Category: Judgments
Denial of Registration u/s 12AB remanded for de novo consideration when notices were issued at very close intervals and hearing concluded within a very short span of time In a recent judgment, ITAT has quashed the order passed by CIT(E) denying Registration u/s 12AB as order was passed …
Revision u/s 263 was justified due to contradictory stand of assessee on credit card cash payments was left out of examination – ITAT ABCAUS Case Law Citation:ABCAUS 3802 (2023) (09) ITAT Important Case Laws relied upon by parties:CIT, Shimla Versus Greenworld Corporation 2009 181 Taxman 111 (SC)Mr. Jitendra …
Assessing Officer was wrong to disbelieve partnership rectification deed when stamp paper was issued on a prior date – ITAT ABCAUS Case Law Citation:ABCAUS 3801 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A)/NFAC in confirming the action of Assessing …
ITAT deleted addition for cash deposits in bank during demonetization period following CBDT Instruction that no addition to be made up to Rs. 2.50 lakhs ABCAUS Case Law Citation:ABCAUS 3800 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …
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 …
