Category: ITAT
Carried forward depreciation set off with short term capital gain u/s 50 is allowed in view of the amended provisions of Section 32(2) wef 01-04-2002- ITAT ABCAUS Case Law Citation: ABCAUS 2035 (2017) (08) ITAT Assessment Year : 2012-13 Important Case Laws Cited/relied upon by the parties: M/s. …
Penalty us 271(1)(b) for failure to file return u/s 153C. Provisions of section 271(1)(b) does not empower AO to impose the penalty for delay or failure to file the returns in response to notice u/s 153C – ITAT ABCAUS Case Law Citation: ABCAUS 2032 (2017) (08) ITAT …
Income contained in unverified transaction can only be taxed and not the amount of entire transaction. ITAT upheld tax on profit embed in alleged bogus purchase ABCAUS Case Law Citation: ABCAUS 2031 (2017) (08) ITAT The issue involved: The only issue involved in present two appeals filed by …
20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c) for subjective disallowance of commission paid for tips given to customers- ITAT ABCAUS Case Law Citation: ABCAUS 2030 (2017) (08) ITAT Assessment Year : 2010-11 Brief Facts of the Case: …
Reopening us 147 based on material found in search not permissible. In such cases section 153C applies for framing assessment which excludes application of section 147 – ITAT ABCAUS Case Law Citation: ABCAUS 2029 (2017) (08) ITAT Assessment Year : 2007-08 Important Case Laws Cited/relied upon by …
AO can not extrapolate numbers on seized dumb document into lakhs. Addition made by deciphering erased figures by forensic report was based on surmises and conjunctures- ITAT ABCAUS Case Law Citation: ABCAUS 2028 (2017) (08) ITAT Assessment Year : 2010-11 Important Case Laws Cited/relied upon by the …
Donation made to BJP-Congress not claimed in return allowed following Supreme Court judgment that ITAT powers not limited in dealing with claim of the assessee not made before AO. ABCAUS Case Law Citation: ABCAUS 1293 (2017) (07) HC The Question for determination: Whether in the facts and in …
If foundational addition is deleted other addition can not stand. CIT(A) cannot do what AO could not have done in original assessment-ITAT ABCAUS Case Law Citation: ABCAUS 1291 (2017) (07) ITAT Assessment Year : 2006-07 Important Case Laws Cited/relied upon: CIT vs. Kanpur Coal Syndicate (1964) 53 ITR …
Exemption us 54F-if investment made before time allowed us 139(4) for filing of belated return. ITAT allowed exemption follwoing High Court judgments ABCAUS Case Law Citation: ABCAUS 1290 (2017) (07) ITAT The Issue: The only issue raised in the instant appeal was against denial of partial exemption u/s …
Deduction claim against LIC Incentive admissible up to 30 percent. From 01.04.1989 Development Officers entitled for reimbursement to the extent of 30% of the incentive bonus-ITAT ABCAUS Case Law Citation: ABCAUS 1286 (2017) (07) ITAT The Grievance: The present appeal by the assessee was directed against the order …
