ITAT Archives - Page 124 of 197

Commission paid to employees partakes character of salary for TDS purpose

administrator March 5, 2019 Income Tax, ITAT

Commission paid to employees partakes character of salary and TDS is applicable only u/s 192 not under Section 194H – ITAT deleted addition u/s 40(a)(ia) ABCAUS Case Law Citation: ABCAUS 2812 (2019) (03) ITAT In the appeal covered under the instant case,the assessee had challenged order of the …

Assessee alone can decide whether to keep cash in locker or deposit in bank FDR – ITAT

administrator March 4, 2019 Income Tax, ITAT

The assessee alone can decide whether to keep cash in locker or deposit in bank FDR. ITAT deleted addition made by AO u/s 69A rejecting explanation of assessee ABCAUS Case Law Citation:ABCAUS 2811 (2019) (03) ITAT Important Case Laws Cited/relied upon by the parties Rajendra Prasad Subhash Chand …

Depreciation on fixed assets classified as capital work in progress allowed

administrator March 4, 2019 Income Tax, ITAT

Depreciation on fixed assets classified as capital work in progress allowed in the revised return when corresponding income was taxed ABCAUS Case Law Citation: ABCAUS 2810 (2019) (03) ITAT Important Case Laws Cited/relied upon by the parties Kedarnath Jute Mills (82 ITR 363) KM Sugar Mills Ltd. (373 …

Pre-dated demand notice even before assessment order was passed showed denial of natural justice

administrator February 24, 2019 Income Tax, ITAT

Pre-dating demand notice even before the assessment order was passed showed the assessee was denied any opportunity of hearing in violation of natural justice – ITAT ABCAUS Case Law Citation: ABCAUS 2799 (2019) (02) ITAT In the instant case, the assessee had filed the appeal against the order …

Addition for unexplained cash credit u/s 68 for entries passes by accountant wrongly

administrator February 23, 2019 Income Tax, ITAT

Addition for unexplained cash credit u/s 68 deleted when assessee’s accountant wrongly passed such entries in the books of accounts ABCAUS Case Law Citation: ABCAUS 2798 (2019) (02) ITAT In the instant case, the assessee had filed the appeal against the order passed by the Commissioner of Income …

Penalty u/s 271(1)(c) deleted for depreciation claim on assets invoiced in other firm’s name

administrator February 22, 2019 Income Tax, ITAT

Penalty u/s 271(1)(c) deleted for claiming depreciation on assets for which invoices were raised by the vendor in the name of the other firm – ITAT ABCAUS Case Law Citation: ABCAUS 2796 (2019) (02) ITAT The appeal in the instant case was filed by assessee against the appellate …

Vacancy allowance u/s 23(1)(c) allowable for house not let out due to reasonable cause or despite efforts

administrator February 21, 2019 Income Tax, ITAT

Vacancy allowance u/s 23(1)(c) allowable for property not let out due to reasonable cause or despite effort. Municipal rate substituted for comparable market rent ABCAUS Case Law Citation: ABCAUS 2795 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties CIT vs. Tip Top Typography 368 ITR …

When AO not submitted remand report, no adverse inference can be taken against assessee

administrator February 20, 2019 Income Tax, ITAT

When AO not submitted remand report, no adverse inference can be taken against assessee. The order of CIT-A was bizarre and beyond comprehension – ITAT ABCAUS Case Law Citation: ABCAUS 2794 (2019) (02) ITAT The assessee had filed the appeal against the order of the Commissioner of Income …

Computation of turnover for share/derivatives trading & applicability of Section 44AD

administrator February 19, 2019 Income Tax, ITAT

Computation of turnover for share/derivatives trading and applicability of Section 44AD. AO to either follow ICAI guidance note on tax audit or compute turnover based upon evidence on record – ITAT ABCAUS Case Law Citation: ABCAUS 2791 (2019) (02) ITAT According to the Guidance Note of ICAI on …

Partners remuneration as allowable u/s 40(b)(v) in profit-sharing ratio upheld