Category: ITAT

Bad debts written off in same/first assessment year eligible for deduction u/s 36(1)(vii) after amendment and in terms of CBDT Circular 12/2016

Bad debts written off in same/first assessment year eligible for deduction u/s 36(1)(vii) after amendment and in terms of CBDT Circular 12/2016

July 10, 2016 Income Tax, ITAT, Judgments
Debts written off in the same/first assessment year eligible for deduction u/s 36(1)(vii) as after the amendment w.e.f. 1st April 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable – ITAT  ABCAUS Case Law Citation: 968 (2016) (07) ITAT …
Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT

Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT

July 7, 2016 Income Tax, ITAT, Judgments
Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT ABCAUS Case Law Citation: 966 2016 (07) ITAT Assessment Year: 2008-09 Date/Month of Judgment/Order July, 2016 Important Judgment Cited/relied upon: CIT vs. Radhe Developers (2012) Gujarat High Court Brief Facts of the Case: …
Club Membership allowed partly as business expenses. Contacts developed through clubs also brings new clients and professional opportunity – ITAT

Club Membership allowed partly as business expenses. Contacts developed through clubs also brings new clients and professional opportunity – ITAT

July 5, 2016 Income Tax, ITAT, Judgments
Club Membership allowed partly as business expenses Contacts developed through clubs also brings new clients and professional opportunity. 1/3rd of club membership fee paid allowed as attributable to professional activities by ITAT ABCAUS Case Law: 965 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: June, 2016 Brief …
Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

July 3, 2016 Income Tax, ITAT, Judgments
Penalty 2711b-Non compliance due to September Finalisation September being the month for finalization of accounts, the assessee’s explanation that there was nonavailability of accounting staff, cannot be doubted. Penalty u/s 271(1)(b) for non compliance of notices 143(2), 142(1) deleted by ITAT ABCAUS Case Law Citation: 964 2016 (06) ITAT …
No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

July 3, 2016 Income Tax, ITAT, Judgments
Addition cannot be made solely on the basis of AIR information especially when the assessee denies the reported transactions and the onus/burden shifted upon the AO to rebut the accounts/contentions of the assessee – ITAT ABCAUS Case Law Citation: 963 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: …
Limitation us 275 imposing penalty starts from date of initiation by AO though it is imposable by Addl/JCIT. Penalty us 272A(2)(k), 271C held time barred

Limitation us 275 imposing penalty starts from date of initiation by AO though it is imposable by Addl/JCIT. Penalty us 272A(2)(k), 271C held time barred

June 30, 2016 Income Tax, ITAT, Judgments
Limitation us 275 imposing penalty starts from the date of initiation by the Assessing Officer though it is imposable by Additional/Joint Commissioner of Income-tax but there is no bar on the initiation of penalty proceedings by the ITO. Proceedings us 272A(2)(k), 271C held time barred by ITAT ABCAUS …