Connaught Circus, New Delhi-110001 …
Supplying back ground sound audio to film is manufacture u/s 80-IB of the Income Tax Act. Providing audio Software to Video already shot amounts to manufacture– High Court ABCAUS Case Law Citation: ABCAUS 2024 (2017) (08) HC The Issue: Whether the activity of the assessee in editing of …
Tax Recovery Officer has no power to declare alienation of property as null and void when sale is made under sale deed by alleged tax defaulter – High Court ABCAUS Case Law Citation: ABCAUS 2023 (2017) (08) HC Brief Facts of the Case: The present writ petition …
Legal expenses to defend writ filed to quash mining lease of the company are revenue expenditure not capital expenditure and deduction is allowable u/s 37 of the Income Tax Act, 1961 – High Court ABCAUS Case Law Citation: ABCAUS 2021 (2017) (08) HC The Substantial Question of …
Google India gets relief in deposit against income tax demand from High Court. The High Court reduced the deposit to 30% against the outstanding tax demand from 50% as directed by the ITAT ABCAUS Case Law Citation: ABCAUS 2020 (2017) (08) HC Brief Facts of the Case: The …
Disallowance u/s 37 for legal fee paid in excess of damages received in the relevant case deleted. Profit in immediate proximity not a basis of disallowance – High Court ABCAUS Case Law Citation: ABCAUS 2019 (2017) (08) HC The Grievance: The appellant revenue had filed the instant …
Travelling Expenses claimed us 57 did not attract concealment penalty particularly when untenable claim was made on the advice of an Accountant and coming to know, the assessee offered the same to taxation – High Court ABCAUS Case Law Citation: ABCAUS 2018 (2017) (08) HC The Issue: …