Category: ITAT
No Penalty u/s 271D for cash received before registrar for sale of property – ITATÂ In a recent judgment, ITAT Chennai has deleted income tax penalty us/ 271D holding that section 269SS would apply only to advance receivable and the provisions would not apply to transaction that has …
Delay in filing appeal condoned as assessment order was not sent by post but to an inactive email. In a recent judgment, ITAT Cochin has condoned the delay in filing appeal as assessment order was not sent by post. The Tribunal opined that for communication to be complete, …
Waiver of principal amount of loan from private bank cannot be treated as income – ITAT In a recent judgment, ITAT Chandigarh has held that the waiver of the principal amount of loan from private bank cannot be treated as income under Sections 2(24)(xviii), 28(iv) and 41(1) of …
CPC was not justified in ignoring the revised tax audit report furnished by the assessee correcting the mistake committed in the original tax audit report – ITAT In a recent judgment, the ITAT Mumbai has held that CPC was not justified in ignoring the revised tax audit report …
No addition could be made only on the ground that there was time gap between the withdrawals and the corresponding cash deposits. In a recent judgment, the ITAT Jaipur has held that no addition can be made only on the ground that there was time gap between the …
Claim of expenditure involved is not a case of concealment of income. ITAT deleted penalty u/s 271(1)(c) In a recent judgment, the ITAT Delhi has held that claim of expenditure involved is not a case of concealment of income. ITAT deleted penalty u/s 271(1)(c) ABCAUS Case Law Citation:ABCAUS …
Mere clubbing loan account with capital account can not be treated as unexplained income – ITAT In a recent judgment, the ITAT Visakhapatnam has held that mere clubbing loan account with capital account in order to present better statement of account can not be treating as unexplained income. …
Mere failure of creditor/ shareholder to appear no basis to make addition u/s 68 when assessee produced basic evidences – ITAT In a recent judgment, the ITAT Kolkata has set aside addition u/s 68 for fresh order without shifting onus upon assessee to produce the director of the …
Non-payment cannot be a ground for disallowing the claim of sub-contract expenses – ITAT In a recent judgment, the ITAT Indore has held that non-payment cannot be a ground for disallowing the claim of expenses accrued as sub-contractor was to be paid after realization of performance guarantee. ABCAUS …
Under peak theory, only peak cash deposit to be taxed instead of entire cash deposit in bank account – ITAT In a recent judgment, the ITAT Delhi has reduced addition of entire cash deposit holding that even as per the peak credit theory, instead of taxing the entire …