Category: ITAT
Sale deed between wife-husband held as colourful device to avoid tax liabilities. Exemption u/s 54F denied on the basis of relinquishment deed by husband-ITAT ABCAUS Case Law Citation: ABCAUS 1088 (2016) (12) ITAT Important Case Laws cited: CIT vs Macdowell Ltd. (SC) CIT vs. T.N. Aravinda Reddy (SC) …
Disallowance us 14A for practicing Senior Advocate of Supreme Court deleted as AO was not dissatisfied with correctness of the claim made by assessee-ITAT ABCAUS Case Law Citation: ABCAUS 1087 (2016) (12) ITAT Important Case Laws cited: CIT vs. Taikisha Engineering Ltd. Brief Facts of the Case: The …
Capital gain deduction us 54 54F allowable for belated returns u/s 139(4). Value of stamp duty authorities us 50C(3) to be adopted if DVO value is more ABCAUS Case Law Citation:ABCAUS 1086 (2016) (12) ITAT Brief Facts of the Case:The assessee was an individual deriving income from business, …
Refusal of registration us 12A to society of close family members or on the ground that it will charge fee from the students do not justify refusal – ITAT ABCAUS Case Law Citation: ABCAUS 1085 (2016) (12) ITAT Important Case Laws cited: Queen’s Educational Society vs. CIT (2015) …
Unpaid audit fee was not income u/s 41(1) even if confirmation letter not produced as no expenditure was claimed in the current year-ITAT ABCAUS Case Law Citation: ABCAUS 1084 (2016) (12) ITAT Brief Facts of the Case: The assessee was a Government Corporation. In the balance sheet of …
Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have been re-deposited-ITAT ABCAUS Case Law Citation: ABCAUS 1082 (2016) (12) ITAT Brief Facts of the Case: The Assessing Officer (AO) found that the assessee had not disclosed one …
Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation and amount is sought to be added u/s 68 69-ITAT ABCAUS Case Law Citation: ABCAUS 1081 (2016) (12) ITAT Important Case Laws cited: CIT vs. K. Chinnatharmban (292 ITR 682)(SC) Manoj …
Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT ABCAUS Case Law Citation: ABCAUS 1080 (2016) (12) ITAT Brief Facts of the Case: The return of income of the assessee was selected for scrutiny under the CASS …
Gujarish film promotion expenses by Hrithik Roshan disallowed. Amount paid to TV show Saregama contestants voluntarily was not connected to his profession-ITAT ABCAUS Case Law Citation: ABCAUS 1078 (2016) (12) ITAT Assessment Year: Brief Facts of the Case: In the present case, both the appellant assessee (Hrithik Roshan) …
Business promotion personal nature gift expenses disallowance without specifying any specific items not connected with business activity deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1077 (2016) (12) ITAT Assessment Year: 2011-12 Date of Judgment: 01-12-2016 Brief Facts of the Case: During the assessment proceedings, The Assessing Officer …
