Category: Judgments

Addition for rental income on accrual basis deleted as assessee was pursuing a civil case against the tenant In a recent judgment, ITAT Agra has deleted addition of rental income holding that it was not justified when the assessee was pursuing a civil case against the tenant, the …

ITAT allows adjustment of credit balance for the purposes of addition of deemed dividend as per section 2(22)(e) In a recent judgment, ITAT Pune directed the Assessing Officer to re-compute the net debit balance for the purposes of addition of deemed dividend as per section 2(22)(e) of the …

Addition u/s 50C deleted based on FMV in CA report under Rule 11UA(1)(b) as AO applied wrong rule Rule 11UA(2) applicable for the valuation of the shares u/s 56(2)(viib) In a recent judgment, ITAT Delhi has upheld deletion of addition u/s 50C based on FMV as per CA …

Remuneration paid by CA firm to wives of CA partners for their services rendered allowed in the absence of any comparable analysis made In a recent judgment, ITAT Mumbai has deleted addition made by AO on account of remuneration paid by CA firm to wives of CA partners …

When assessee did not opt yes or no to receive notices by email, such notices amounted to no service In a recent judgment, ITAT has held that when in the form No. 35 filed the assessee did not either say ‘yes’ or ‘no’ to question whether assessee would …

CIT(A) should have considered the details statement of facts filed before him before dismissing the appeal of the assessee observing that the assessee had nothing to say In a recent judgment, ITAT Bangalore has held that the CIT(A) should have considered the details statement of facts filed before …

Audit reports must be disclosed if considered relevant by banks in classifying the account of a customer as fraud – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that the audit report/forensic audit reports ought to be disclosed if it is considered relevant by the …

Practice of adjustment of receipts in working progress accounts and offering the net figure for taxation is not supported by the Income Tax Act In a recent judgment, ITAT had held that practice of adjustment of receipts in working progress accounts and offering the net figure for taxation …

Same transaction cannot be subject matter of assessment under Section 147 twice; one by the ITO and the other by the DCIT – High Court  In a recent judgment High Court quashed notice passed u/s 148 holding that same transaction cannot be subject matter of assessment under Section …

When property purchased and sold within same year both sale and purchase price has to be adopted by applying same guideline value u/s 50C – ITAT If AO adopts a deemed price u/s 50C, then where property was purchased within same year both sale and purchase price has …