Category: Income Tax

Prosecution u/s 276C for late deposit of self assessment tax. Late deposit of tax after the expiry of stipulated period would not wipe out the offence The instant revision petition had been filed before the Additional Sessions Judge (ASJ) against the order passed by Chief Judicial Magistrate, (CJM/Trial …

Conversion of limited scrutiny to complete scrutiny is question of fact. High Court dismisses the writ as petitioner had a right to appeal against the assessment order The Petitioner assessee was aggrieved by the assessment order passed u/s 144 by converting limited scrutiny to complete scrutiny. The impugned …

Damages paid for violation of agreement to sell allowed as incurred in connection with the transfer of property for computing long term capital gains-High Court The question framed by the Hon’ble High Court was as to whether the ITAT, was correct in holding that the amount paid by …

Market value of shares quoted in stock exchange can not be taken as a basis for computing capital gains under Section 48 of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 2297 (2018) (04) HC Important Case Laws Cited/relied upon by the parties K.P. Verghese versus Income …

No disallowance u/s 40A(3) even if aggregate payment exceeds Rs 20000 if payment is made in cash against different bills none exceeding Rs. 20,000/ ABCAUS Case Law Citation: ABCAUS 2296 (2018) (04) ITAT Prelude: Finance Act, 2008 made amendment to the provisions of sub-section (3) of section 40A …

Self-made vouchers would not make expenses not genuine unless they do not carry necessary details like address of the recipient or signature-ITAT deleted the adhoc disallowance. ABCAUS Case Law Citation: ABCAUS 2295 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of Income …

AO obliged to give eligible deductions when making additions for income not disclosed in return of income-ITAT allowed 54F deduction for sale of property not disclosed in ITR ABCAUS Case Law Citation: ABCAUS 2294 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of …

Question of source of purchase relevant only for year of purchase not sale. Bank deposits made out of property sold as POA was not unexplained-ITAT ABCAUS Case Law Citation: ABCAUS 2293 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of Income Tax …

Income Tax Prosecution for not disclosing foreign bank accounts. Special Judge rejects petition for Joint Trial in all complaints u/s 276C and 277 ABCAUS Case Law Citation: ABCAUS 2292 (2018) (04) AC In the instant case, the petitioner husband and wife (collectively called “accused”) had filed revision petitions …

AO can not enhance assessment on an order of remand by ITAT. The Tribunal has no power to enhance assessment in appeal-High Court ABCAUS Case Law Citation: ABCAUS 2291 (2018) (04) HC The appellant assessee had filed the instant appeal was filed u/s 260A of the Income Tax …