Category: ITAT

Disallowance of interest on partner’s capital u/s 40(b) restricted to net advances out of interest bearing funds ABCAUS Case Law CitationABCAUS 3503 (2021) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in deleting the addition made by the Assessing Officer …

Sale of property was long term capital gain as assessee held it from the date of advance payment and balance payment was only a follow up action ABCAUS Case Law CitationABCAUS 3502 (2021) (05) ITAT Important case law relied referredCIT vs A Suresh Rao 223 Taxmann 228 (Kar)Principal …

Liability to pay creditors does not ceases merely because assessee could not furnish confirmation of one creditor out of several parties  ABCAUS Case Law CitationABCAUS 3498 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition u/s 41(1) …

Mandatory provisions of Section 153C must be followed before proceeding where AO is same for person searched and third party ABCAUS Case Law CitationABCAUS 3496 (2021) (04) ITAT Important case law relied referred:CIT vs. RRJ Securities Pvt. Ltd. 380 ITR 612 (Del.) (HC)CIT vs. Swar Agencies 397 ITR …

Section 115BBC is silent unlike section 68 which casts obligation on assessee to explain amount credited to the satisfaction of Assessing Officer. ABCAUS Case Law CitationABCAUS 3495 (2021) (04) ITAT Important case law relied referred:CIT vs. Shree Shiv Vankeshwar Educational & Social Welfare TrustITO (Exemption) vs.  Shri Narain …

CIT Revision u/s 263 order not mentioning twin conditions of being erroneous and prejudicial to the interest of revenue quashed ABCAUS Case Law CitationABCAUS 3494 (2021) (04) ITAT Important case law relied referred:Malabar Industrial Co. vs. CIT 243 ITR 83 (SC)CIT vs. Max India Ltd. (2007) 295 ITR …

Reduction in Gross/Net Profit rate not ipso facto a ground for making disallowance of expense but a triggering point for verification of expenses claimed. ABCAUS Case Law CitationABCAUS 3493 (2021) (04) ITAT Important case law relied referred:ITO vs. Dr. Mahendra Kumar Agarwal In the instant case, the assessee …

Opening balance of loan creditor brought forward from preceding year cannot be treated as unexplained cash credit or bogus credit ABCAUS Case Law CitationABCAUS 3492 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming an addition on account …

Addition for reconciliation difference in the closing balance of debtor as per books of account of the assessee and that of the debtor deleted by ITAT ABCAUS Case Law CitationABCAUS 3491 (2021) (04) ITAT Addition for reconciliation difference in the closing balance of debtor In the instant case, …

Addition u/s 68 for cash deposit prior to issue of cheque by lender deleted as deposit was out of cash withdrawn earlier ABCAUS Case Law CitationABCAUS 3490 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition u/s …