Category: ITAT
Comparable company following calendar year for maintaining accounts can not be used in contrast to assessee following financial year ending 31st March despite functional similarities – ITAT Prelude: Chapter X of the Income Tax Act, 1961 (the Act) contains Special provisions relating to avoidance of Tax. Section 92 …
Share application money circular transaction addition u/s 68 deleted where loan creditors had subscribed out of the loans repaid by the company-ITAT upholds findings of CIT(A) as identity, genuineness of transaction and creditworthiness of subscribers were not doubted Prelude: Section 68 of the Income Tax Act, 1961 (Act) contains provisions …
Change in head of income not permissible u/s 153A if no incriminating material is found during the search-ITAT Prelude: Section 153A of the Income Tax Act, 1961 contains provisions governing assessment of cases where a search action has taken place u/s 132 or books of account/other documents have …
Change in closing stock to include VAT-Excise us 145A required corresponding adjustments for opening stock, Payment of Excise and VAT out of Cash/Bank but not debited in P & L Account – ITAT Â ABCAUS Case Law Citation: ABCAUS 2128 (2017) (11) ITAT The Assessing Officer (AO) noted …
Very short period of appearance given to assessee violated principles of natural justice. ITAT set aside order passed by CIT (Exemptions) for decision afresh ABCAUS Case Law Citation: ABCAUS 2126 (2017) (11) ITAT The assessee trust was aggrieved by the order of Commissioner of Income Tax (Exemptions) rejecting …
Destruction of Pan Masala stock on court’s order due to impermissible limits of magnesium carbonate disallowed u/s 37(1) being prohibited by law and not incurred for the purpose of business – ITAT Â ABCAUS Case Law Citation:ABCAUS 2124 (2017) (11) ITAT The Challenge/Grievance:The instant appeal was filed by …
No deemed dividend u/s 2(22)(e) where personal property pledged as collateral security for enabling the company to obtain loan/credit facilities from bank – ITATÂ ABCAUS Case Law Citation:ABCAUS 2123 (2017) (11) ITAT The respondent assessee was one of the directors of a Private Limited Company with substantial interest. …
No delay condonation application was required for appeals when the order was received late- ITAT restores appeals of the assessee to the file of CIT-A ABCAUS Case Law Citation: ABCAUS 2115 (2017) (11) ITAT The Challenge/Grievance: The assessee had challenged the orders of Commissioner of Income Tax –Appeals …
Penalty can not be imposed on the basis of findings of assessment proceedings as they cannot automatically be adopted in penalty proceedings. Denial made in assessment proceedings on the basis of human probability can not be the basis for the purpose of levying penalty under Section 271(1)(c) – …
Penalty for late filing VAT return-balance sheet held non compensatory and disallowed as per Explanation -1 to section 37 as penalty for infraction of law ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT Important Case Laws Cited/relied upon by the parties: Swadeshi Cotton Mills Ltd. vs. CIT, …
