Category: ITAT
Market value of property with encroachment would always be lower – ITAT directs adoption of valuation u/s 50C prevalent on the date of agreement to sale ABCAUS Case Law Citation:ABCAUS 2699 (2019) (01) ITAT Important Case Laws Cited/relied upon:Dara Singh Vs. ITO Ward-1(2), Ghaziabad and ITA No.2213/Del/2018Sanjeev Lal …
When assessee surrendered exemption claimed on the condition that penalty proceedings u/s 271(1)(c) are not initiated there was no question of concealment of income or furnishing of inaccurate particulars of income. ABCAUS Case Law Citation: ABCAUS 2698 (2019) (01) ITAT Important Case Laws Cited/relied upon: CIT vs. Manjunatha …
Charges for Conversion of residential house usage to commercial revenue expenses as they are incurred on year-to-year basis and nor result in enduring benefit – ITAT ABCAUS Case Law Citation:ABCAUS 2697 (2019) (01) ITAT The appeal by the assessee was directed against order passed by the Commissioner of …
CIT(A) in cryptic order can not reject reconciliation of difference between gross receipts and Form No. 26AS filed before him on the ground that it did not resolve. ABCAUS Case Law Citation:ABCAUS 2696 (2019) (01) ITAT The instant appeal by the assessee was directed against the order of …
CIT(A) direction to initiate fresh reassessment proceeding after deciding assessee’s objections set aside as reassessment was bad in law ABCAUS Case Law Citation: ABCAUS 2692 (2019) (01) HC Important Case Laws Cited/relied upon: Multiplex Trading & Industrial Co. Ltd. 170 (Delhi). G.K.N Driveshafts (India) Ltd. v. ITO: (2003) …
Sale of property was not business income when not held as stock in trade neither was related to the business of the assessee. ABCAUS Case Law Citation: ABCAUS 2690 (2018) (12) ITAT Important Case Laws Cited/relied upon: Venkataswami Naidu & Co. vs. Commissioner of Income Tax 35 ITR …
AO is under obligation to specify the limb of section 271(1)(c) at the time of initiation as well as at the time of levy of penalty. ABCAUS Case Law Citation:ABCAUS 2689 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT Vs. Shri Samson PerincheryCIT Vs. Manjunatha Cotton and …
CIT is empowered to invoke revisionry powers u/s 263 to direct AO to initiate penalty proceedings u/s 271(1)(c) – ITAT ABCAUS Case Law Citation:ABCAUS 2687 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT Vs. Ashok ConstructionsCIT Vs. Surendra Prasad AgarwalV. Ramanamurthy RajuStar Diamond Tools Vs. ITOCIT Vs. Paramanand …
Section 50C has no application in case the entire net sale consideration has been applied for acquiring the new house – ITAT ABCAUS Case Law Citation: ABCAUS 2686 (2018) (12) ITAT Important Case Laws Cited/relied upon: DCIT Vs. Dr.Chalasani Mallikarjuna Rao Gyan Chand Batra Vs. ITO (2010) 6 …
No disallowance u/s 40A(3) where payments not claimed as expenditure. ITAT deletes addition as alleged cash payment was made for purchasing fixed assets ABCAUS Case Law Citation: ABCAUS 2685 (2018) (12) ITAT Important Case Laws Cited/relied upon: ACIT V/s Jasmine Buildtech (P) Ltd The appeal was filed by …
