Category: Judgments
Interest income earned on fixed deposits of Clubs are taxable under Section 2(24) of the Income Tax Act and principle of mutuality does not apply to them – SC ABCAUS Case Law Citation:ABCAUS 3793 (2023) (08) SC Important Case Laws relied upon:Bangalore Club vs. Commissioner of Income Tax, …
Service Tax show cause was illegal as classification of services mentioned was completely erroneous – Supreme Court In a recent judgment the Supreme Court has held a service tax show cause notice illegal as the classification of services mentioned in it was completely erroneous. ABCAUS Case Law Citation:ABCAUS …
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. …
Income Tax Act provides complete machinery for assessment/reassessment of tax, assessee is not permitted to abandon that machinery and invoke jurisdiction of High Court under Article 226 ABCAUS Case Law Citation:ABCAUS 3790 (2023) (08) SC Important Case Laws relied upon:Gurinder Mohan Singh Nindrajog v. Commission of Income Tax, …
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 …
Only five days time allowed to reply questionnaire was not sufficient opportunity. ITAT deletes penalty u/s 272A(1)(d) of the Income Tax Act, 1961 ABCAUS Case Law Citation:ABCAUS 3786 (2023) (08) ITAT In the instant case, the assessee had challenged the order passed by the Commissioner of Income Tax …
Before notice to director for recovery u/s 179, Revenue must establish recovery cannot be made from Private Company – SC dismisses SLP ABCAUS Case Law Citation:ABCAUS 3785 (2023) (07) SC Important Case Laws relied upon:Vanraj V. Shah vrs. Dy. Commissioner of Income Tax and anotherUnion of India Vrs. …
Benefit of cash deposit up to 2.50 lacs for demonetisation period not available separately for household earnings of non taxpayer wife ABCAUS Case Law Citation:ABCAUS 3784 (2023) (07) ITAT In the instant case, the appeal was preferred by the assessee against the order passed by the passed by …
