Category: Judgments
Exemption u/s 54F can not be denied merely making wife & son as co-owners of property In a recent judgment, Hon’ble High Court of Punjab and Haryana has held that merely mentioning the names of his wife and son as joint-owners of the property, would not dis-entitle assessee …
No Penalty u/s 271D for cash received before registrar for sale of property – ITAT In a recent judgment, ITAT Chennai has deleted income tax penalty us/ 271D holding that section 269SS would apply only to advance receivable and the provisions would not apply to transaction that has …
Delay in filing appeal condoned as assessment order was not sent by post but to an inactive email. In a recent judgment, ITAT Cochin has condoned the delay in filing appeal as assessment order was not sent by post. The Tribunal opined that for communication to be complete, …
Waiver of principal amount of loan from private bank cannot be treated as income – ITAT In a recent judgment, ITAT Chandigarh has held that the waiver of the principal amount of loan from private bank cannot be treated as income under Sections 2(24)(xviii), 28(iv) and 41(1) of …
Notice u/s 148A(b) not signed physically or digitally is illegal, invalid and inoperative – High Court In a recent judgment, High Court of Karnataka has held that Notice u/s 148A(b) was illegal on two counts first notice was not signed physically or digitally secondly, notice prescribed less than …
Assessment Order passed without giving copy of valuation report to assessee quashed by High Court In a recent judgment, High Court of Telangana has quashed Assessment order passed based upon valuation report without giving copy of valuation report to assessee. ABCAUS Case Law Citation:ABCAUS 4108 (2024) (06) HC …
CPC was not justified in ignoring the revised tax audit report furnished by the assessee correcting the mistake committed in the original tax audit report – ITAT In a recent judgment, the ITAT Mumbai has held that CPC was not justified in ignoring the revised tax audit report …
No addition could be made only on the ground that there was time gap between the withdrawals and the corresponding cash deposits. In a recent judgment, the ITAT Jaipur has held that no addition can be made only on the ground that there was time gap between the …
Claim of expenditure involved is not a case of concealment of income. ITAT deleted penalty u/s 271(1)(c) In a recent judgment, the ITAT Delhi has held that claim of expenditure involved is not a case of concealment of income. ITAT deleted penalty u/s 271(1)(c) ABCAUS Case Law Citation:ABCAUS …
Mere clubbing loan account with capital account can not be treated as unexplained income – ITAT In a recent judgment, the ITAT Visakhapatnam has held that mere clubbing loan account with capital account in order to present better statement of account can not be treating as unexplained income. …