Category: ITAT
Penalty 271(1)(c) deleted as employee was misguided by employer cooperative bank that interest income was exempt ABCAUS Case Law Citation:ABCAUS 3155 (2019) (09) ITAT Important case law relied upon by the parties:Badshah Parshad Vs. CIT, 127 ITA 601 (Patna)Rave Entertainment P.Ltd. Vs. CIT, 376 ITR 544 (All)Garden Silk …
An order passed in ignorance of binding precedents is erroneous. ITAT deleted penalty u/s 271(1)(c) when in subsequent year it was deleted on similar facts ABCAUS Case Law Citation:ABCAUS 3153 (2019) (09) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petro Products Pvt Ltd (322 …
TDS payable as at year end is allowable expenditure in cash basis of accounting. it can not be said that the above sum had not been paid by the assessee ABCAUS Case Law Citation:ABCAUS 3152 (2019) (09) ITAT In the instant case, an appeal was filed by the …
Addition u/s 68 where return is filed under presumptive section 44AF deleted. Addition can not be made based on entries in bank statement ABCAUS Case Law Citation:ABCAUS 3150 (2019) (09) ITAT Important case law relied upon by the parties:CIT Bihar vs. Bihari Bros (P) Ltd Addition u/s …
Activity of arranging placement for ex-servicemen as security personnel/guards in different organizations was charitable u/s 2(15) of the Income Tax Act ABCAUS Case Law Citation:ABCAUS 3149 (2019) (09) ITAT Important case law relied upon by the parties:Addl. CIT v. Surat Art Silk Cloth Mfrs. Association 121 ITR 1 …
A company cannot have any personal expenditure. ITAT deleted ad hoc disallowance on vehicle running and maintenance expenditure ABCAUS Case Law Citation:ABCAUS 3146 (2019) (09) ITAT In the instant case, one of the issue was related to ad-hoc disallowance being 10% of the vehicle repairs and maintenance expenditure. …
Principles of law and legal position regarding exercise of revisionary powers u/s 263. ITAT explains the twin conditions as laid down by Supreme Court/ High Courts ABCAUS Case Law Citation:ABCAUS 3141 (2019) (09) ITAT Important case law relied upon by the parties:Malabar Industrial Co. Ltd. vs. CIT, 243 …
Reopening for escaped FDR income upheld when in original assessment profits was estimated only on contract income ignoring interest income ABCAUS Case Law Citation:ABCAUS 3140 (2019) (09) ITAT Important case law relied upon by the parties:ACIT vs. Rajesh Jhaveri Stock Brokers P. Ltd.’ 2007 291 ITR 500Raymond Woolen …
Penalty u/s 271E deleted in the absence of proof /receipt acknowledging the repayment of loan in cash by the assessee. ABCAUS Case Law Citation:ABCAUS 3139 (2019) (09) ITAT In the instant case, the assessee had filed appeal against the order of the CIT(A) whereby he had confirmed levy …
Waiver of rent payable by tenant amounts to application of income and therefore taxable. It cannot be construed as overriding title – ITAT ABCAUS Case Law Citation:ABCAUS 3137 (2019) (09) ITAT The assessee had appealed against the order of the Commissioner of Income Tax (Appeals) in confirming the …