Category: Judgments

Mere non-payment of service tax was not suppression of material facts for invoking extended period of limitation under proviso to Section 73 (1) of the Finance Act-High Court   ABCAUS Case Law Citation: ABCAUS 2097 (2017) (10) HC Important Case Laws Cited/relied upon by the parties: P.C. Poulose …

Non speculative business loss can be set off against profits of any business including speculative business carried on by assessee – High Court  ABCAUS Case Law Citation: ABCAUS 2096 (2017) (10) HC The Challenge/Grievance: This instant Income Tax Appeal was filed under Section 260(A) of the Income Tax …

Affidavit of assessee not accepted as it was signed by some one else on behalf of the assessee and not by the assessee himself. High Court found no illegality in ITAT order.   ABCAUS Case Law Citation: ABCAUS 2095 (2017) (10) HC The Challenge/Grievance: This instant Income Tax …

ICAI Council had no record of oral discussions in forming prima facie opinion of misconduct against CA. However, Petition of CAs rejected on legal ground of res judicata.   ABCAUS Case Law Citation: ABCAUS 2094 (2017) (10) HC Brief Facts of the Case: The petitioners were chartered accountants …

Supreme Court explains the concept of income tax on Joint development agreement and applicability u/s 2(47) and section 45 and 48 where the JDA was not registered and was abandoned  In an important judgment, Supreme Court has explained the concept of income tax on Joint development agreement and …

Cash transactions between husband-wife do not attract section 269SS if transactions are not for commercial use. Tribunal deleted penalty under section 271D ABCAUS Case Law Citation: ABCAUS 2092 (2017) (10) ITAT The Challenge/Grievance: The assessee had challenged the order passed by the CIT(A) which confirmed the order of …

ITAT comment against CA Profession was out of sheer desperation & frustration. Bombay High Court strongly criticises ITAT for its observation made against the CA profession. ABCAUS Case Law Citation: ABCAUS 2091 (2017) (10) HC Approximately three years back in 2014, ITAT Mumbai had made a remark on …

Assessee liable to penalty u/s 221(1) for non payment of self assessment tax under section 140A, where return is revised and tax is paid at the time of filing the revised return of income – ITAT Special Bench Penalty for non payment of self assessment tax where return …

Penalty 271(1)(c) for mistakenly interchanged opening wdv of fixed assets with block of assets admissible a higher rate of depreciation   ABCAUS Case Law Citation: ABCAUS 2089 (2017) (10) ITAT The Challenge/Grievance: The appellant assesseeschallenged the order passed by the CIT(A) confirming action of Assessing Officer  (AO) in …

Chartered Accountant though not public servant can be prosecuted under Prevention of Corruption Act as it covers persons other than the public servants- High Court ABCAUS Case Law Citation: ABCAUS 2088 (2017) (10) HC The Challenge/Grievance: The Petitioner was a chartered accountant who was aggrieved by the order …