Category: ITAT

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) …

Presumption that donors have meagre source of income because they are agriculturists may not be appropriate – ITAT ABCAUS Case Law CitationABCAUS 3573 (2022) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in upholding the addition made by the CIT(A) …

Receipts for carrying out warehouse operations as per the terms of agreement was not rental income but were business receipts ABCAUS Case Law CitationABCAUS 3572 (2022) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition by adopting …

Passing of order giving effect to appellate order if time barred, original assessment order would stand and assessee would be in much worst position if relief was provided in appeal. ABCAUS Case Law CitationABCAUS 3571 (2022) (01) ITAT In the instant case, the assessee had challenged the order …