Category: ITAT
When AO started the computation of assessed income from the returned income, the return can not be considered non-est for no e-verification In a recent judgment, ITAT Delhi has held that when Assessing Officer started the computation of assessed income from the returned income, the return can not …
There is no bar in holding cash after withdrawals for longer period before deposited into bank on subsequent dates – ITAT In a recent judgment, ITAT Visakhapatnam has deleted addition u/s 69A towards unexplained money holding that there is no bar in holding the cash after withdrawals for …
Fair market price of property cannot be determined exactly. Valuation will differ from valuer to valuer – ITAT In a recent judgment, ITAT Nagpur has deleted addition u/s 56(2)(vii)(b)(ii) observing that the fair market price of property cannot be determined exactly. Valuation will differ from valuer to valuer …
Addition made without providing to assessse an opportunity for cross examination is invalid – ITAT In a recent judgment, ITAT Delhi has held that addition made on the strength of statement of alleged accommodation entry provider without providing assessee an opportunity for cross examination was invalid being in …
No disallowance u/s 40(a)(ia) can be made merely for not e-filing form 26A which is a procedural lapse. In a recent judgment, ITAT Mumbai has held that no disallowance u/s 40(a)(ia) can be made merely for not e-filing form 26A which is a procedural lapse. ABCAUS Case Law …
Once repayment of the loan is established, credit entries cannot be added to income in isolation ignoring the debit entries despite being made in the later years – ITAT In a recent judgment, ITAT Calcutta has deleted addition for unexplained cash credit observing that once repayment of the …
Travel back theory as propounded by the CBDT Instruction is against the spirit of the ratio laid down by the Hon’ble Apex Court in Ashish Agarwal case – ITAT In a recent judgment, ITAT Jaipur has held that travel back theory as propounded by the CBDT Instruction is …
Undated, unsigned and typed loose sheet of paper are dumb document, could not be taken as the sole basis for determination of undisclosed income In a recent judgment, ITAT Amritsar has held that undated, unsigned and typed loose sheet of paper without witness, without any acceptable narration are …
For arriving at accumulated profits for deemed dividend u/s 2(22)(e), depreciation under Income-tax Act is to be deducted – ITAT In a recent judgment, ITAT Chandigarh has held that for arriving at accumulated profits for deemed dividend u/s 2(22)(e), depreciation under Income-tax Act is to be deducted. Also, …
Without enquiring when the order was actually served, dismissing the appeal for inordinate delay was not justified – ITAT In a recent judgment, ITAT Lucknow has held that without enquiring into, when assessee was actually served with the order, dismissing the appeal for inordinate delay was not justified. …
