Category: Judgments
Evidentiary value of a statement made on oath by the assessee to the income tax authority in survey proceedings u/s 133A of the Income Tax Act-High Court explains ABCAUS Case Law Citation:ABCAUS 3144 (2019) (09) HC Important case law relied upon by the parties:Paul Mathews and Sons v. …
Prosecution u/s 276B set aside as intention of company was to deposit TDS, but due to bad financial condition the same was not deposited in time but later on In a recent judgment, The Session Judge set aside the prosecution u/s 276B and sentence of Rs. 25 lakhs …
Interest awarded in motor accident claim cases from the date of the Claim Petition till passing of award/judgment not taxable, being not an income. ABCAUS Case Law Citation:ABCAUS 3142 (2019) (09) HC Important case law relied upon by the parties:Rama Bai and ors. vs. Commissioner of Income Tax, …
Principles of law and legal position regarding exercise of revisionary powers u/s 263. ITAT explains the twin conditions as laid down by Supreme Court/ High Courts ABCAUS Case Law Citation:ABCAUS 3141 (2019) (09) ITAT Important case law relied upon by the parties:Malabar Industrial Co. Ltd. vs. CIT, 243 …
Reopening for escaped FDR income upheld when in original assessment profits was estimated only on contract income ignoring interest income ABCAUS Case Law Citation:ABCAUS 3140 (2019) (09) ITAT Important case law relied upon by the parties:ACIT vs. Rajesh Jhaveri Stock Brokers P. Ltd.’ 2007 291 ITR 500Raymond Woolen …
Penalty u/s 271E deleted in the absence of proof /receipt acknowledging the repayment of loan in cash by the assessee. ABCAUS Case Law Citation:ABCAUS 3139 (2019) (09) ITAT In the instant case, the assessee had filed appeal against the order of the CIT(A) whereby he had confirmed levy …
When appeal from order of CESTAT lie before Supreme Court or to the High Court u/s 130E or 130 of Custom Act. Supreme Court explains the law ABCAUS Case Law Citation:ABCAUS 3138 (2019) (09) SC Important case law relied upon by the parties:Navin Chemicals Manufacturing & Trading Company …
Waiver of rent payable by tenant amounts to application of income and therefore taxable. It cannot be construed as overriding title – ITAT ABCAUS Case Law Citation:ABCAUS 3137 (2019) (09) ITAT The assessee had appealed against the order of the Commissioner of Income Tax (Appeals) in confirming the …
Remuneration paid to partners cannot be disallowed for want of registration of firm. There is no requirement that partnership firm should be registered under the Partnership Act. ABCAUS Case Law Citation:ABCAUS 3136 (2019) (09) ITAT The appeal of the assessee was directed against the order of the Commissioner …
Company filing complaints/petitions against various CAs in organised manner fined with Rs. One lakhs to discourage making litigation a business. ABCAUS Case Law Citation:ABCAUS 3135 (2019) (09) HC In the instant case, the petitioner was a private limited company. The petitioner had filed the petition, inter alia, impugning …
