Category: ITAT

Penalty u/s 272A(1)(d) deleted as counsel misled by filing inaccurate return and not informed of assessment and penalty notices  ABCAUS Case Law Citation:ABCAUS 3750 (2023) (05) ITAT Important Case Laws relied upon:Triumph International Finance India Ltd vs DCIT  In the instant case, the assessee had challenged the order …

Gain on sale of fixed assets was not taxable under income tax act as sale consideration was reduced from block of assets ABCAUS Case Law Citation:ABCAUS 3749 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition …

Exemption u/s 54B denied for investment in agricultural land made in the name of wife. ITAT followed decision of jurisdictional High Court ABCAUS Case Law Citation:ABCAUS 3748 (2023) (05) ITAT Important Case Laws relied uponCIT vs Dinesh Verma 60 taxmann.com 461 (P&H)Commissioner of Income Tax Vs Vegetable Products …

Income Tax relief u/s 90 for tax paid in a foreign country can not be denied for mere delay in filing Form No. 67 as the provision not mandatory but directory- ITAT  ABCAUS Case Law Citation:ABCAUS 3747 (2023) (05) ITAT Important Case Laws relied upon:Hertz Software India (P.) …

Merely because assessee accepted disallowance made by Assessing Officer, it cannot automatically lead to conclusion that assessee under reported income under Section 270A – ITAT  ABCAUS Case Law Citation:ABCAUS 3746 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in …

Disallowance u/s 50C can not be made by CPC by adjustment u/s 143(1) as it infringes statutory right of objection provided in section 50C – ITAT ABCAUS Case Law Citation:ABCAUS 3745 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

There is no provision in the Income Tax Act to tax the difference between value of jewellery declared and jewellery found in search as deemed sale ABCAUS Case Law Citation:ABCAUS 3744 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

Deduction u/s 35(2AB) allowed as Form 3CL was issued late by the competent authority . Form 3CL issued by competent authority can not be ignored – ITAT  ABCAUS Case Law Citation:ABCAUS 3743 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the …

Power of revision u/s 263 cannot be exercised to collect more taxes by bringing income within the ambit of Sections 68/ 69 etc. and applying higher tax rate u/s 115BBE. ABCAUS Case Law Citation:ABCAUS 3741 (2023) (05) ITAT Important Case Laws relied upon:PCIT vs. Deccan Jewellera (P) Ltd. …

Late fee u/s 234F for delay in filing of ITR deleted as CPC erred in considering due date applicable to the partner assessee ABCAUS Case Law Citation:ABCAUS 3740 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) NFAC in confirming …