Category: Income Tax

ITAT deleted addition towards unexplained money u/s 69A made on the basis of whatsapp chat retrieved from mobile during search operation ABCAUS Case Law Citation:ABCAUS 3834 (2024) (01) ITAT Important Case Laws relied upon by parties:Ashwini Kumar v. ITO (1991) 39 ITD 183Mr. A. Johnkumar vs. DCITAtul Tantia …

Capital gain exemption u/s 54 allowed for investment made in the name of spouse. Purposive construction is to be preferred as against the literal construction In a recent judgment, the ITAT following the guidance provided by various High Courts and Coordinate Benches, allowed capital gain exemption u/s 54 …

Diamond jewellery is always studded with gold and loose diamonds were found during search operation, ITAT deleted addition u/s 69A  ABCAUS Case Law Citation:ABCAUS 3832 (2024) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the order of the …

CIT has no power to grant extension to submit Special Tax Audit Report u/s 142(2A), it is vested with Assessing Officer (AO) – High Court   ABCAUS Case Law Citation:ABCAUS 3830 (2024) (01) HC Important Case Laws relied upon by parties:Yum Restaurant v CIT, (2005) SCCOnline Del 555State …

CBDT issue guidelines / FAQs on TDS under section 194O on payments by e-commerce operators to e-commerce participants Section 194-O mandates that an e-commerce operator (ECO) shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of service …

No addition can be made on the basis of dumb papers seized in search without establishing any relation with the assessee – ITAT ABCAUS Case Law Citation:ABCAUS 3828 (2023) (12) ITAT Important Case Laws relied upon by parties:Clarity Gold Pvt. Ltd. v/s PICTGEM Mart India Pvt. Ltd. 306 …

When confirmation and affidavit admitting payments to assesse were filed then without examining persons giving affidavit and confirmation, the claim of the assessee cannot be brushed aside – ITAT In a recent judgment, ITAT has deleted addition made for cash deposit in bank account holding that when confirmation …

Income Tax Faceless Appeal Scheme 2020 – Commissioner (Appeals) is mandatorily required to allow request for personal hearing – ITAT ABCAUS Case Law Citation:ABCAUS 3826 (2023) (12) ITAT Important Case Laws relied upon by parties:Vijay v. State of Maharashtra & Ors. (2006) 6 SCC 28Bank of India Vs. …

Revision u/s 263 in the name of dead person illegal. Supreme Court dismisses SLP of Income Tax Department ABCAUS Case Law Citation:ABCAUS 3825 (2023) (12) SC In a recent judgment/order, Hon’ble Supreme Court has upheld the order of the Hon’ble High Court holding revision u/s 263 in the …

No re-opening notice could be issued to society after registration u/s 12A for earlier assessment years in terms of 3rd Proviso of section 12A(2) – SLP dismissed by Supreme Court ABCAUS Case Law Citation:ABCAUS 3824 (2023) (12) SC Important Case Laws relied upon by parties:Commissioner of Income-Tax (Exemptions) …