Category: Judgments
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 …
Non deduction of TDS-Liability to pay interest even if deductee paid taxes. Under section 201(1A) liability of the deductor is absolute – ITAT ABCAUS Case Law Citation: ABCAUS 2472 (2018) 08 ITAT Important Case Laws Cited/referred: DIT vs. Jacabs Civil Incorporate In the instant appeal, the assessee had …
Provision for warranty allowable deduction if based on past events and reliable scientific estimate is made of future liability likely to be incurred ABCAUS Case Law Citation: ABCAUS 2471 (2018) 08 ITAT Important Case Laws Cited/relied upon by the parties: Rotork Controls India Pvt.Ltd In this appeal, the …
Income accumulation application allowed under rectification u/s 154 as assessment was not completed and there was only intimation u/s 143(1) ABCAUS Case Law Citation: ABCAUS 2470 (2018) 08 ITAT Important Case Laws Cited/relied upon by the parties: Bagalkot Town Development Authority v. CIT CIT Vs. Nagpur Hotel Owner’s …
Brought forward debit balance can not make assessment erroneous and prejudicial to the interest of the Revenue – ITAT quashes Revisionary Order ABCAUS Case Law Citation: ABCAUS 2469 (2018) 08 ITAT In this appeal, the assessee had challenged the correctness of the order of the Principal Commissioner of …
Moratorium u/s 14 of the Insolvency and Bankruptcy Code, 2016 not apply to a personal guarantor of a corporate debtor – Supreme Court ABCAUS Case Law Citation: ABCAUS 2467 (2018) 08 SC The instant appeal involved the question whether Section 14 of the Insolvency and Bankruptcy Code, 2016 …
Forfeiture of gratuity is not automatic on dismissal from service; it is subject to sub-Sections (5) and (6) of Section 4 of The Payment of Gratuity Act, 1972. The Act must prevail over the Rules framed by the employer – Supreme Court ABCAUS Case Law Citation: ABCAUS 2467 …
Compensation paid to retiring partner consequent to family settlement-Deduction allowed as capital of firm was kept intact and business was continued by other coparceners partners. ABCAUS Case Law Citation: ABCAUS 2466 (2018) 08 ITAT The instant appeal was filed by the assessee directed against CIT(A)’s order in sustaining …
Interest for late payment of service tax not penal in nature but only compensatory. ITAT deletes disallowance made under section 37 ABCAUS Case Law Citation: ABCAUS 2465 (2018) 08 The instant appeal was filed by the assessee directed against CIT(A)’s order in holding that the interest on delayed …