Category: ITAT
Incorrect wrong and non-existing reasons recorded for reopening of assessment is non application of mind ABCAUS Case Law CitationABCAUS 3430 (2020) (12) Important case law relied upon by the parties:CIT vs. Atlas Cycle Industries 180 ITR 319Pr. CIT vs., SNG Developers Ltd., 404 ITR 312Shamshad Khan vs. ACIT …
Section 50C of not apply to transfer of leasehold right in plot of land – ITAT allowed appeal following High Court order ABCAUS Case Law CitationABCAUS 3429 (2020) (12) Important case law relied upon by the parties:CIT vs. Greenfield Hotels and Estates Pvt. Ltd 89 ITR 68Noida Cyber …
No provision exists for disallowance of expenditure in the interest of Revenue and to avoid the leakage of revenue – ITAT ABCAUS Case Law CitationABCAUS 3428 (2020) (12) In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made by …
Reopening notice u/s 148 on wrong presumption that assessee not filed return of income quashed by Tribunal as non application of mind ABCAUS Case Law CitationABCAUS 3423 (2020) (11) ITAT Important case law relied upon by the parties:Pr. CIT vs. RMG Polyvinyl (2017) 83 taxmann.com 348 (Delhi)/ 396 …
ITAT rejects and disbelieves cash gifts by close relatives at the time of marriage and anniversary as no such evidence was found during search ABCAUS Case Law CitationABCAUS 3420 (2020) (11) ITAT Important case law relied upon by the parties:Dhirajlal Girdharlal vs. CIT 26 ITR 736(SC)Omar Salay Mohamed …
Penalty u/s 271(1)(b) can not be imposed when assessment order passed u/s 143(3) not best judgment assessment u/s 144 ABCAUS Case Law CitationABCAUS 3417 (2020) (10) ITAT Important case law relied upon by the parties:Akhil Bhartiya Prathmik Shikshak Sangh Bhawan Trust vs. ADIT 115 TTJ 419 (Del.) In …
Delay in filing appeal condoned as auditor sought opinion from tax advocate who misplaced the records ABCAUS Case Law CitationABCAUS 3415 (2020) (10) ITAT Important case law relied upon by the parties:Ramlal vs. Rewa Coalfields Ltd. AIR 1962 SC 361 Chief Post Master General and Others vs. Living Media …
Assessee can not be taxed for jewellery belonging to family members erroneously or under compulsion offered to tax during search ABCAUS Case Law CitationABCAUS 3414 (2020) (10) ITAT Important case law relied upon by the parties:CIT v Rakesh Ramani 94 taxmann.com 461 (Bom)(HC)/Balmukund Acharya v DCIT 310 ITR …
For computing allowable partners remuneration u/s 40(b) AO can not allocate net profit into different heads to exclude interest income ABCAUS Case Law CitationABCAUS 3413 (2020) (10) ITAT Important case law relied upon by the parties:CIT V/s J. J. Industries (2013) 358 ITR 531Md. Serajuddin & Bros. vs. …
TDS non deduction by bank where income in Form 15G/15H exceeded threshold limit of basic exemption. ITAT remands case for filing of Form 26A ABCAUS Case Law CitationABCAUS 3411 (2020) (10) ITAT Important case law relied upon by the parties:Hindusthan Co-cola Breverages Ltd. Vs. CIT 293 ITR 226 (SC) …