Category: Judgments
Depreciation claimed on land was not sheer mistake. High Court upheld sentence u/s 276C/277 of the Income Tax Act, 1961 ABCAUS Case Law Citation: ABCAUS 2137 (2017) (12) HC The Challenge/Grievance: The Petitioner company had filed a Criminal Revision petition u/s 397 of the Code of Criminal Procedure, …
Transfer of capital from proprietorship to partnership was not reconstruction u/s 10AA, dis entitling the assessee firm the benefit of exemption-High Court ABCAUS Case Law Citation: ABCAUS 2136 (2017) (11) HC The Revenue has filed two appeals assailing the judgment and order of the Tribunal whereby tribunal had dismissed …
It is for assessee to decide how to utilize loan in business, Court not to substitute its opinion over his view for the investment made-High Court ABCAUS Case Law Citation: ABCAUS 2135 (2017) (11) HC The Revenue had filed two appeals challenging the judgment and order of …
No addition for inflated statement of stock submitted to banker when no discrepancy was found in physical verification and books of account-High Court uphelds ITAT Decision ABCAUS Case Law Citation: ABCAUS 2134 (2017) (11) HC The appellant assessee was a sole proprietor involved in the business of …
Statements made by stranger-third party in search case unless connected or corroborated could not be attributed to or lead to adverse consequences-HC ABCAUS Case Law Citation: ABCAUS 2133 (2017) (11) HC A search assessment was completed in respect of a group whose premises were subjected to search and …
CBDT Instruction of tax effect applies to pending appeals also subject to the two caveats provided in Surya Herbal Ltd. Case – Supreme Court ABCAUS Case Law Citation:ABCAUS 2132 (2017) (11) SC In a recent judgment the Hon’ble Supreme Court had held that CBDT cannot issue circular with …
Section 80-IC deduction unavailable on fixed deposit interest–High Court. The benefit is available only for carrying on business mentioned in sub-section (2) and profits and gains derived therefrom. ABCAUS Case Law Citation: ABCAUS 2131 (2017) (11) HC The Challenge/Grievance: The appellant assessee was aggrieved by the judgment …
Reopening for overlooking transactions with associated enterprises and not referring them to TPO for computation of at arms’ length income was not change of opinion – High Court ABCAUS Case Law Citation: ABCAUS 2130 (2017) (11) HC The petitioner company was incorporated in the United Kingdom and …
High Court bans CA for one year for connivance in anti-dated stock invests issued by Bank and irregular share allotment on the complaint of SEBI ABCAUS Case Law Citation: ABCAUS 2129 (2017) (11) HC In a recent judgment, the Hon’ble high Court in a case involving allegation of …
Change in closing stock to include VAT-Excise us 145A required corresponding adjustments for opening stock, Payment of Excise and VAT out of Cash/Bank but not debited in P & L Account – ITAT ABCAUS Case Law Citation: ABCAUS 2128 (2017) (11) ITAT The Assessing Officer (AO) noted …
