Category: ITAT
TDS Provision not applicable where no claim of expenditure was made by the assessee and assessee suo motu made disallowance u/s 40(a)(ia) of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 2051 (2017) (08) ITAT Assessment Year : 2008-09 and 2010-11 Brief Facts of the Case: …
Book entry transfer of share application money to capital reserve account could not be regarded as benefit or perquisite arising in course of business u/s.28(iv) – ITAT Book entry transfer of share application money to capital reserve ABCAUS Case Law Citation: ABCAUS 2047 (2017) (08) ITAT The …
Interest on fixed deposits during construction period held not taxable as FDRs were made out of share application money and not borrowed fund ABCAUS Case Law Citation: ABCAUS 2046 (2017) (08) ITAT Assessment Year : 2009-10 Important Case Laws Cited/relied upon by the parties: Tuticorin Alkali Chemicals …
Penalty notice issued after completion of assessment proceedings illegal. Where no proceedings relevant to assessment year are pending penalty notice was issued is bad in law – ITAT ABCAUS Case Law Citation: ABCAUS 2043 (2017) (08) ITAT The Grievance: The Revenue has filed an appeal against the Order …
Penalty u/s 271(1)(c) invalid for assessment made in search cases u/s 158BC of the Income Tax Act. Penalty proceedings initiated and completed under wrong sections invalid-ITAT ABCAUS Case Law Citation: ABCAUS 2040 (2017) (08) ITAT Assessment Year : Block Period 1987-88 to 1997-98. Brief Facts of the Case: …
Delay in submission of form 15G 15H not make bank assessee in default for non deduction of tax at source. Demand can not be raised without verification of Forms – ITAT ABCAUS Case Law Citation: ABCAUS 2039 (2017) (08) ITAT The Grievance: This appeal was preferred by the …
Revision u/s 263 Limitation where assessment completed u/s 143(1) was reopened u/s 147. Jurisdiction u/s 263 could not be exercised after two years on issues which were not subject matter of consideration while passing the order of reassessment u/s 143(3) / 147 – ITAT ABCAUS Case Law …
Exemption u/s 54B-Use of land for agricultural purposes for full two years not necessary. Even if only Kharif crop was cultivated between two years, condition of Section 54B complied with – ITAT ABCAUS Case Law Citation: ABCAUS 2036 (2017) (08) ITAT Assessment Year : 2012-13 Important Case Laws …
Carried forward depreciation set off with short term capital gain u/s 50 is allowed in view of the amended provisions of Section 32(2) wef 01-04-2002- ITAT ABCAUS Case Law Citation: ABCAUS 2035 (2017) (08) ITAT Assessment Year : 2012-13 Important Case Laws Cited/relied upon by the parties: M/s. …
Penalty us 271(1)(b) for failure to file return u/s 153C. Provisions of section 271(1)(b) does not empower AO to impose the penalty for delay or failure to file the returns in response to notice u/s 153C – ITAT ABCAUS Case Law Citation: ABCAUS 2032 (2017) (08) ITAT …