Category: Income Tax
Adhoc disallowance of estimated expenses was justified in the absence of substantiation of expenses by assessee ABCAUS Case Law Citation:ABCAUS 3670 (2023) (02) ITAT Important Case Laws relied upon by parties:Deputy Commissioner of Income Tax vs. M/s Bhawani Portfolio Pvt. Ltd. In the instant case, the assessee had …
IBC has overriding affect on all the acts including Income Tax Act as specifically provided u/s 178(6) ABCAUS Case Law Citation:ABCAUS 3669 (2023) (02) ITAT In the instant case, both the Revenue and the assessee had challenged the order passed by the CIT(A) for two Assessment Years. The …
Income Tax Prosecution- Accused has no right to inspect judicial file till he is summoned by the Trial Court ABCAUS Case Law Citation:ABCAUS 3668 (2023) (02) AC Important Case Laws relied upon by parties:National Bank of Oman vs Barakara Abdul Aziz & Anr. (2013) 2 SCC 488Udai Shankar …
Loss on investment written off not capital gain and hence not covered by exception to monetary limits for filing appeal ABCAUS Case Law Citation:ABCAUS 3667 (2023) (02) ITAT In the instant case, the Revenue had challenged the order passed by the CIT(A) in allowing capital loss arising out …
Denial of deduction u/s 11 not filing of Audit Report in Form 10B within due date. The CIT(A) to wait till disposal of condonation application pending before CIT(Exemption) ABCAUS Case Law Citation:ABCAUS 3666 (2023) (02) ITAT In the instant case, the assessee had challenged the order passed by …
Sales & collection of sundry debtors in SBN during demonetization period held to be assessee’s own money ABCAUS Case Law Citation:ABCAUS 3665 (2023) (02) ITAT Important Case Laws covered:Apex Laboratories (P) Ltd. vs. DCIT (135 Taxmann.com 286)Pr. CIT vs. Agson Global Pvt. Ltd. (134 Taxmann.com 256)Madheswara Agencies vs. …
Penalty u/s 270A can not be imposed without first disposing application in Form No. 68 for immunity from penalty ABCAUS Case Law Citation:ABCAUS 3664 (2023) (02) ITAT In the instant case, the appellant assessee had challenged the order passed by the Commissioner of Income Tax (Appeals), National Faceless …
CBDT notifies Income Tax Return Forms for AY 2023-24 CBDT has issued two notifications for notifying the formats of Income Tax Return and Acknowledgment for the Assessment Year 2023-24 (Financial Year 2022-23) Income Tax Return Notification ITR-7 For persons including companies required to furnish return under sections 139(4A) …
ITAT deleted penalty 271(1)(b) and 271F as explanation of the assessee was ignored by the Assessing Officer and CIT(A). ABCAUS Case Law Citation:ABCAUS 3663 (2023) (02) ITAT In the instant case, the appellant assessee had challenged the order passed by the Commissioner of Income Tax (Appeals), National Faceless …
Accumulation of charitable income u/s 11(1)(a) for incidental business is to be calculated on net profits not gross receipts. ABCAUS Case Law Citation:ABCAUS 3662 (2023) (02) ITAT Important Case Laws covered:Holy Spirit v/s. DCIT (Exemption)CIT vs. Thanthi Trust (2001) 247 ITR 785 (SC) Programme for Community Organization, (2001) …
