Category: ITAT
Business income or STCG-Frequency-repetition of sale purchase not conclusive. Factors like main business / profession of assessee, intention while purchasing shares, holding the same as investment, earning of dividend income thereon etc. are required to be seen -ITAT ABCAUS Case Law Citation: ABCAUS 1064 (2016) (11) ITAT Assessment …
Depreciation claim disallowed-defective machine not ready to use. Legal ownership not a must but the machine if not used, should at least be ready to use-ITAT ABCAUS Case Law Citation: 1063 (2016) (11) ITAT Assessment Year: 2009-10 Date of the Judgment: 16-11-2016 Brief Facts of the Case: The …
Security deposit written off allowed as business loss us 37(1) even though rent security w/o in books was claimed wrongly as bad debts u/s 36-ITAT ABCAUS Case Law Citation: 1059 (2016) (11) ITAT A.Y : 2010-11 Important Case Laws considered: Fab India Overseas P. Ltd. vs. ACIT CIT …
Penalty us 221(1) on tax due as per revised return of income. It is not correct to levy penalty on the amount due as per original return of income-ITAT ABCAUS Case Law Citation: 1058 (2016) (11) ITAT Brief Facts of the Case: The assessee filed its original return …
CIT-A can decide appeal against CIT revision order us 263 when no direction given to make assessment in a particular way except to invoke Section 50C-ITAT ABCAUS Case Law Citation: 1057 (2016) (11) ITAT Brief Facts of the Case: The appellant assessee had filed his return of income …
Yamuna Expressway Authority-If charitable Institution us 12AA or not to be decided by Allahabad High Court, Questions of Law framed ABCAUS Case Law Citation: 1054 (2016) (11) HC Important Case under consideration: Sri Ramtanu Co-operative Society v. State of Maharashtra Indian Trade Promotion Organization v. Director General of …
Sale-purchase in only few share scrips not high volume. STCG was not business income as a person can act both as trader and investor-ITAT ABCAUS Case Law Citation: 1053 (2016) (11) ITAT Assessment Year 2010-11 Brief Facts of the Case: The appellant assessee was an individual. Her …
No Concealment if return revised due to search of other person when assessee voluntarily filed revised ITR and no proceedings were initiated u/s 153 against him-ITAT ABCAUS Case Law Citation: 1052 (2016) (11) ITAT Important Case considered: Ravi Sud vs. ACIT (2015) 39 ITR (T) 356 CIT vs. …
Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT The allowability of the depreciation claim to a charitable trust/institution in calculating prescribed limit of 85% towards income application u/s 11 of the Income tax Act, 1961 was settled …
Satisfaction recording 153C-same AO for searched-other person. Even if AO is one then also satisfaction has to be recorded as held by Supreme Court ABCAUS Case Law Citation:1050 (2016) (11) ITAT The Grievance:In the instant case both Revenue and the assessee were aggrieved by the order of learned …
