Category: ITAT

An undated confirmation letter cannot be rejected unless proved false. ITAT deletes addition made u/s 68/69 for cash deposits in bank account ABCAUS Case Law Citation: ABCAUS 2386 (2018) 06 ITAT The instant appeal was filed by the assessee against the order of the Commissioner of Income Tax …

Bounced cheque can not be treated unexplained credits u/s 68. Onus to prove identity, genuineness and creditworthiness of the party out of question – ITAT ABCAUS Case Law Citation: ABCAUS 2385 (2018) 06 ITAT In a recent judgment, ITAT Hyderabad has held that bounced cheque can not be …

Capital gain deduction u/s 54 for purchase of two flats on different floors allowed as flats were one above the other and converted into a single residential duplex unit The instant appeal was filed by the appellant assessee against he order of the CIT(A) in upholding the action …

There is no bar in filing revised return of income after issue of income tax notice u/s 143(2). There is no such provision in section 139(5) of the Income Tax Act that the assessee cannot file a revised return of income after issuance of notice – ITAT ABCAUS Case …

Date of transfer of immovable property is when sale deed is executed and not when it is recorded by the Registrar. ITAT deletes addition u/s 56(2)(vii)(b) The instant appeals were filed by the assessee against the order of the CIT(A) confirming the action of assessing officer (AO) in …

Orders u/s 234E not appealable before CIT(A). Department not obliged to serve the order separately upon the assessee when available online – ITAT  The instant appeals were filed by the assessee against the order of the CIT(A) confirming the order imposing late fees under section 234E of the …

Penalty 271B treating cash deposits in bank as turnover u/s 44AB upheld by Tribunal when assessee could not explain source of deposit in bank accounts  The instant appeals were filed by the assessee against the order of the CIT(A) confirming the penalty levied under section 271B of the …

Disallowance 40(A)(3) for cash payment deleted when payee was new. When genuiness of payment not doubted there was every possibility that party refused to cheques / Demand draft – ITAT  ABCAUS Case Law Citation ABCAUS 2372 (2018) 06 ITAT During the course of the assessment proceedings, the Assessing …

Partners Salary and interest not disallowable when assessment u/s 143 is made in the manner laid down u/s 144 by rejecting books of account by invoking the provisions of section 145(3) of the Income Tax Act, 1961 ABCAUS Case Law Citation ABCAUS 2371 (2018) 06 ITAT The assessee …

Assessment done by CIT-OSD promoted on situ basis upheld. Contention was that CIT could not be Assessing Officer u/s 2(7A) of Income Tax Act ABCAUS Case Law Citation ABCAUS 2369 (2018) 06 ITAT The instant appeal was filed by the assessee challenging the order passed by the CIT(A) …