Category: ITAT
Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year which can be denied – ITAT In a recent judgment, ITAT has held that carry forward of loss can not be denied for belated return, it is only …
Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse material on record – ITAT In a recent judgment, ITAT has held that in case of alleged bogus sales, once the assessee claims that sales were duly recorded …
Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business – ITAT In a recent judgment, ITAT has held that expenses incurred by the assessee to celebrate Diwali at his business premises along with staff members, definitely creates …
We cannot be blind to reality of money laundering through accommodation entries, mere paper trail not enough – ITAT In a recent judgment upholding the addition u/s 68, the Tribunal held that it cannot be blind to the reality of money laundering through accommodation entries, and it was …
A claim of deduction made in return, even if found inadmissible, does not automatically lead to misreporting of income – ITAT In a recent judgment, ITAT deleted penalty u/s 270A holding that a claim of deduction made in the return, even if ultimately found to be inadmissible, does …
Dividing total turnover by 365 days and concluding that assessee could not have made such cash sale on a single day is based purely on conjectures and surmises – ITAT In a recent judgment Allahabad ITAT has held that the action of the Assessing Officer (AO) in making …
A bald statement recorded during survey would not in itself be a foundation for any addition – ITAT In a recent judgment, ITAT Delhi has held that a bald statement recorded during the course of survey would not in itself be a foundation for any addition, especially if …
A subsequent Apex Court ruling on the substantive issue cannot retrospectively make an act done in compliance of a binding judicial order a statutory default In a recent judgment, ITAT Agra has held that a subsequent order passed by the Hon’ble Apex Court in respect of the substantive …
Interest payment on mobilisation advance to NHAI not liable for deduction of tax at source u/s 194A – ITAT Interest payment on mobilisation advance made by the assessee to NHAI not liable for deduction of tax at source u/s 194A of the Income Tax Act, 1961 (the Act). …
Typographical error in turnover declared in ITR was not as a mistake apparent from the record u/s 154 when AO during assessment accepted the same after enquiry- ITAT In a recent judgment ITAT has held that where difference in sales declared in ITR and VAT return arose only …
