Category: Judgments
Chartered Accountants shall be guilty of misconduct on bringing disrepute to the profession whether or not related to his professional work – Supreme Court over rules Delhi High Court judgment ABCAUS Case Law Citation: ABCAUS 2648 (2018) (11) SC In 2016, the Hon’ble Delhi High Court had held …
When assessee invested entire capital gain in purchasing land to construct residential house, there cannot be any denial of exemption u/s 54 – ITAT ABCAUS Case Law Citation: ABCAUS 2647 (2018) (11) ITAT Important Case Laws Cited/relied upon: CIT v. Sardarmal Kothari (2008) 302 ITR 286 Mrs. Seetha …
Mere making a claim for set off of losses not furnishing inaccurate particulars of income as it was personal opinion with regard to income-tax – ITAT ABCAUS Case Law Citation: ABCAUS 2646 (2018) (11) ITAT Important Case Laws Cited/relied upon: CIT Vs. Reliance Petroproducts (P) Ltd. (2010) 322 …
Not disclosing accrued FDR interest payable on maturity was not Concealment. Penalty deleted as interest was payable on termination or on maturity ABCAUS Case Law Citation: ABCAUS 2645 (2018) (11) ITAT The instant appeal of the assessee was directed against the order of the Commissioner of Income Tax(Appeals) …
Revisionary order u/s 263 passed against dropping of penalty u/s 271(1)(c) after the expiry of limitation period as provided u/s 275 of the Act was invalid – ITAT ABCAUS Case Law Citation: ABCAUS 2644 (2018) (11) ITAT Important Case Laws Cited/relied upon: Toyota Motor Corporation reported in 306 …
Donations received by college were not capitation fee and generation of surplus did not render it ineligible for claiming exemption u/s 11 and 12 of the Act ABCAUS Case Law Citation: ABCAUS 2643 (2018) (11) ITAT Important Case Laws Cited/relied upon: CIT vs Pulikkal Medical Foundation Private Limited, …
Tax deduction by bank before close of financial year would not absolve penalty u/s 271C for non deduction of TDS if there was no reasonable cause to permit exemption u/s 273 B – High Court ABCAUS Case Law Citation: ABCAUS 2642 (2018) (11) HC The appellant bank had …
Foreign education expenses of director allowed as business expenditure u/s 37(1) being incurred in furtherance of assessee’s business interest ABCAUS Case Law Citation: ABCAUS 2641 (2018) (11) ITAT The appeal was filed by the assessee against the order of the Commissioner of Income Tax (Appeals) in inter alia …
Unrelated person unlikely to give false evidence to oblige the assessee, said ITAT deleting addition made for cash deposit on the strength of affidavit of lender. ABCAUS Case Law Citation: ABCAUS 2640 (2018) (11) ITAT Important Case Laws Cited/relied upon: Sonar Investment The appeal was filed by the …
Disallowance u/s 14A can not exceed exempt income – Supreme Court dismisses SLP of the Department against the judgment of Delhi High Court ABCAUS Case Law Citation: ABCAUS 2639 (2018) (11) SC Important Case Laws Cited/relied upon: Commissioner of Income Tax v. Joint Investment Pvt. Ltd. 372 ITR …