Category: Judgments
Disallowance of interest on partner’s capital u/s 40(b) restricted to net advances out of interest bearing funds ABCAUS Case Law CitationABCAUS 3503 (2021) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in deleting the addition made by the Assessing Officer …
Sale of property was long term capital gain as assessee held it from the date of advance payment and balance payment was only a follow up action ABCAUS Case Law CitationABCAUS 3502 (2021) (05) ITAT Important case law relied referredCIT vs A Suresh Rao 223 Taxmann 228 (Kar)Principal …
Supreme Court struck down West Bengal Housing Industry Regulation Act 2017 (HIRA) as unconstitutional being repugnant to the RERA ABCAUS Case Law CitationABCAUS 3501 (2021) (05) SC Important case law relied referred:Tika Ramji vs State of UP 1956 SCR 393ITC Ltd. vs Agricultural Produce Market Committee (2002) 9 …
No arrest under GST Act on purchase of goods against fake invoice unless purchaser took benefit of fake or bogus invoice, e-way bill etc. issued by dealer or he had acted in collusion with it. ABCAUS Case Law CitationABCAUS 3500 (2021) (05) HC In this case anticipatory bail …
Deduction u/s 80-IA of the Income Tax Act not limited to head ‘business income’ only. – Supreme Court. Sub section (5) limited to determination of quantum treating ‘eligible business’ as only source of income. ABCAUS Case Law CitationABCAUS 3499 (2021) (04) SC Important case law relied referred:Cloth Traders …
SC restores order extending limitation period till further orders for all judicial or quasi-judicial proceedings. Earlier, in 2020, the Supreme Court took suo motu cognizance of the situation arising out of COVID-19 Virus and passed order to direct that the period of limitation in filing petitions/ applications/ suits/ appeals/ …
Liability to pay creditors does not ceases merely because assessee could not furnish confirmation of one creditor out of several parties ABCAUS Case Law CitationABCAUS 3498 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition u/s 41(1) …
Software engineer in a software industry is a workman for the purpose of deduction u/s 80JJAA so long as it does not discharge any supervisory role. It is not required that workman works for entire 300 days in a previous year ABCAUS Case Law CitationABCAUS 3497 (2021) (04) …
Mandatory provisions of Section 153C must be followed before proceeding where AO is same for person searched and third party ABCAUS Case Law CitationABCAUS 3496 (2021) (04) ITAT Important case law relied referred:CIT vs. RRJ Securities Pvt. Ltd. 380 ITR 612 (Del.) (HC)CIT vs. Swar Agencies 397 ITR …
Section 115BBC is silent unlike section 68 which casts obligation on assessee to explain amount credited to the satisfaction of Assessing Officer. ABCAUS Case Law CitationABCAUS 3495 (2021) (04) ITAT Important case law relied referred:CIT vs. Shree Shiv Vankeshwar Educational & Social Welfare TrustITO (Exemption) vs. Shri Narain …
