Category: ITAT
Net profit ratio of 3 percent in contract business allowed as in earlier years even lower profit rate was consistently accepted without objection by the Department – ITAT ABCAUS Case Law Citation: ABCAUS 1225 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Deemed Dividend-Loan to firm where partners are shareholders of the company. Advances not considered deemed dividend u/s 2(22)(e) ABCAUS Case Law Citation: ABCAUS 1224 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax (Appeals) in confirming the …
Interest on personal loan taken for business purpose allowed as business expenditure. The assessee could very well attribute the interest free funds for personal purpose. ABCAUS Case Law Citation: ABCAUS 1223 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner …
Secretive commission payment not allowable us 37(1). It was in the nature of bribe to procure business which is prohibited under explanation to Section 37(1) ABCAUS Case Law Citation: ABCAUS 1221 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner …
Lack of enquiry or inadequate enquiry. Revision u/s 263 quashed by ITAT applying the large number of judgments of High Court and Supreme Court. ABCAUS Case Law Citation:ABCAUS 1220 (2017) (04) ITAT The Grievance:The appellant assessee was aggrieved by the revisionary order passed by the Commissioner of Income …
Salary recovered for notice period not taxable salary us 16 as per agreement with the employers when actually assessee had received less salary – ITAT ABCAUS Case Law Citation: ABCAUS 1219 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the Commissioner of …
Disallowance of interest for drawings out of cash credit account deleted as despite drawings closing balance of capital was more than opening balance ABCAUS Case Law Citation: ABCAUS 1217 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the Commissioner of Income Tax …
No concealment penalty on return revision made before issue of notice u/s 148 though after initiation of investigation in tax evasion petition filed against the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 1215 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order …
Concealment means positive act on part of the assessee and the onus to prove is on Revenue. Penalty can not be levied on estimate or guess work – ITAT ABCAUS Case Law Citation: ABCAUS 1214 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
Sales Promotion expenses allowed based on percentage to sales when such expenses were allowed on similar ratio in preceding year. Sales Promotion expenses allowed based on percentage to sales ABCAUS Case Law Citation: ABCAUS 1213 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
