Category: ITAT
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. Â 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 …
Husband Wife treated single unit for capital gains deduction u/s 54 54F. Compensation paid to husband to vacate house owned by wife not allowable – ITAT ABCAUS Case Law Citation: 996 (2016) (08) ITAT Assessment Year: 2011-12 Date/Month of Judgment/Order: August 2016 Brief Facts of the Case: The  assessee …
Consultant-Visiting Doctors TDS. Salary u/s 192 or professional fee u/s 194J. Remuneration of consultant doctors was salary liable to TDS u/s 192 while that of visiting doctors as professinal fee liable to TDS u/s 194J – ITAT ABCAUS Case Law Citation: 993 2016 (08) ITAT Assessment years: 2011-12, 2012-13 …
Books non-rejection and making additions than estimating income wrong when there were defects in accounts produced and many accounts not produced – ITAT ABCAUS Case Law Citation: 992 2016 (08) ITAT Assessment Year: 2006-07 Date/Month of Judgment: August 2016 Brief Facts of the Case: The assessee was a partnership …
