Category: ITAT

No disallowance for mistake in Transporters declaration details filed u/s 194C with Income Tax Authorities. Deduction is allowable if all conditions were fulfilled – ITAT   Prelude: Section 194C contains the provisions for deduction of tax at source on payments made to contractors. Sub section (6) provides an exception …

Addition on account of milling gain on adhoc basis without conducting any enquiry, without any cogent and specific reason or without any material on record deleted-ITAT ABCAUS Case Law Citation: ABCAUS 2180 (2018) (01) ITAT The Challenge/Grievance: The appellant assessee was aggrieved by the order of the CIT(A) …

Additions made due to typing error in Form 3CD is not legally permissible where auditor of the assessee inadvertent committed mistake mentioning wrong amount of profit-ITAT ABCAUS Case Law Citation: ABCAUS 2176 (2018) (01) ITAT The Challenge/Grievance: The assessee was aggrieved by the order of the CIT(A) confirming …

Assessee cannot be penalized for non response or non attendance by creditors in response to notice when all details regarding creditors were furnished discharging the onus. If some enquiry was not completed by AO, the CIT(A) could have also undertaken necessary exercise-ITAT ABCAUS Case Law Citation: ABCAUS 2175 …

No requirement to file Form-10B at the time of registration u/s 12AA. Audit Report in Form 10B is to be filed along with return of income. Rejection application for Registration saying that mere recital of objects or activities without cogent or corroborative evidence not sufficient was wrong when …

No Addition for cash deposits in bank when sufficient cash is in hand. Assessee not supposed to keep track of notes withdrawn from bank and tally them with deposit made in bank account.  ABCAUS Case Law Citation: ABCAUS 2173 (2018) (01) ITAT The Challenge/Grievance: The instant appeal was …

Concealment penalty deleted as assessee was unaware of tax on sale of property. Assessee agreed to pay taxes on the capital gain and paid the tax same date the assessment order was passed ABCAUS Case Law Citation: ABCAUS 2172 (2018) (01) ITAT The Challenge/Grievance: The main grievance of …

Deposits per se in the bank account no basis of holding that income has escaped assessment. Nothing can be added  to or deleted from reasons recorded for reopening-ITAT ABCAUS Case Law Citation: ABCAUS 2171 (2018) (01) ITAT Important Case Laws Cited/relied upon by the parties: NTPC Ltd. vs. …

Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty under the Income Tax Act. Explanation rejected by ITAT in assessment proceedings, can not be considered bona fide in penalty proceedings-High Court ABCAUS Case Law Citation: ABCAUS 2169 (2018) (01) HC …

Specifying limb of penalty section 271(1)(c) arises only when addition is made by the AO and not where assessee surrenders the income – ITAT Prelude: Issuance of show cause notice u/s 274 of the Income Tax Act, 1961 (the Act) for imposing penalty u/s 271(1)(c) of the Act …