Category: Income Tax
Exempted income can not be taxed even if no revised return filed. AO in proceedings u/s 143 can not refuse to grant relief on such technical plea – High Court ABCAUS Case Law Citation: ABCAUS 2183 (2018) (01) HC Important Case Laws Cited/relied upon by the parties: Goetze …
Business expediency not a question of law, much less a substantial question of law-High Court. If expected fruits are not reaped from a business proposition, it is no basis to challenge the business expediency. ABCAUS Case Law Citation: ABCAUS 2182 (2018) (01) HC The Challenge/Grievance: The instant appeal …
Standard Procedure for applying provisions of unexplained cash credits u/s 68 of Income tax Act,1961 Central Board of Direct Taxes (CBDT) has issued a detailed instruction specifying SOP for dealing with unexplained cash credits u/s 68. As per the said Instruction, the following sequence of steps have been prescribed …
While considering the question of perversity of a finding of fact, the test applicable are strict-High Court ABCAUS Case Law Citation: ABCAUS 2181 (2018) (01) HC The appellant Revenue had filed the instant appeal challenging that findings recorded by the Income Tax Appellate Tribunal (ITAT) were perverse and …
Addition on account of milling gain on adhoc basis without conducting any enquiry, without any cogent and specific reason or without any material on record deleted-ITAT ABCAUS Case Law Citation: ABCAUS 2180 (2018) (01) ITAT The Challenge/Grievance: The appellant assessee was aggrieved by the order of the CIT(A) …
At the stage of admission, Settlement Commission not expected or be compelled to utilizing the machinery available to call records invoking Rule 9 or Section 245D(3). The petitioner should satisfy the Settlement Commission that there has been full and true disclosure ABCAUS Case Law Citation: ABCAUS 2178 (2018) …
CBDT Compounding of offences Guidelines not illegal or arbitrary. Principle of proportionality also not apply as fee is paid to avoid punishment for a criminal offence-High Court Chapter XXII of the Income Tax Act, 1961 (the Act) deals with Offences and Prosecution. Section 279(2) provides that any offence …
Additions made due to typing error in Form 3CD is not legally permissible where auditor of the assessee inadvertent committed mistake mentioning wrong amount of profit-ITAT ABCAUS Case Law Citation: ABCAUS 2176 (2018) (01) ITAT The Challenge/Grievance: The assessee was aggrieved by the order of the CIT(A) confirming …
The Income Tax Department has issued an advisory/warning for cash transactions in excess of prescribed limits. DO NOT ACCEPT cash of Rs. 2,00,000/- or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion. DO NOT …
Assessee cannot be penalized for non response or non attendance by creditors in response to notice when all details regarding creditors were furnished discharging the onus. If some enquiry was not completed by AO, the CIT(A) could have also undertaken necessary exercise-ITAT ABCAUS Case Law Citation: ABCAUS 2175 …
