Category: ITAT
Deduction u/s 54 allowed for property purchased from wife by General Power of Attorney as transfer of immovable property by a General Power of Attorney constitute transfer of capital asset. ABCAUS Case Law Citation: ABCAUS 2594 (2018) (10) ITAT The appellant assessee’s appeal was directed against the order passed …
Expenses of little amounts inherently have some element of personal nature – ITAT upheld 10% disallowance of community and social expenses ABCAUS Case Law Citation: ABCAUS 2593 (2018) (10) ITAT The present appeal was preferred by the appellant assessee against the order of the Commissioner of Income Tax …
Under section 71 assessee have option to set off losses against capital gains and the set off is not mandatory as revealed by legislative history – ITAT ABCAUS Case Law Citation: ABCAUS 2592 (2018) (10) ITAT Important Case Laws Cited/relied upon: Coated Fabrics (P) Ltd. vs JCIT’ 285 …
Assessee’s explanation may not be sufficient for deleting addition on merit, however, in penalty proceedings it deserves to be accepted – ITAT deletes concealment penalty imposed for addition made due to unserved summons on debtors ABCAUS Case Law Citation: ABCAUS 2591 (2018) (10) ITAT The instant appeal was …
CPC intimation treated as original notice of demand u/s 156 for filing appeal. CIT(A) rejected appeal as defective but ITAT remanded the matter ABCAUS Case Law Citation: ABCAUS 2589 (2018) (10) ITAT The instant appeal was filed by the assessee against the order of CIT(A) in rejecting the …
Closing debit balance of directors current account not deemed dividend u/s 2(22)(e) if no fresh loan/advance was given during the year – ITAT ABCAUS Case Law Citation: ABCAUS 2584 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT v. K. Srinivasan 59 ITR 788 (Mad.) …
CIT-Appeals is not Assessing Officer hence can not initiate or levy penalty. The enhancement of penalty u/s 271AAA by CIT-A held not sustainable ABCAUS Case Law Citation: ABCAUS 2583 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT versus Mrs. Ritu Singhal 403 ITR 97 …
Assessment order u/s 153C will supersede an earlier order passed u/s 143(3). ITAT allowed the additional ground raised and restored the issue to the file of Assessing Officer ABCAUS Case Law Citation: ABCAUS 2582 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. Anil …
Non service of notice-affidavit of director cannot be brushed aside lightly. ITAT remands the issue to Assessing Officer to decide afresh ABCAUS Case Law Citation: ABCAUS 2581 (2018) (10) ITAT The assessee had filed an appeal against the order of CIT(A) in confirming the disallowance made by the …
Disallowance For prepaid insurance expenses set aside on the principle of consistency where incurrence of expenditure for the purposes of business was not disputed ABCAUS Case Law Citation: ABCAUS 2580 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: ACIT vs. Shri Satish Sehrawa CIT Vs. …