Category: ITAT
The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake. Meaning of the word “record” was clarified by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: ITA No.727/Vizag/2013 Assessment Year: 2008-09 M/s. Y.V.R. & …
No Violation us 269SS-loan accepted passing journal entries. When the loan is accepted by acknowledgement of debt by passing journal entries in the books of accounts it cannot be considered as acceptance of loan in violation of the provisions of section 269SS of the Act, consequently, no penalty …
Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment in the case of 68 years aged retired scientist not very much conversant with the provisions of the Income Tax Act by ITAT Kolkata in its recent judgment as under: Case Law Details: ITA No.1900/Kol/2014 Assessment year : 2006-07 Dr.S.N.Ganguly vs. ACIT Date …
Addition made as stop gap arrangement till TDS return revised to ascertain the true nature of the transactions set aside by ITAT Kolkata in a recent judgment as under: Case Law Details: ITA No.2301/Kol/2013 Assessment year : 2009-10 Ashok Kumar Shaw vs. ITO Date of Judgment/Order: 06/05/2016 Brief Facts of …
Payments to foreign professional firms by Indian CA firm for audit, taxation, VAT services not fee for technical services for making disallowance u/s 40(a)(ia) for non-deduction of tax at source. This was held by ITAT Mumbai in its following recent judgment Case Law Details: ITA No. 1917/MUM/2013 (Assessment …
DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement. This was held by ITAT Mumbai in its recent judgment as under: Case Law Details: ITA No. 5133/Mum/2014 Assessment Year : 2009-10 Dy. Commissioner of Income Tax vs. M/s Shree Aditya …
Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return. This was ruled by ITAT Mumbai in a recent judgment as under. Case Law Details: ITA No. 5977/Mum/2013 Assessment Year : 2010-11 …
Penalty u/s 271(1)(c) not imposable merely because quantum was decided against assessee by ITAT. The assessment proceedings and penalty proceedings are independent proceedings. ITAT Amritsar, in a recent judgment, upheld the deletion of the peanlty when additions were made on estimation basis. Case Law Details : I.T.A No.148 (Asr)/2014 Assessment Year: …
Debenture restructuring charge paid to debenture holders for re-negotiated terms and conditions to extend the redemption date was held to be revenue expenditure-ITAT Case Law Details: DCIT vs. M/S JUBILANT FOOD WORKS LTD. ITA No.1407/Del/2014 A.Y. : 2004-05 Date of Order/Judgment: 05/05/2016 Important Case Laws Referred: CIT vs. Gujarat Guardian …
Temporary business closure, lull and disallowance of expenses Expenses of rent staff and various other business expenses establish that those were incurred to keep its business alive they cannot be disallowed merely on the ground of temporary closure or lull in business due to recession in the market-held by …
