Category: ITAT
Remuneration paid to partners cannot be disallowed for want of registration of firm. There is no requirement that partnership firm should be registered under the Partnership Act. ABCAUS Case Law Citation:ABCAUS 3136 (2019) (09) ITAT The appeal of the assessee was directed against the order of the Commissioner …
Set off of STCG loss with STCG allowed despite the assessee had not claimed it in his return of income nor filed revised return ABCAUS Case Law Citation:ABCAUS 3133 (2019) (09) ITAT Important case law relied upon by the parties:Goetze (India) Ltd., vs. CIT 284 ITR 323 (SC)CIT …
Assessees maintaining and not maintaining stock register cannot be equated. ITAT directs addition on estimate basis for possible leakage of revenue ABCAUS Case Law Citation:ABCAUS 3132 (2019) (09) ITAT Important case law relied upon by the parties:Kachwala Gems Vs. CIT 288 ITR 10 (SC)M/s. Chadha Automobiles India reported …
Exercise of power by CIT u/s 263 is barred when appeal u/s 250 is pending. “record” means what is available at the time of examination by CIT ABCAUS Case Law Citation:ABCAUS 3131 (2019) (08) HC Important case law relied upon by the parties:Malabar Industrial Co. Ltd. vs. Commissioner …
Failure of AO to issue summons u/s 131(1) on request of assessee in order to enable him to discharge his prima facie onus is fatal to the assessment proceedings ABCAUS Case Law Citation:ABCAUS 3130 (2019) (08) ITAT Important case law relied upon by the parties: (a) Sona Electric …
Non response to unauthorised enquiry letter issued without approval not constitute material forming belief of escapement of income u/s 147 ABCAUS Case Law Citation:ABCAUS 3129 (2019) (08) ITAT Important case law relied upon by the parties:Parsuram Pottery Works Co. Ltd. vs. ITO 106 ITR 1. (SC) Amrik Singh …
Affixture of income tax notice-essential conditions, procedure and law explained by ITAT. Unless notice is served on proper person in manner prescribed, service is insufficient and invalidates the jurisdiction of AO ABCAUS Case Law Citation:ABCAUS 3128 (2019) (08) ITAT Important case law relied upon by the parties:Vankat Naicken …
Revision 263 merely for difference in income as per P&L Account & TDS statement quashed as assessment order was not erroneous & prejudicial to Revenue ABCAUS Case Law Citation:ABCAUS 3127 (2019) (08) ITAT Important case law relied upon by the parties:Malabar Industrial Co. Ltd-vs-CIT (2000) 243 ITR 83 …
Reasons recorded must withstand test of judicial scrutiny at any stage. Other materials can not be used to test application of mind. ABCAUS Case Law Citation:ABCAUS 3126 (2019) (08) ITAT Important case law relied upon by the parties:GKN Driveshafts (India) Ltd. v. ITO (2002) 125 Taxman 963(S.C)M/s GinniFilaments …
Proceedings initiated u/s 148 instead of section 153C quashed. ITAT explains the difference between jurisdiction under both sections ABCAUS Case Law Citation:ABCAUS 3121 (2019) (08) ITAT Important case law relied upon by the parties:National Thermal Power Co. Ltd., Vs. CIT (SC).Smt.Archana Pandey Vs. ITO (2013) F G. Koteshwara …