Category: ITAT
No Penalty u/s 271AAB unless undisclosed income found from seized material. Disclosure made in statement u/s 132(4) not sufficient to levy penalty ABACUS Case Law CitationABCAUS 3360 (2020) (08) ITAT Important case law relied upon by the parties:Ravi Mathur vs. DCITDinesh Kumar Agarwal vs. ACITRaja Ram Maheshwari vs. …
Penalty u/s 271(1)(c) upheld despite notice without striking off the not applicable charge as in penalty order AO specified the applicable limb ABACUS Case Law CitationABCAUS 3359 (2020) (08) ITAT Important case law relied upon by the parties:Shweta Construction Company Pvt. Ltd. vs. ITO,B. D. Mundra & Sons, …
Education cess & Secondary and Higher Education Cess are allowable deduction while computing income chargeable under the head of profits and gains of business or profession ABACUS Case Law CitationABCAUS 3358 (2020) (08) ITAT Important case law relied upon by the parties:Sesa Goa Ltd. vs. JCIT 117 taxmann.com …
Exemption u/s 54F for investment in name of wife allowed when non-jurisdictional High Courts had different opinions and no decision was from jurisdictional HC ABACUS Case Law CitationABCAUS 3357 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Podar Cement (P.) Ltd. 226 ITR 625(SC)Mysore …
Penalty 271(1)(b) deleted as assessee had furnished medical certificate of treatment for depression and AO did not bring anything against the evidences of ill-health. ABACUS Case Law CitationABCAUS 3354 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …
Filing Income Tax Form with scanned signature held only procedural defect and curable in nature. ITAT allowed Form 35A filed with DRP. ABACUS Case Law CitationABCAUS 3353 (2020) (08) ITAT Important case law relied upon by the parties:MSM Satellite (Singapore) Pvt. Ltd. vs. JDIT In the instant case, …
Delay in Appeal against TDS CPC order downloaded after two years condoned as the order was never served on assessee ABACUS Case Law CitationABCAUS 3352 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the late fee for …
No disallowance for bogus purchase when there is one to one reconciliation of purchase with sales – ITAT ABACUS Case Law CitationABCAUS 3349 (2020) (07) ITAT Important case law relied upon by the parties:Indian Woolen Carpet Factory v. ITAT (2003) 260 ITR 658 (Raj.) (HC)ITO vs. M/s. Super …
Mere TDS deduction not decisive factor to treat payment received as income of the assessee ABCAUS Case Law Citation:ABCAUS 3347 (2020) (07) ITAT Important case law relied upon by the parties:CIT vs. Panbari Tea Company Ltd. (1965) 57 ITR 422(SC)Win Chadha vs CIT (International Taxation)Sumati Dayal vs. CIT …
Cash withdrawal to be considered as source of cash deposited in bank after deduction for reasonable household expenses – ITAT ABCAUS Case Law Citation:ABCAUS 3346 (2020) (07) ITAT In the instant appeal, the assessee had challenged the order of CIT(A) in confirming addition made by the Assessing Officer …