Category: Judgments
Non profit company not a comparable for Transfer Pricing. ITAT directed AO to exclude it from the list of comparables to benchmark international transaction. ABCAUS Case Law Citation:ABCAUS 3112 (2019) (08) ITAT The appellant assessee was is a subsidiary of the parent company which operated travel website under …
ITAT authorised to consider question of jurisdiction raised first time and not raised earlier as it goes to the root of the matter and substantially affects the rights of assessee ABCAUS Case Law Citation:ABCAUS 3111 (2019) (08) ITAT Important case law relied upon by the parties:National Thermal Power …
Reopening u/s 148 alleging evidence discovered with due diligence quashed as no specific failure on part of the assessee was stated. SC dismisses SLP of the Department ABCAUS Case Law Citation:ABCAUS 3110 (2019) (08) SC The respondent assessee was a company. For the relevant assessment year it had …
Supreme Court upholds Home buyers status as financial creditors. Constitutional validity of amendments to IBC 2016 also upheld ABCAUS Case Law Citation:ABCAUS 3109 (2019) (08) SC Important case law relied upon by the parties:Nikhil Mehta and Sons (HUF) v. AMR Infrastructure Ltd.Chitra Sharma & Ors. v. Union of …
No disallowance for cash payments u/s 40A(3) if genuineness of transactions and identity of the payee is established. ITAT deleted addition ABCAUS Case Law Citation:ABCAUS 3107 (2019) (08) ITAT Important case law relied upon by the parties:Girdharilal Soni vs. CIT reported in 179 ITR 111 (Cal).Attar Singh Gurmukh …
Reopening for not replying to invalid and non est inquiry letter for cash deposited in bank quashed. Deposit per se cannot be income of assessee. ABCAUS Case Law Citation:ABCAUS 3106 (2019) (08) ITAT Important case law relied upon by the parties:Tajendra Kumar Ghai Vs ITO In the instant …
Addition u/s 69B for difference in stock from statement given to Bank deleted as in preceding year it was deleted following High Court judgment ABCAUS Case Law Citation:ABCAUS 3105 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Sidhu Rice & General Mills, 281 ITR …
No Penalty u/s 271(1)(c) for mere disallowance in quantum proceedings in the absence of any falsity in the explanation offered ABCAUS Case Law Citation:ABCAUS 3104 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petro Products Pvt. Limited (322 ITR 158) (sc)Price Waterhouse Coopers …
Assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss u/s 28 of the Income Tax Act ABCAUS Case Law Citation:ABCAUS 3103 (2019) (08) ITAT Important case law relied upon by the parties:Dinesh Mills Ltd. 254 ITR 673 The appeal had …
Mere reflection of income in P&L Account does not make it business income. Books of accounts not conclusive evidence to determine income under a particular head ABCAUS Case Law Citation:ABCAUS 3102 (2019) (08) ITAT Important case law relied upon by the parties:Sutlej Cotton Mills Vs. CIT, West Bengal …
