Category: ITAT
Recording two separate reasons for reopening u/s 147 148 bad as it itself shows non-application of mind and assumption of wrong jurisdiction – ITAT ABCAUS Case Law Citation: 1014 (2016) (09) ITAT Brief Facts of the Case: In the instant case, the assessee was aggrieved by the order …
No TDS liability us 194C for back to back contract in JV. Joint venture and its constituent members had no contractor or sub-contractor relationship -ITAT ABCAUS Case Law Citation: 1013 (2016) (09) ITAT Brief Facts of the Case: The assessee was an AOP which was forme as a joint …
Commissioner can allow fresh deduction claim u/s 264 under revision petition without requirement of filing of revised income tax return – Kerala High Court ABCAUS Case Law Citation: 1012 (2016) (09) HC Important Judgments Cited: Parekh Brothers v. Commissioner of Income Tax Goetze (India} Ltd. v. Commissioner of Income Tax …
Income Tax Appeal tax effect limit do not include cess. Applicability of CBDT instruction for tax effect to be worked out without cess – ITAT ABCAUS Casse Law Citation:1011 2016 (09) ITATAssessment Year: 2010-11Date/Month of Judgment/Order: September, 2016 Brief Facts of the Case: This appeal in question was filed by …
The marginal fall in GP ratio compared to preceding year and non-incurring of expenditure like travelling, telephone, salary, etc. are not the relevant reasons for rejecting of books of accounts under section 145 of the Income Tax Act – ITAT ABCAUS Case Law Citation: 1010 2016 (09) ITAT …
There is no hard and fast rule of earning same net profit rate over different years. Additions made without any plausible reason or rejecting books of accounts bad – ITAT In a recent judgment, ITAT has held that there is no hard and fast rule of earning same …
Form 26AS amounts not income if not credited in books of accounts of the assesssee. It is a well settled law that the bank account is not books of account of the assessee. Mere issue of TDS certificate does not establish any income-ITAT. ABCAUS Case Law Citation: 1003 …
Higher GP rate adoption for mere fall in rate from preceding year. It cannot be a sole reason for choosing higher rate as per Assessing Officers convenience – ITAT ABCAUS Case Law Citation: 1002 2016 (08) ITAT Assessment Year: 2010-11 Date/Month of Judgment: July 2016 Brief Facts of the …
AO statutorily required to compute capital gain us 48 not 50C. Deduction us 54EC also allowable on capital gain computed u/s 48 not on deemed cost of consideration u/s 50C-ITAT ABCAUS Case Law Citation: 1001 2016 (08) ITAT AY: 2009-10 Brief Facts of the Case: The appellant assessee …
Additions u/s 28(iv) not apply to benefits received in cash-money. ITAT quashed additions made by Assessing Officer alleging opening balances of customers advances as bogus. ABCAUS Case Law Citation: 1000 2016 (08) ITAT The Prelude: It has bee widely held in numerous judgments that additions u/s 68 can not …
