Category: ITAT
Bogus purchases additions not based on average GP or NP declared by the assessee in preceding years or some reasonable or proper criteria deleted by ITAT ABCAUS Case Law Citation:ABCAUS 3071 (2019) (07) ITAT This appeal by the assessee was directed against the order of the CIT (A) …
Depreciation and provision for maintenance on BOT project allowable. ITAT distinguished decision of Bombay High Court & held in assessee’s favour ABCAUS Case Law Citation:ABCAUS 3070 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Progressive Constructions Ltd, reported in (2018) 161 DTR 289Ashoka Infrastructure Ltd vs. …
Corporate membership of club of Managing Director (MD) of the company allowed as incurred wholly and exclusively for the purpose of business of the assessee company ABCAUS Case Law Citation:ABCAUS 3068 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Ankit Metal & Power Ltd vs Addl …
Assessee should maintain accounts pertaining to entire agriculture activity to substantiate the claim of agriculture income – ITAT ABCAUS Case Law Citation:ABCAUS 3067 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Smt. Prem Sundari vs. CIT The present appeal was filed by the assessee against the …
CIT cannot direct AO u/s 263 to decide whether the findings recorded are erroneous without his own clear finding that the order is erroneous and how that is so. ABCAUS Case Law Citation:ABCAUS 3066 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Contimeters Electrical Pvt. Ltd. …
Deemed dividend u/s 2(22)(e) applies only to net debit balance of advances in all accounts where assessee is maintaining multiple accounts with the same company ABCAUS Case Law Citation:ABCAUS 3065 (2019) (07) ITAT In the instant appeal had been filed by the assessee against the order of the …
Section 54F exemption not require that land on which construction of property is made must be owned by the assessee. Land and super structure are two different assets ABCAUS Case Law Citation:ABCAUS 3064 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Shri Ganesh Chawla vs. ACIT …
Arm’s length rate of interest is the rate prevalent in country of AEs where loan is received/consumed and not the country whose enterprise advances loans ABCAUS Case Law Citation: ABCAUS 3063 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. Tata Autocomp Systems Ltd. …
Capacity Utilization Adjustment in transfer pricing allowed for early years of operation where comparables had on average higher utilization ABCAUS Case Law Citation: ABCAUS 3062 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: Global Vantedge (P) Ltd. Vs. DCIT E-Gain Communications Pvt. Ltd. 118 TTJ …
Concealment penalty on filing revised return after enquiry by Investigation Wing deleted as revised return was within the stipulated period prescribed u/s 139(5) ABCAUS Case Law Citation:ABCAUS 3061 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:CIT Vs. Kulwant Singh’ (2019) 104 Taxmann.com 340 The instant …