Category: ITAT

Addition for cash deposit in bank set aside where AO accepted the turnover under presumptive taxation ABCAUS Case Law CitationABCAUS 3584 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition on account of unexplained cash deposited …

Reassessment proceedings without sending Inspector to serve notice personally or by affixture where notice served by speed post was returned by Postal Authorities ABCAUS Case Law CitationABCAUS 3583 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the …

Debit entries should also be considered for cash credit entries u/s 68. Credit entries cannot be looked into isolation ignoring debit entries. ABCAUS Case Law CitationABCAUS 3581 (2022) (02) ITAT Important case law relied referred:CIT Vs. Rohini builders 256 ITR 36 In the instant case, the assessee had …

TDS not applicable on payment of bank guarantee commission to bank listed in second schedule to RBI Act as there is no element of agency  ABCAUS Case Law CitationABCAUS 3580 (2022) (02) ITAT Important case law relied referred:Kotak Securities Ltd. Vs. DCIT 18 taxmann.com 48 (Mum.) TDS not …

Rejection of books due to admission of assessee being bogus accommodation entry provider is quiet correct – ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the addition on bogus transaction of the assessee. ABCAUS Case Law CitationABCAUS 3579 (2022) …

Education cess not a disallowable expenditure u/s 40(a)(ii) as the amendment proposed by Finance Bill 2022 is yet to take effect – ITAT ABCAUS Case Law CitationABCAUS 3578 (2022) (02) ITAT Important case law relied referred:DCM  Shriram  Ltd.Chambal Fertilisers and Chemicals Ltd.Sesa Goa LimitedSicpa India Private Ltd.Philips India …

Receipts from transfer of the Carbon Credits are capital in nature and not are chargeable to tax. In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming in upholding that the receipt from transfer of Carbon Emission Reduction (“CER”) is perquisite under …

No addition u/s 68 for unsecured loan taken without payment of interest where assessee furnished name, address, PAN and transaction was routed through banking channels. ABCAUS Case Law Citation ABCAUS 3576 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

Reasons to believe escapement of income should be for the same assessment Year. Reasons recorded for earlier years can not be the basis – ITAT In a recent judgment, the ITAT has held that reasons to believe escapement of income u/s 148 should be for the very assessment …

Cash deposits by CA stated to be trading income added as unexplained income u/s 68 as ICAI does not allow CAs to do any business activity ABCAUS Case Law CitationABCAUS 3574 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …