Judgments

  • Income Tax

Specifying/Striking off limb of penalty section 271(1)(c) not applicable in cases of surrender by assessee-ITAT

Specifying limb of penalty section 271(1)(c) arises only when addition is made by the AO and not where assessee surrenders…

6 years ago
  • Income Tax

ITAT explains the Law on exemption u/s 10(2A) for partners share of profit in the income of the firm

ITAT explains the law on exemption u/s 10(2A) for partners share of profit in the income of the firm. Revision…

6 years ago
  • Income Tax

Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years-High Court

Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years, prior to amendment-High Court…

6 years ago
  • Income Tax

Addition for accommodation entries merely based on statement of investors ignoring documents furnished invalid-High Court

Addition for accommodation entries merely based on statement of investors and without controverting the documents furnished invalid-High Court Prelude: The…

6 years ago
  • Prevention of Money Laundering Act 2002

Constitutional Validity of second proviso of section 5(1) of PMLA upheld by High Court

Constitutional Validity of second proviso of section 5(1) of PMLA upheld.  Failure to disclose "reasons to believe" would be the…

6 years ago
  • Income Tax

Having afforded a hearing AO can not attach assessees bank account straightway without passing speaking order

Having afforded a hearing, ITO can not attach assessee’s bank straightway without informing as to whether the stand taken by…

6 years ago
  • Income Tax

Comparable company having calendar year not usable for assessee following financial year-ITAT

Comparable company following calendar year for maintaining accounts can not be used in contrast to assessee following financial year ending…

6 years ago
  • Income Tax

Assessment made without notice u/s 143(2) where ITR-V not received within 30 days invalid-High Court

Assessment made without notice u/s 143(2) where ITR-V not received within 30 days can not be sustained. The extended period of…

6 years ago
  • Income Tax

Special Audit u/s 142-2A relying upon the audit Reports of CAG without recording detailed reasons not sustainable-HC

Special Audit u/s142-2A relying upon the audit Reports of CAG without recording detailed reasons not sustainable.  Order passed must show…

6 years ago
  • Income Tax

Share application money circular transaction addition u/s 68 deleted where loan creditors had subscribed

Share application money circular transaction addition u/s 68 deleted where loan creditors had subscribed out of the loans repaid by the company-ITAT…

6 years ago