Category: ITAT

Surplus arising from educational activities after meeting expenses incurred do not disentitle trust from exemption u/s 10(23C)(iiiad)

Surplus arising from educational activities after meeting expenses incurred do not disentitle trust from exemption u/s 10(23C)(iiiad)

March 1, 2017 Income Tax, ITAT, Judgments
Surplus arising from educational activities after meeting the expenses incurred do not disentitle the trust from exemption u/s 10(23C)(iiiad) of the Income Tax Act, 1961. ABCAUS Case Law Citation: ABCAUS 1150 (2017) (03) ITAT The Grievance: The appellant assessee was aggrieved by the order of the CIT(A) denying …
Unreasonable penalty shakes confidence reduces voluntary compliance by the taxpayers. Revenue officials should be careful and reasonable in levying penalty- ITAT

Unreasonable penalty shakes confidence reduces voluntary compliance by the taxpayers. Revenue officials should be careful and reasonable in levying penalty- ITAT

February 25, 2017 Income Tax, ITAT, Judgments
Unreasonable penalty shakes confidence reduces voluntary compliance by the taxpayers. Revenue officials should be careful and reasonable in levying penalty- ITAT ABCAUS Case Law Citation: ABCAUS 1142 (2017) (02) ITAT The Grievance: The present appeal was filed by the assessee against the order of CIT(Appeals) sustaining the penalty …
Assessment on the basis of AIR without notice u/s 143(2) void ab initio without jurisdiction and liable to be quashed, as no notice issued – ITAT

Assessment on the basis of AIR without notice u/s 143(2) void ab initio without jurisdiction and liable to be quashed, as no notice issued – ITAT

February 25, 2017 Income Tax, ITAT, Judgments
Assessment on the basis of AIR without notice us 143(2) void ab initio without jurisdiction and liable to be quashed, as no notice issued – ITAT ABCAUS Case Law Citation: ABCAUS 1141 (2017) (02) ITAT Assessment Year : 2006-07 Date/Month of Pronouncement: February, 2017 Brief Facts of the …
No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty u/s 271(1)(c)

No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty u/s 271(1)(c)

February 24, 2017 Income Tax, ITAT, Judgments
No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty u/s 271(1)(c) ABCAUS Case Law Citation: ABCAUS 1140 (2017) (02) ITAT The Grievance: The assessee is aggrieved with the levy of penalty u/s 271(1)(c) of the Income-tax Act, …
Deemed dividend-share premium not part of accumulated profits. Proportionate taxation u/s 2(22)(e) to be made if more than one shareholder satisfy conditions-ITAT

Deemed dividend-share premium not part of accumulated profits. Proportionate taxation u/s 2(22)(e) to be made if more than one shareholder satisfy conditions-ITAT

February 24, 2017 Income Tax, ITAT, Judgments
Deemed dividend-share premium not part of accumulated profits. Proportionate taxation u/s 2(22)(e) to be made if more than one shareholder satisfy conditions-ITAT  ABCAUS Case Law Citation: ABCAUS 1139 (2017) (02) ITAT Assessment Year : 2009-10 Date/Month of Pronouncement: February, 2017 Important Case Laws Cited/relied upon: Commissioner of Income …
Non striking off clause in penalty notice u/s 271(1)(c) do not invalidate it. ITAT deviates from the Judgment of Karnataka High Court follows jurisdictional High Court

Non striking off clause in penalty notice u/s 271(1)(c) do not invalidate it. ITAT deviates from the Judgment of Karnataka High Court follows jurisdictional High Court

February 20, 2017 Income Tax, ITAT, Judgments
Non striking off clause in penalty notice u/s 271(1)(c) do not invalidate it. ITAT deviates from the Judgment of Karnataka High Court follows jurisdictional High Court In a recent judgment, ITAT Mumbai has upheld the penalty u/s 271(1)(c) dismissing the contention of the assessee regarding not striking off …
Absence of dissolution clause-Registration 12AA can not be denied to a charitable Trust for no specific clause in the Trust deed

Absence of dissolution clause-Registration 12AA can not be denied to a charitable Trust for no specific clause in the Trust deed

February 19, 2017 Income Tax, ITAT, Judgments
Absence of dissolution clause-Registration 12AA can not be denied to a charitable Trust for no specific clause in the Trust deed prohibiting trustee on asset distribution among themselves ABCAUS Case Law Citation: ABCAUS 1133 (2017) (02) ITAT Date/Month of Pronouncement: February, 2017 Important Case Laws Cited/relied upon: Rama …