Category: ITAT
Issue of bonus shares not taxable. ITAT deleted addition made u/s 56(2)(vii)(c) of the Income Tax Act 1961 In a recent judgment, ITAT has held that issue of bonus shares is not taxable u/s 56(2)(vii)(c) as income from other sources ABCAUS Case Law Citation:ABCAUS 3799 (2023) (09) ITAT …
Excess stock of gold found during survey cannot be isolated with regular stock in trade to be treated unexplained investment and taxed u/s 69B – ITAT ABCAUS Case Law Citation:ABCAUS 3798 (2023) (09) ITAT Important Case Laws relied upon by parties:M/s. SVS Oil Mills vs ACIT 418 ITR …
Margin of profits in Arhat business is not strictly comparable with previous years unlike other business ventures. It depends upon agricultural produce which overwhelmingly depends upon vagaries of climate variability and also demand and supply. ABCAUS Case Law Citation:ABCAUS 3797 (2023) (09) ITAT In the instant case, the …
ITAT allows profits from sale of plots earlier converted into stock in trade as capital gain with indexation benefit ABCAUS Case Law Citation:ABCAUS 3796 (2023) (08) ITAT Important Case Laws relied upon:P.M. Mohammed Meerakhan vs. CIT (1969) 73 ITR 735 In the instant case, the Income Tax Department …
Redemption of ULIP not exempt u/s 10(10D) taxable as capital gains not income from other sources, ITAT allows benefit of indexation ABCAUS Case Law Citation:ABCAUS 3795 (2023) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the addition made …
ITAT refused to admit additional evidence when were available with assessee before the completion of the assessment and no reasons was given as to why those were not filed before AO or CIT(A). ABCAUS Case Law Citation:ABCAUS 3794 (2023) (08) ITAT In the instant case, the assessee had …
Consideration used in section 48 does not have any reference to market value but only to consideration referred to in sale deeds as sale price of assets ABCAUS Case Law Citation:ABCAUS 3791 (2023) (08) ITAT Important Case Laws relied upon:Commissioner of Income tax vs Gillanders Arbuthnot & Co. …
Tax on maturity of High Premium insurance policy to be on sum received minus premium paid though TDS u/s 194DA is contemplated on the gross Amount paid – ITAT ABCAUS Case Law Citation:ABCAUS 3789 (2023) (08) ITAT In the instant case, the assessee had challenged the order passed …
When there is no other/separate source of income identified during the course of survey or during the course of assessment proceedings, any income arising to the assessee shall be treated to be out of the normal business of the assessee only ABCAUS Case Law Citation:ABCAUS 3788 (2023) (08) …
Addition for cash payments made to builder for purchase of residential house – ITAT deletes addition for want of any clinching evidence ABCAUS Case Law Citation:ABCAUS 3787 (2023) (08) ITAT Important Case Laws relied upon:Dinesh Kumar Goyal vs. UOI & Others 453 ITR 535Laxmi Narain Agency vs. Income …
