Category: Income Tax

Non-furnishing reopening reasons despite request vitiates the reopening of assessment. Order passed u/s 148 quashed and declared illegal by ITAT

Non-furnishing reopening reasons despite request vitiates the reopening of assessment. Order passed u/s 148 quashed and declared illegal by ITAT

March 5, 2017 Income Tax, ITAT, Judgments
Non-furnishing reopening reasons despite request vitiates the reopening of assessment. Order passed u/s 148 quashed and declared illegal by ITAT ABCAUS Case Law Citation: ABCAUS 1156 (2017) (03) ITAT Question for determination: Whether non-furnishing of the reasons for reopening, after the specific request for the same is made …
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 …