Category: Income Tax

Disallowance us 40A(3) when income-profits are estimated. ITAT following Allahabad High Court judgment deletes additions for cash payments

Disallowance us 40A(3) when income-profits are estimated. ITAT following Allahabad High Court judgment deletes additions for cash payments

March 4, 2017 Income Tax, ITAT, Judgments
Disallowance us 40A(3) when income-profits are estimated. ITAT following Allahabad High Court judgment deletes additions for cash payments u/s 40A(3) ABCAUS Case Law Citation: ABCAUS 1154 (2017) (03) ITAT The Ground of Appeal: In the present appeal, the assessee, inter alia raised a ground challenging the order of …
Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established beyond doubt no further test to be applied -Allahabad High Court

Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established beyond doubt no further test to be applied -Allahabad High Court

March 2, 2017 High Courts, Income Tax, Judgments
Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established  beyond doubt no further test to be applied -Allahabad High Court   ABCAUS Case Law Citation: ABCAUS 1152 (2017) (03) HC Question for determination: In short, the question sought to be answered by the Hon’ble High Court was whether …
Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT

Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT

March 2, 2017 Income Tax, ITAT, Judgments
Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1151 (2017) (03) ITAT Assessment Year(s) : 2006-07 and 2007-08 Date/Month of Pronouncement: March, 2017 Brief Facts of the Case: …
Surplus arising from educational activities after meeting expenses incurred do not disentitle trust from exemption u/s 10(23C)(iiiad)

Surplus arising from educational activities after meeting expenses incurred do not disentitle trust from exemption u/s 10(23C)(iiiad)

March 1, 2017 Income Tax, ITAT, Judgments
Surplus arising from educational activities after meeting the expenses incurred do not disentitle the trust from exemption u/s 10(23C)(iiiad) of the Income Tax Act, 1961. ABCAUS Case Law Citation: ABCAUS 1150 (2017) (03) ITAT The Grievance: The appellant assessee was aggrieved by the order of the CIT(A) denying …
Private company director held liable for tax defaults u/s 179 of Income-tax if in true sense company not acted as public limited company

Private company director held liable for tax defaults u/s 179 of Income-tax if in true sense company not acted as public limited company

February 28, 2017 High Courts, Income Tax, Judgments
Private company director held liable for tax defaults by lifting corporate veil us 179 of Income-tax if in true sense company not acted as public limited company ABCAUS Case Law Citation: ABCAUS 1149 (2017) (02) HC The Grievance: The petitioner, had challenged the legality, validity and propriety of …
Compensation from builder for nuisance-inconvenience held as capital receipt against income other sources as assessed by AO – ITAT

Compensation from builder for nuisance-inconvenience held as capital receipt against income other sources as assessed by AO – ITAT

February 28, 2017 Income Tax, ITAT, Judgments
Compensation from builder for nuisance-inconvenience held as capital receipt against income other sources as casual income as assessed by AO – ITAT  ABCAUS Case Law Citation: ABCAUS 1148 (2017) (02) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: February, 2017 Important Case Laws Cited/relied upon: Kushal K Bangla …
Advance tax not payable-Income declared after financial year closure. ITAT deleted interest u/s 234B and 234C on income declared in survey

Advance tax not payable-Income declared after financial year closure. ITAT deleted interest u/s 234B and 234C on income declared in survey

February 27, 2017 High Courts, Income Tax, Judgments
Advance tax not payable-Income declared after financial year closure. ITAT deleted interest u/s 234B and 234C on income declared in survey ABCAUS Case Law Citation: ABCAUS 1145 (2017) (02) ITAT The Ground of Appeal: The only ground that survived for consideration was as under: That CIT(A) erred in …