Category: Judgments

Shagun money received on marriage of individual cannot be considered as income in the year of its receipt – ITAT In a recent judgment, ITAT has held that receipt of shagun money without consideration on the occasion of the marriage of the individual cannot be considered as the …

ITAT deleted addition towards cash deposited in bank account observing that there is no statutory requirement to maintain cash book for salaried individual. In a recent judgment, ITAT Delhi has deleted addition u/s 69A towards cash deposited in bank account and held that there is no statutory requirement …

ITAT allows benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment u/s 10(10AA)(ii) In a recent judgment, ITAT Lucknow has allowed benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment amount u/s 10(10AA)(ii) of Act holding that increased limit is applicable with …

Relief u/s 89(1) available even when arrears were received in addition to compensation for Voluntary Retirement – ITAT In a recent judgment, ITAT Pune has held that relief u/s 89(1) is available even though the assessee received the arrear in addition to compensation for Voluntary Retirement by the …

Husband’s income details can not be disclosed to wife under RTI Act being his personal information – High Court In a recent judgment, High Court has held that husband’s income details can not be disclosed to wife under the provisions of RTI Act being personal information not warranted …

Merely because share prices doubled, it may not have given rise to any doubt to disbelieve the transaction – High Court In a recent judgment, Hon’ble High Court held that merely because the share prices have more than doubled that too over a long period of two years, …

It is the bounden duty of income tax authority to comply with the decision of the Supreme Court – High Court In a recent judgment, Hon’ble High Court while deleting penalty u/s 271D held that it is the bounden duty of income tax authority to comply with the …

ITAT allows withdrawal of appeal against rejection of registration u/s 12AB as assessee had been availing benefit of blanket exemption u/s 10(23C)(iiiad) In a recent judgment, ITAT Jodhpur allowed withdrawal of appeal against rejection of applications filed for registration u/s 12AB as assessee had been availing benefit of …

ITAT allows exemption u/s 54 allowed despite failure to deposit the amount in Capital Gains Accounts Scheme and new asset having a shop In a recent judgment, ITAT Lucknow has allowed exemption u/s 54F holding that the requirement to invest in Capital Gains Accounts Scheme is merely procedural …

Addition cannot be made in the hands of the assessee solely on the basis of uncorroborated loose-sheet – ITAT In a recent judgment, ITAT Surat has held that addition cannot be made in the hands of the assessee solely on the basis of uncorroborated loose-sheet. ABCAUS Case Law …