Category: Judgments
High Court stays penalty proceedings during pendency of petition u/s 264 filed before Commissioner of Income Tax ABCAUS Case Law Citation: ABCAUS 2482 (2018) 08 HC The instant petition was filed by assessee against the impugned penalty notice issued by the Assessing Officer (AO) under Section 221(1) of …
Capital gain Exemption u/s 54 can not be denied for new property purchased in joint names of self wife & daughter when the amount was actually invested-ITAT ABCAUS Case Law Citation: ABCAUS 2481 (2018) 08 ITAT Important Case Laws Cited/relied upon: CIT vs. Kamal Wahal (2013) 351 ITR …
Date of Agreement to purchase taken as date of acquisition for grant of exemption u/s 54F. Section 2(47) not stipulates registration as mandatory condition ABCAUS Case Law Citation: ABCAUS 2480 (2018) 08 ITAT Important Case Laws Cited/relied upon: Poddar Cement 225 1TR 675 and Mysore Minerals 275ITR 775. …
In application for setting aside arbitral award, cross examination / Trial of persons swearing to affidavits should not be allowed unless absolutely necessary – Supreme Court ABCAUS Case Law Citation: ABCAUS 2479 (2018) 08 SC Important Case Laws Cited/relied upon: Indus Mobile Distribution Pvt. Ltd. v. Datawind Innovations …
Share Capital/Premium can not be regarded as undisclosed income. High Court deleted addition made for share premium u/s 68 ABCAUS Case Law Citation: ABCAUS 2478 (2018) 08 HC Important Case Laws Cited/relied upon: Commissioner of Income Tax v. Electro Polychem Ltd. (2007) 294 ITR 661, Commissioner of Income …
Procedure for valuation of inventory from tag price during survey u/s 133A-Cost price has to be determined and due deduction to be given towards direct expenses – ITAT ABCAUS Case Law Citation: ABCAUS 2477 (2018) 08 ITAT Important Case Laws Cited/relied upon: CIT v. S. Khader Khan Son, …
Payments made by University to affiliated colleges for conducting examinations in different centres were reimbursement and not fee for technical services u/s 194J – ITAT ABCAUS Case Law Citation: ABCAUS 2476 (2018) 08 ITAT The instant appeal was filed by the assessee against the order of Commissioner of …
The jurisdiction cannot be challenged after expiry of time limit prescribed u/s 124(3). The challenge to jurisdiction is different from challenge to transfer of jurisdiction – ITAT ABCAUS Case Law Citation: ABCAUS 2475 (2018) 08 ITAT The instant appeal was filed by the assessee against the order of …
AO was not justified in applying accounting method followed by a different assessee and rejecting Percentage of completion method consistently applied which had been accepted by Revenue in past- ITAT ABCAUS Case Law Citation: ABCAUS 2474 (2018) 08 ITAT Important Case Laws Cited/relied upon: Investment Ltd V/s CIT …
High court orders inquiry for manipulation of reasons to believe and role of the AO. Recommends strict disciplinary action for playing a subterfuge by back dating the records ABCAUS Case Law Citation: ABCAUS 2473 (2018) 08 HC Important Case Laws Cited/relied upon by the parties: Haryana Acrylic Manufacturing …