Category: ITAT

Books non-rejection and making additions than estimating income wrong when there were defects in accounts produced and many accounts not produced – ITAT

Books non-rejection and making additions than estimating income wrong when there were defects in accounts produced and many accounts not produced – ITAT ABCAUS Case Law Citation: 992 2016 (08) ITAT Assessment Year: 2006-07 Date/Month of Judgment: August 2016 Brief Facts of the Case: The assessee was a partnership …

Loss on furnishing guarantees for subsidiary company allowed as incurred by holding company in carrying on its own business – ITAT

Loss on furnishing guarantees for subsidiary company allowed as incurred by holding company in carrying on its own business a the nature of the business of assessee company included furnishing of guarantee to debts borrowed by subsidiary company. ABCAUS Case Law Citation: 991 2016 (08) ITAT Assessment Year: 2005-06 …

Penalty us 271(1)(c) if assessee agreed disallowance to buy peace. Merely because assessee agreed addition, he can not be saddled with penalty-ITAT

Penalty us 271(1)(c) if assessee agreed disallowance to buy peace. Merely because assessee agreed addition, he can not be saddled with penalty-ITAT ABCAUS Case Law Citation: 989 2016 (08) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: August, 2016 Brief Facts of the Case: The assessee in his return …

Notional interest on loans-advances when no such agreement – It is not necessary to pay interest in absence of such arrangement. Additions deleted by ITAT

Notional interest on loans-advances when no such agreement – It is not necessary to pay interest in the absence of such arrangement. Additions made deleted by ITAT ABCAUS Case Law Citation: 988 2016 (08) ITAT Assessment year: 2010-11 Date/Month of Judgment/Order: August, 2016 Brief Facts of the Case: The …

Penalty 271(1)(c) can not be imposed when High Court admits substantial question of law on addition making apparent that it is debatable – ITAT

Penalty 271(1)(c) can not be imposed when High Court admits substantial question of law on quantum addition making apparent that addition is debatable – ITAT ABCAUS Case Law Citation: 982 2016 (08) ITAT Assessment Year: 2005-06 Date/Month of Judgment: August 2016 Brief Facts of the Case: During the …

Penalty us 271FA for late filing AIR Return quashed. Country’s tax laws are complex, complicated and require assistance of specialised tax practitioners

Penalty us 271FA for late filing AIR Return quashed by ITAT considering that the tax laws of the country are complex and complicated and require assistance of specialised tax practitioners.  ABCAUS Case Law Citation: 980 2016 (08) ITAT Date/Month of Judgment: August 2016 Important Judgments relied by the assessee: Motilal …