Category: Judgments
Merely cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future. ITAT upheld additions u/s 69. ABCAUS Case Law Citation:ABCAUS 2681 (2018) (12) ITAT Important Case Laws Cited/relied upon: The instant appeal had been filed by the assessee against …
AO should examined return of income and carry out initial investigation before coming to the conclusion that income has escaped assessment – ITAT ABCAUS Case Law Citation:ABCAUS 2680 (2018) (12) ITAT Important Case Laws Cited/relied upon:M/s. Allied Gems CorporationPCIT v/s M/s Shodiman Investments P Ltd.Narain Dutt Sharma v. …
Not providing certified copy of penalty order was reasonable basis for seeking condonation of delay in filing the appeal before the CIT(A) ABCAUS Case Law Citation:ABCAUS 2679 (2018) (12) ITAT This appeal was filed by the assessee against the order of CIT(A) wherein the appeal of the assessee …
Penalty U/s 271(1)(c)-Unspecified charge in notice can be made good with a clear-cut finding in penalty order – ITAT explains Law on non-striking off clauses in Notice u/s 274 ABCAUS Case Law Citation:ABCAUS 2678 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT vs. SSA’S Emerald Meadows (2016) 242 …
Prosecution 276C(2) – Evasion of tax vs evasion of payment of tax. High Court quashed prosecution when ITAT reduced income and there was no indifference on the part of assessee to pay demanded tax ABCAUS Case Law Citation:ABCAUS 2677 (2018) (12) HC Important Case Laws Cited/relied upon:Commissioner of …
Re-assessment order passed in violation of guidelines laid down by the Supreme court in the case of GKN Driveshaft Ltd. is bad in law- ITAT ABCAUS Case Law Citation:ABCAUS 2676 (2018) (12) ITAT Important Case Laws Cited/relied upon:GKN Driveshaft (India) Ltd. Vs ITO, 259 ITR 19 PCIT vs …
DVO Report based on mere estimate not sufficient information for the purpose of reopening assessment u/s 147. ITAT deleted addition u/s 69 ABCAUS Case Law Citation:ABCAUS 2675 (2018) (12) ITAT Important Case Laws Cited/relied upon:ACIT vs. Dhariya Construction Co. (2010) 328 ITR 515 (SC) ITO vs. Santosh Kumar …
Motor car purchased by cash gift from wife and mother-ITAT upheld addition for unexplained cash as mere filing confirmations not sufficient to prove creditworthiness and genuineness of the transaction. ABCAUS Case Law Citation:ABCAUS 2674 (2018) (12) ITAT Important Case Laws Cited/relied upon:Bharati Pvt. Ltd., 111 ITR 951United Commercial …
Interest on FDRs-deduction of Interest paid on unsecured loans taken to make investment in bank FDRs allowed u/s 57(iii) in view of the clear nexus. ABCAUS Case Law Citation:ABCAUS 2673 (2018) (12) ITAT Important Case Laws Cited/reliedupon:CITvs. V.P. Gopinathan (2001) 248 ITR 449 (SC) The appeal by the …
No entity could earn gross receipts, only profit embedded to be treated as income. ITAT upholds the order of CIT(A) as appreciating the controversy in right perspective ABCAUS Case Law Citation:ABCAUS 2672 (2018) (12) ITAT Important Case Laws Cited / relied upon:Commissioner of Income Tax Vs. President industries …