Category: Judgments
Consent for transfer of jurisdiction u/s 127 of the assessee must be given by the appropriate authority not by a authority subordinate to him – High Court In a recent judgment, the Hon’ble Allahabad High Court consent for transfer of jurisdiction u/s 127 of the assessee must be …
Penalty u/s 272A(1)(d) deleted as notices gave assessee only two hours time to comply and that too on a public holiday i.e. Sunday In a recent judgment, the Hon’ble ITAT has deleted the Penalty u/s 272A(1)(d) for non compliance of notices, as notices were issued on Sunday and …
Digital Evidence Investigation Manual of CBDT is mandatory to be followed by ITD while conducting search and seizure and it is not optional – High Court In a recent judgment, the Hon’ble High Court has held that it is mandatory for the ITD to follow the Digital Evidence …
Income earned from property if business income or income from house property primarily depends upon the objects / main business of the assessee – ITAT In a recent judgment, the Hon’ble ITAT has set aside revisionary order u/s 263 and held that Assessing Officer was not justified in …
Retracting from income offered during survey and challenging non opportunity of cross examination at assessment stage – upheld In a recent judgment, the Hon’ble Supreme Court declined to interfere with the judgment of High Court which upheld the ITAT order where non opportunity of cross examination during assessment …
Valuation of closing stock is revenue neutral – ITAT deleted addition on account of valuation of stock In a recent judgment, ITAT has held that valuation of closing stock is revenue neutral. Even if it is enhanced for the year under consideration the same will reduce the profit …
Disallowance towards land filling expenses was right as except contractor bills no other evidence was produced – ITAT In a recent judgment, ITAT has confirmed the disallowance towards land filling expenses as except contractor bills no other evidence was produced showing how the property was made beneficial with …
Assessee was liable to pay penalty u/s 272A(1)(d) on the first default as thereafter, the AO could have proceeded to frame an ex-parte order – ITAT In a recent judgment, ITAT has deleted the penalty u/s 272A(1)(d) for multiple default in non-compliance to the notice holding that assessee …
Income tax prosecution u/s 276CC where assessee filed belated return under section 139(4) – Allahabad High Court admits application In a recent judgment, the Hon’ble Allahabad High Court has admitted an application contending that where assessee had filed return of income under Section 139(4) of the Income Tax …
Assessment order has to be read as it is and there is no scope for drawing any inference or reading between the lines of an assessment order – ITAT In a recent judgment, the ITAT set aside the revisonary order u/s 263 holding that Assessment order has to …