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 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 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 …
Keeping cash in bank not in hand not mandatory under any law. Cash deposited in bank from withdrawals made long back accepted as the AO was not able to show that the cash so withdrawn was spent elsewhere – ITAT ABCAUS Case Law Citation: 990 2016 (08) ITAT Assessment …
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 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 …
Adverse view taken on evidence without opportunity to cross-examine It is settled proposition of law that whenever the AO intends to take adverse view against the assessee on the basis of any evidence, he is required to confront the same to the assessee and if the assessee desires, he …
CIT Appeals wrong in rejecting appeal for non payment of tax when assessee paid tax on admitted return of income and revised return not accepted – ITAT ABCAUS Case Law Citation: 985 2016 (08) ITAT AY: 2007-08 Date/Month of Judgment: 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 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 271(1)(c) for claiming STCG as LTCG and deduction us 54F quashed by the ITAT holding that if the assessee had not concealed any fact while filing the return and filed the copies of the document along with the return, merely because the sale proceeds were shown as a long term capital gain …
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 …