Category: ITAT

Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have been re-deposited-ITAT

Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have been re-deposited-ITAT

December 12, 2016 Income Tax, ITAT, Judgments
Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have been re-deposited-ITAT  ABCAUS Case Law Citation: ABCAUS 1082 (2016) (12) ITAT Brief Facts of the Case: The Assessing Officer (AO) found that the assessee had not disclosed one …
Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation u/s 68 69-ITAT

Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation u/s 68 69-ITAT

December 11, 2016 Income Tax, ITAT, Judgments
Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation and amount is sought to be added u/s 68 69-ITAT ABCAUS Case Law Citation: ABCAUS 1081 (2016) (12) ITAT Important Case Laws cited: CIT vs. K. Chinnatharmban (292 ITR 682)(SC) Manoj …
Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT

Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT

December 10, 2016 Income Tax, ITAT, Judgments
Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT ABCAUS Case Law Citation: ABCAUS 1080 (2016) (12) ITAT Brief Facts of the Case: The return of income of the assessee was selected for scrutiny under the CASS …
Gujarish film promotion expenses by Hrithik Roshan disallowed. Amount paid to TV show Saregama contestants was not professional expenses

Gujarish film promotion expenses by Hrithik Roshan disallowed. Amount paid to TV show Saregama contestants was not professional expenses

December 7, 2016 Income Tax, ITAT, Judgments
Gujarish film promotion expenses by Hrithik Roshan disallowed. Amount paid to TV show Saregama contestants voluntarily was not connected to his profession-ITAT ABCAUS Case Law Citation: ABCAUS 1078 (2016) (12) ITAT Assessment Year: Brief Facts of the Case: In the present case, both the appellant assessee (Hrithik Roshan) …
Business promotion personal nature gift expenses disallowance without specifying any specific items not connected with business activity deleted by ITAT

Business promotion personal nature gift expenses disallowance without specifying any specific items not connected with business activity deleted by ITAT

December 7, 2016 Income Tax, ITAT, Judgments
Business promotion personal nature gift expenses disallowance without specifying any specific items not connected with business activity deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1077 (2016) (12) ITAT Assessment Year: 2011-12 Date of Judgment: 01-12-2016 Brief Facts of the Case: During the assessment proceedings, The Assessing Officer …
No concealment penalty-non disclosure of disallowance 40(a)(ia) in computation of income as the issue is debatable due to HC decisions

No concealment penalty-non disclosure of disallowance 40(a)(ia) in computation of income as the issue is debatable due to HC decisions

December 6, 2016 Income Tax, ITAT, Judgments
No concealment penalty-non disclosure of disallowance 40(a)(ia) in computation of income as the issue is debatable due to High Court decisions ABCAUS Case Law Citation: ABCAUS 1076 (2016) (12) ITAT Assessment Year: 2008-09 Date of Judgment: 01-12-2016 Brief Facts of the Case: During the scrutiny proceedings of the …
Sales incomplete till goods delivery unless insurable risk passes to buyer. FOR destination basis sales invoice reversal for year end goods in transit valid

Sales incomplete till goods delivery unless insurable risk passes to buyer. FOR destination basis sales invoice reversal for year end goods in transit valid

December 4, 2016 Income Tax, ITAT, Judgments
Sales incomplete till goods delivery unless insurable risk passes to buyer. FOR destination basis sales invoice reversal for goods in transit at the year end valid-ITAT ABCAUS Case Law Citation: ABCAUS 1072 (2016) (12) ITAT Assessment Year: 2011-12 Date of Judgment: 29-11-2016 Important Case Laws cited: Morvi Industries …
50C provisions not apply to transfer of right in partnership firm. Sale deed of property executed in favour of incoming partners by retiring partners-ITAT

50C provisions not apply to transfer of right in partnership firm. Sale deed of property executed in favour of incoming partners by retiring partners-ITAT

December 2, 2016 Income Tax, ITAT, Judgments
50C provisions not apply to transfer of right in partnership firm. Sale deed was executed in favour of incoming partners for transferring retiring partner’s right in the property belonging to the partnership firm-ITAT ABCAUS Case Law Citation: ABCAUS 1070 (2016) (12) ITAT Assessment Year: 2011-12 Date/Month of Judgment/Order: …