Bogus purchases-when sales not disputed entire addition not warranted. ITAT estimated addition @12.5% of alleged bogus purchases ABCAUS Case Law…
Revision us 263 set aside as CIT did not do homework. No record was called for examining the issue or…
Net profit ratio of 3 percent in contract business allowed as in earlier years even lower profit rate was consistently accepted…
Deemed Dividend-Loan to firm where partners are shareholders of the company. Advances not considered deemed dividend u/s 2(22)(e) ABCAUS Case…
Interest on personal loan taken for business purpose allowed as business expenditure. The assessee could very well attribute the interest…
Secretive commission payment not allowable us 37(1). It was in the nature of bribe to procure business which is prohibited…
Lack of enquiry or inadequate enquiry. Revision u/s 263 quashed by ITAT applying the large number of judgments of High…
Salary recovered for notice period not taxable salary us 16 as per agreement with the employers when actually assessee had…
Disallowance of interest for drawings out of cash credit account deleted as despite drawings closing balance of capital was more…
No concealment penalty on return revision made before issue of notice u/s 148 though after initiation of investigation in tax…