Category: ITAT
Non-disclosure of bank account due to over-sight-Concealment penalty u/s 271(1)(c) upheld as no credible explanation given for omission & source of deposits – ITAT ABCAUS Case Law Citation: ABCAUS 1268 (2017) (05) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: May, 2017 Brief facts of the case: The assessee …
Fixed Deposit interest income during pre-operative period taxable as income from other sources and can not be set off against interest on borrowed money – ITAT ABCAUS Case Law Citation: ABCAUS 1267 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the …
Voluntarily charity not business expenditure u/s 37(1). Mere assertion that it was incurred for business cannot be accepted without establishing nexus – ITAT ABCAUS Case Law Citation: ABCAUS 1266 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income …
Permission for non-agricultural use not make land non-agricultural liable to capital gain tax when it was proved beyond doubt that lands were agricultural in nature – ITAT ABCAUS Case Law Citation: ABCAUS 1265 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Revision order us 263 on conducting additional enquiry on different pattern when AO conducted adequate enquiry and took view permissible in law could not be said to be erroneous or prejudicial to the interest of Revenue – ITAT ABCAUS Case Law Citation:ABCAUS 1262 (2017) (05) ITAT Grievance:The appellant …
Revenue cannot judge fee paid for business development services with respect to the benefit derived by the assessee in terms of increased turnover– ITAT ABCAUS Case Law Citation: ABCAUS 1261 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the confirming the …
Deposits in Bank-Income estimated 10% of cash and 20% of cheque deposits as the assessee reasonably proved that he was carrying on business activity – ITAT ABCAUS Case Law Citation: ABCAUS 1260 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the …
Bogus Purchases-AO cannot sit back and make addition without enquiry simply relying on information from Sales Tax Deptt. and issuing notices u/s 133(6)-ITAT ABCAUS Case Law Citation: ABCAUS 1258 (2017) (05) ITAT The Grievance: The instant case deal with four appeals. Common grievance of all the assessee pertained …
Penalty 272A(2)(k)-Accountant left services was reasonable cause. If TDS + interest paid and statements filed though belatedly there was no loss to Revenue – ITAT ABCAUS Case Law Citation: ABCAUS 1257 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner …
Handling-distribution loss in dealing wholesale poly pack milk allowed. The nature of business demanded such losses and the percentage incurred was consistent. ABCAUS Case Law Citation: ABCAUS 1256 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax …
