Category: ITAT
Exemption u/s 54B available even if part of land is in cultivation, there is no requirement that entire land should be in cultivation for claiming benefit. Merely because of admission to disallowance, assessee can not be denied the benefit to which he is eligible ABCAUS Case Law Citation: …
Penalty u/s 271(1)(c) deleted as addition for bogus purchases was based on estimation and assesee’s conduct was not found contumacious ABCAUS Case Law Citation:ABCAUS 3011 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Hindustan Steel Vs. State of Orissa (83 ITR 26) Penalty u/s 271(1)(c) deleted …
Provision of section 68 applicable even if business not commenced but the sum is credited in the books of account of the assessee ABCAUS Case Law Citation: ABCAUS 3010 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT V Bharat Engineering and Cost Co 83 …
Tenancy rights not intangible assets, no question of allowing depreciation on it – ITAT. These rights not covered as “any other business or commercial right” ABCAUS Case Law Citation: ABCAUS 3009 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: M.M. Nissim & Co. vs. ACIT …
No addition warranted for bogus purchases where GP rate was better than the average GP rate declared by assessee for earlier years ABCAUS Case Law Citation: ABCAUS 3008 (2019) (06) ITAT In the instant case, the revenue had challenged the deletion of the addition by the CIT(A) in …
Construction of flats purchasing land amounts to civil construction and profit earned thereon, are eligible for taxation U/s 44AD of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 3005 (2019) (06) ITAT The AO received information from the Director of Income Tax (Inv) that the assessee had …
Disallowance for prior period expenses deleted by the ITAT as the tax rate was the same from one year to another year ABCAUS Case Law Citation: ABCAUS 3004 (2019) (06) ITAT In this appeal, the revenue WAS aggrieved with the order of the CIT(A) in deleting the addition …
Arms Length Price of intra group management fee paid determined Nil by TPO upheld as there was no evidence on record to prove rendition of services. ABCAUS Case Law Citation: ABCAUS 3002 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: 3M India Ltd vs. Addl. …
Penalty u/s 271D for taking cash loan from father and paternal aunt deleted following various decisions of High Courts and Tribunals ABCAUS Case Law Citation: ABCAUS 3001 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Mohan Karkare Vs. DCIT (1995)(127 Taxation 104) CIT v. Sunil …
LTCG exemption denied for Penny stock set aside by ITAT as AO had placed reliance on documents not confronted to the assessee ABCAUS Case Law Citation: ABCAUS 3000 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Kothari Metals Vs. ITO Mr. Sunil H Ashar Vs. …