Category: Income Tax

CIC has no power to direct disclosure of PM CARES Fund information covered under Income Tax Act as ITD treats it a third party not authority. In a recent judgment, the High Court has held that PM CARES Fund is a third party not an authority in the …

Once a method of recognizing revenue accepted by revenue in earlier and later years, same cannot be disturbed for the intervening year- ITAT In a recent judgment, ITAT has quashed a revisionary order holding that Once a method of recognizing revenue accepted by revenue in earlier and later …

Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT In a recent judgment, Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT following law laid by Hon’ble Apex Court ABCAUS Case Law Citation:ABCAUS 3842 …

Interest u/s 234C is chargeable on returned income only and not on the assessed income – ITAT In a recent judgment, ITAT has held that interest u/s 234C is chargeable on returned income only and not on the assessed income  ABCAUS Case Law Citation:ABCAUS 3841 (2024) (01) ITAT …

Singing of the balance sheet itself is construed as acknowledgement of debt. No cessation of liability u/s 41 if trade payables shown as outstanding in the balance sheet  – ITAT In a recent judgment, ITAT has held that singing of the balance sheet itself is construed as acknowledgement …

No presumption that if assessee owns some agricultural land, agricultural income arises automatically – Supreme Court dismisses SLP An income cannot be based on mere presumption that if the assessee owns some agricultural land, the income from agricultural operation arises automatically. Recently the Apex Court dismissed the SLP …

Misplacement of record by assistant constitute sufficient reason for condonation of delay – ITAT In a recent judgment, the ITAT has held that misplacement of record by assistant constituted sufficient reason for condonation of delay. ABCAUS Case Law Citation:ABCAUS 3838 (2024) (01) ITAT In the instant case, the …

Section 269SS not apply to cash receipt of sale consideration of immovable property, it deals only with loan or deposit – ITAT In a recent judgment, ITAT has held that section 269SS of the Act does not deals with the receipt of ‘sale consideration of immovable property’ in …

Stock surrendered during survey held business income not cash credits or unexplained money u/s 69 or 69A. Question of application of section 115BBE doesn’t arise for consideration – ITAT In a recent judgment, the ITAT has held that stock surrendered during survey was business income not cash credits …

Deduction u/s 54F allowable despite postdated cheque not cleared or details thereof not mentioned in agreement – ITAT In a latest judgment, ITAT has allowed Capital Gain Exemption / deduction u/s 54F despite postdated cheque not cleared within the due date for filing of return or details of …