Category: ITAT
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 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: …
No Penalty 271(1)(c) if primary information is furnished with ITR as held by Supreme Court in the case of Reliance Petroproducts Pvt Ltd-ITAT ABCAUS Case Law Citation: ABCAUS 1065 (2016) (11) ITAT Assessment Year: 2008-09 Date of Judgment: 28-11-2016 Important Case Laws cited: Reliance Petroproducts Pvt Ltd Brief …
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 Â Brief Facts of the Case: The appellant assessee was an individual. Her …
