Category: Income Tax
Acceptance of loans by passing journal entries in books of accounts not in violation of section 269SS hence no penalty u/s 271D imposable – SC dismisses SLP of ITD ABCAUS Case Law Citation: ABCAUS 2735 (2019) (01) SC Important Case Laws Cited/relied upon: Commissioner of Income Tax Vs. Triumph International Finance (I) Ltd. Premier Breweries Ltd. Vs. Commissioner of Income Tax, 372 ITR 180. Commissioner of Income Tax Vs. Noida Toll Bridge Co. Ltd. 262 ITR 260 Sunflower Builders Vs. Dy.CIT, 1997 (61) ITD (Pune) 227, Asst.CIT …
News of en masse prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies- CBDT Central Board of Direct Taxes (CBDT) Press Release 20.01.2019 New Delhi: Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section …
No Penalty u/s 271(1)(c) can be imposed by CIT without recording satisfaction in revision order 263. Provision of Section 271(1B) not applicable as CIT is not AO u/s 2(7) of Income Tax Act, 1961. ABCAUS Case Law Citation: ABCAUS 2732 (2019) (01) ITAT Important Case Laws Cited/relied upon: …
Validity of Penalty notice non striking off relevant limb u/s 271(1)(c) upheld when subsequent opportunity notices sent by AO were not challenged ABCAUS Case Law Citation: ABCAUS 2731 (2019) (01) ITAT The assessee had filed the instant appeal against the order passed by the CIT(A) upholding the penalty …
When ITAT inspected documents furnished in response to show-cause notice u/s 263 and found transactions not bogus, no interference was called. Supreme Court dismissed SLP of the Revenue ABCAUS Case Law Citation: ABCAUS 2729 (2019) (01) SC Important Case Laws Cited/relied upon: The Revenue had filed an Income …
Malba charges was rejected as cost of investment for claiming deduction u/s 54F as there was no occasion for purchasing malba – ITAT ABCAUS Case Law Citation: ABCAUS 2728 (2019) (01) ITAT The Assessee had challenged the order passed by the CIT(A) in confirming in confirming the action …
No penalty u/s 271D for cash loans taken to meet financial liabilities of a closed business as it constituted a reasonable cause under section 273B – ITAT ABCAUS Case Law Citation: ABCAUS 2727 (2019) (01) ITAT The Assessee hand challenged the order passed by the CIT(A) in confirming …
Statutory liability accrues on issuance of demand notice-ITAT deleted disallowance u/s 43B and allowed payment of Local Body Tax in the year of payment ABCAUS Case Law Citation: ABCAUS 2726 (2019) (01) ITAT The Assessee hand challenged the order passed by the CIT(A) in confirming the disallowance made …
Addition u/s 69C for unexplained expenses on foreign tour along with spouse deleted by Tribunal as it was part of the sponsored dealership entourage ABCAUS Case Law Citation: ABCAUS 2725 (2019) (01) ITAT The assessment was completed under section 153A read with section 143 (3) of the Income …
Cash found during search belonging to parents- ITAT deleted the addition on account of cash belonging to the parents of the assessee found during search ABCAUS Case Law Citation: ABCAUS 2724 (2019) (01) ITAT The assessee was an individual and search and seizure operation u/s 132 of the …
