Category: Judgments
Penalty u/s 271B deleted for frequent change of Managing Director resulting delay in statutory audit causing delay in audit u/s 44AB within stipulated period. ABCAUS Case Law Citation: ABCAUS 2967 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: Rajasthan Rajya Vidhyut Utpadan Nigam Ltd. vs. …
Allowing telescoping of surrendered income against bogus sundry creditors appearing in the books of accounts was wrong – ITAT ABCAUS Case Law Citation: ABCAUS 2966 (2019) (05) ITAT The instant appeal was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) in allowing …
Chartered flight travel by a charitable society enjoying tax benefit was an unreasonable expenditure. ITAT confirms addition for want of justification ABCAUS Case Law Citation:ABCAUS 2965 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties:Chiranjiv Charitable TrustIndraprastha Cancer Society 229 Taxmann 93 (Del)Lissie medical institutions vs. …
Interest Income paid on Interest Bearing Maintenance Security by Resident Welfare Association held to be allowable expenditure u/s 57(iii) ABCAUS Case Law Citation: ABCAUS 2964 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: Belaire Condominium Association vs. ITO Bangalore Club vs. CIT 350 ITR 509. …
Meager or nil income of the lender no reason to make addition u/s 68 as bogus enty. Income may be a good reason for examining source but certainly not conclusive. ABCAUS Case Law Citation: ABCAUS 2963 (2019) (05) ITAT In the instant appeal filed by the Revenue before …
Salary earned for services rendered abroad by non resident not taxable in India treating it as accrued or arisen in India only because it was received in India ABCAUS Case Law Citation: ABCAUS 2962 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: Utanka Roy vs. …
High Court declined to direct Director Investigation when petitioner was attempting to use the Court as a platform to settle his personal score ABCAUS Case Law Citation: ABCAUS 2961 (2019) (05) HC In the instant case the Petitioner had filed a Writ Petition before the Hon’ble High Court. …
Penalty u/s 271(1)(c) on account of deemed dividend addition u/s 2(22)(e) deleted. Penalty cannot be imposed in a debatable issue where assessee had furnished complete details of the transaction. ABCAUS Case Law Citation: ABCAUS 2960 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: James vs. …
Disallowance u/s 40A(3) for cash payment to agents for onward disbursement towards various expenses set aside. ITAT remands case for verification ABCAUS Case Law Citation: ABCAUS 2959 (2019) (05) ITAT The appellant assessee was aggrieved by the decision rendered by CIT(A) confirming the addition made by the AO …
ITAT accepted explanation for cash deposits in bank account as there were only cash deposits in bank account and no visible sign of any business transactions ABCAUS Case Law Citation: ABCAUS 2958 (2019) (05) ITAT The only effective issue raised in the instant appeal was against the confirmation …