Category: ITAT
Element of undisclosed investment in undisclosed purchases upheld. Peak credit of purchases rejected. AO to work out number of fund rotations required for achieving undisclosed purchases -ITAT ABCAUS Case Law Citation:ABCAUS 1107 (2017) (01) ITAT Assessment Year : 2010-11 The Issue for determination:The issue before the ITAT was …
Deduction us 54-Old fund used for construction of new house. It is not mandatory that only the sale consideration of house sold is to be utilized for purchasing or constructing a new residential house-ITAT ABCAUS Case Law Citation: ABCAUS 1106 (2017) (01) ITAT Assessment Year : 2009-10 Important Case …
TDS not applicable on provisions if payee not identifiable to whose account the credit for such TDS is to be given u/s 203(1) under Chapter XVII-B – ITAT ABCAUS Case Law Citation: ABCAUS 1104 (2017) (01) ITAT Assessment Year : 2010-11 ; 2011-12 Important Case Laws relied upon: …
Revisionary power us 263-Merely raising query not sufficient. Blindly accepting only part reply is incorrect assumption of facts and non-application of mind by AO-ITAT ABCAUS Case Law Citation: ABCAUS 1103 (2017) (01) ITAT Assessment Year : 2011-12 Important Case Laws Cited: Anuj Jayendra Shah Vs. PCIT 67 taxmann.com …
Assessment finality on search date reached if time for issuing notice us 143(2) had expired. In such cases additions can be made only if incriminating material found-ITAT ABCAUS Case Law Citation: ABCAUS 1102 (2017) (01) ITAT Assessment Year : 2008-09 Important Case Laws Cited: National Thermal Power Co …
Understated sales rates-AO must bring evidence on record. Assessing Officer should make inquiry from parties to whom sales made to verify sale rates -ITAT ABCAUS Case Law Citation: ABCAUS 1101 (2017) (01) ITAT Assessment Year : 2011-12 Important Case Laws Cited: Shri Manpreet Singh Dhillon Vs ITO Shri …
No Penalty us 271(1)(c) for claiming excess depreciation in regular course with firm belief that it is legally allowable and supported by tax audit report-ITAT ABCAUS Case Law Citation: ABCAUS 1100 (2017) (01) ITAT Assessment Year : 2007-08 Important Case Laws relied upon: CIT vs. Suhrid Geigy …
Reassessment-TDS certificate-PL Account Receipt Difference. It is a settled law that an assessment could not be reopened only on the basis of difference in TDS certificate and receipts shown in the P&L account.-ITAT ABCAUS Case Law Citation: ABCAUS 1097 (2017) (01) ITAT Assessment Year : 2009-10 Important Case …
Lost misplaced passbook entries-Account holder presumed to know bank deposits withdrawals details even if account is closed as there is no impediment to obtain a duplicate pass book-ITAT ABCAUS Case Law Citation: ABCAUS 1096 (2017) (01) ITAT Assessment Year : 2011-12 Brief Facts of the Case: The assessee …
Reassessment notice issued with sanction from JCIT was void as under proviso to sub-section (1) of section 151 sanction was required from CCIT/CIT ABCAUS Case Law Citation: ABCAUS 1092 (2016) (12) ITAT Assessment Year : 2006-07 Important Case Laws relied upon: CIT VS. SPL’s Siddhartha Ltd. (2012) 345 …