Category: ITAT
Education cess not a disallowable expenditure u/s 40(a)(ii) as the amendment proposed by Finance Bill 2022 is yet to take effect – ITAT ABCAUS Case Law CitationABCAUS 3578 (2022) (02) ITAT Important case law relied referred:DCM Shriram Ltd.Chambal Fertilisers and Chemicals Ltd.Sesa Goa LimitedSicpa India Private Ltd.Philips India …
Receipts from transfer of the Carbon Credits are capital in nature and not are chargeable to tax. In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming in upholding that the receipt from transfer of Carbon Emission Reduction (“CER”) is perquisite under …
No addition u/s 68 for unsecured loan taken without payment of interest where assessee furnished name, address, PAN and transaction was routed through banking channels. ABCAUS Case Law Citation ABCAUS 3576 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
Reasons to believe escapement of income should be for the same assessment Year. Reasons recorded for earlier years can not be the basis – ITAT In a recent judgment, the ITAT has held that reasons to believe escapement of income u/s 148 should be for the very assessment …
Cash deposits by CA stated to be trading income added as unexplained income u/s 68 as ICAI does not allow CAs to do any business activity ABCAUS Case Law CitationABCAUS 3574 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
Presumption that donors have meagre source of income because they are agriculturists may not be appropriate – ITAT ABCAUS Case Law CitationABCAUS 3573 (2022) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in upholding the addition made by the CIT(A) …
Receipts for carrying out warehouse operations as per the terms of agreement was not rental income but were business receipts ABCAUS Case Law CitationABCAUS 3572 (2022) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition by adopting …
Passing of order giving effect to appellate order if time barred, original assessment order would stand and assessee would be in much worst position if relief was provided in appeal. ABCAUS Case Law CitationABCAUS 3571 (2022) (01) ITAT In the instant case, the assessee had challenged the order …
Jewellery can not be held unexplained simply because weight of Gold coins was not stated in the Will and only number of gold coins were mentioned ABCAUS Case Law CitationABCAUS 3570 (2022) (01) ITAT In a recent judgment, ITAT has held that Jewellery can not be held unexplained …
Omission to claim statutory deduction u/s 57(iv) is a mistake apparent from record, rectifiable under Section 154 In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the order passed by the Assessing Officer (AO) u/s 154 of the Income Tax Act, …