Category: ITAT
Section 50C has no application in case the entire net sale consideration has been applied for acquiring the new house – ITAT ABCAUS Case Law Citation: ABCAUS 2686 (2018) (12) ITAT Important Case Laws Cited/relied upon: DCIT Vs. Dr.Chalasani Mallikarjuna Rao Gyan Chand Batra Vs. ITO (2010) 6 …
No disallowance u/s 40A(3) where payments not claimed as expenditure. ITAT deletes addition as alleged cash payment was made for purchasing fixed assets ABCAUS Case Law Citation: ABCAUS 2685 (2018) (12) ITAT Important Case Laws Cited/relied upon: ACIT V/s Jasmine Buildtech (P) Ltd The appeal was filed by …
Merely cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future. ITAT upheld additions u/s 69. ABCAUS Case Law Citation:ABCAUS 2681 (2018) (12) ITAT Important Case Laws Cited/relied upon: The instant appeal had been filed by the assessee against …
AO should examined return of income and carry out initial investigation before coming to the conclusion that income has escaped assessment – ITAT ABCAUS Case Law Citation:ABCAUS 2680 (2018) (12) ITAT Important Case Laws Cited/relied upon:M/s. Allied Gems CorporationPCIT v/s M/s Shodiman Investments P Ltd.Narain Dutt Sharma v. …
Not providing certified copy of penalty order was reasonable basis for seeking condonation of delay in filing the appeal before the CIT(A) ABCAUS Case Law Citation:ABCAUS 2679 (2018) (12) ITAT This appeal was filed by the assessee against the order of CIT(A) wherein the appeal of the assessee …
Penalty U/s 271(1)(c)-Unspecified charge in notice can be made good with a clear-cut finding in penalty order – ITAT explains Law on non-striking off clauses in Notice u/s 274 ABCAUS Case Law Citation:ABCAUS 2678 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT vs. SSA’S Emerald Meadows (2016) 242 …
Re-assessment order passed in violation of guidelines laid down by the Supreme court in the case of GKN Driveshaft Ltd. is bad in law- ITAT ABCAUS Case Law Citation:ABCAUS 2676 (2018) (12) ITAT Important Case Laws Cited/relied upon:GKN Driveshaft (India) Ltd. Vs ITO, 259 ITR 19 PCIT vs …
DVO Report based on mere estimate not sufficient information for the purpose of reopening assessment u/s 147. ITAT deleted addition u/s 69 ABCAUS Case Law Citation:ABCAUS 2675 (2018) (12) ITAT Important Case Laws Cited/relied upon:ACIT vs. Dhariya Construction Co. (2010) 328 ITR 515 (SC) ITO vs. Santosh Kumar …
Motor car purchased by cash gift from wife and mother-ITAT upheld addition for unexplained cash as mere filing confirmations not sufficient to prove creditworthiness and genuineness of the transaction. ABCAUS Case Law Citation:ABCAUS 2674 (2018) (12) ITAT Important Case Laws Cited/relied upon:Bharati Pvt. Ltd., 111 ITR 951United Commercial …
Interest on FDRs-deduction of Interest paid on unsecured loans taken to make investment in bank FDRs allowed u/s 57(iii) in view of the clear nexus. ABCAUS Case Law Citation:ABCAUS 2673 (2018) (12) ITAT Important Case Laws Cited/reliedupon:CITvs. V.P. Gopinathan (2001) 248 ITR 449 (SC) The appeal by the …
