Category: ITAT
Appeal lies before the CIT-A against intimation u/s 143(1) by CPC. There is no requirement in law to approach CPC for rectification of intimation u/s 143(1), if assessee is aggrieved by the order and denies his liability computed ABCAUS Case Law Citation:ABCAUS 3219 (2020) (01) ITAT In the …
It is a settled position of law that while granting registration u/s 12AA CIT (Exemptions) is required to examine the objects of the assessee. If objects are charitable in nature, registration should be granted to the assessee. ABCAUS Case Law Citation:ABCAUS 3218A (2020) (01) ITAT In the instant …
Under mercantile system of accounting interest payable is equal to paid. ITAT deleted disallowance on the ground that interest was not paid during the year ABCAUS Case Law Citation:ABCAUS 3218 (2019) (01) ITAT Important case law relied upon by the parties:Taparia Tools Ltd. vs. JCIT Nasik In the …
Genuine expenses wrongly claimed as deduction not attract penalty u/s 271(1)(c) for furnishing the inaccurate particular of income ABCAUS Case Law Citation:ABCAUS 3217 (2019) (01) ITAT Important case law relied upon by the parties:CIT V/s Zoom Communications Limited 327ITR 510CIT Vs. Reliance Petro Products Ltd reported in 322 …
No Penalty u/s 271B where assessee under bona-fide belief failed to get accounts audited u/s 44AB despite turnover exceeding threshold for sale/purchase of shares ABCAUS Case Law Citation:ABCAUS 3216 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against …
Notice for initiation of complete scrutiny assessment proceeding prior to receipt of approval by Pr. CIT i.e. in anticipation of approval is invalid ABCAUS Case Law Citation:ABCAUS 3214 (2019) (01) ITAT Important case law relied upon by the parties:M/s. CBS International Projects Pvt. Ltd vs CIT In the …
Claim of exemption u/s 10 for agricultural land not liable to penalty u/s 271(1)(c). ITAT directed Assessing Officer to delete the penalty. ABCAUS Case Law Citation:ABCAUS 3214 (2019) (01) ITAT Important case law relied upon by the parties:Shri Prakash Raj Bhansali vs ITO In the instant case, an …
Additions agreed during assessment proceedings can be challenged in appeal when assessee itself not made disallowance in return of income ABCAUS Case Law Citation:ABCAUS 3213 (2020) (01) ITAT Important case law relied upon by the parties:CIT vs. Everest Kento Cylinders Ltd (2015)(58 taxmann.com 254)(378 ITR 57), In the …
Partners remuneration / interest on capital allowable from estimated profit. ITAT allows deductions following decision of Jurisdictional High Court ABCAUS Case Law Citation:ABCAUS 3212 (2019) (12) ITAT Important case law relied upon by the parties:Vijay Constructions 213 CTR 105M/s B. Durga Reddy & Co.M/s. K. Venkata Raju, Rajahmundry …
No merit in holding that estimated addition has to be made on account of fall in gross profit rate. ITAT deleted addition ABCAUS Case Law Citation:ABCAUS 3211 (2019) (12) ITAT In the instant case, appeal was filed by assessee against the order of CIT(A) on the issue of …