Judgments Archives - Page 206 of 251

Purchase not bogus merely for non-appearance of supplier

administrator April 16, 2017 Income Tax, ITAT, Judgments

Purchase not bogus merely for non-appearance of supplier Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus-ITAT ABCAUS Case Law Citation: ABCAUS 1212 (2017) (04) ITAT The …

54EC deduction for investment made after 6 months allowed when sales consideration was received late. Tax-payer cannot be asked to do impossible -ITAT

administrator April 13, 2017 Income Tax, ITAT, Judgments

54EC deduction for investment made after 6 months allowed when sales consideration was received late.The tax-payer cannot be asked to do impossible -ITAT 54EC deduction for investment made after 6 months ABCAUS Case Law Citation: ABCAUS 1211 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved …

Notice us 148 not invalid if assessee do not challenge it. Settled law is that if assessee chooses not to challenge notice is treated valid – ITAT

administrator April 13, 2017 Income Tax, ITAT, Judgments

Notice us 148 not invalid if assessee do not challenge it. Settled law is that if assessee chooses not to challenge notice issued it is to be treated as valid – ITAT ABCAUS Case Law Citation: ABCAUS 1210 (2017) (04) ITAT The Grievance: The appellant assessee company was …

Unexpired AMC charges not income but advance. Due to refund obligation, the whole income did not accrue at the time of entering into contract – ITAT

administrator April 12, 2017 Income Tax, ITAT, Judgments

Unexpired AMC charges not income but advance. Due to refund obligation, the whole income did not accrue at the time of entering into contract – ITAT ABCAUS Case Law Citation: ABCAUS 1209 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order of the …

Reopening for cash deposits for non response to notice u/s 133(6) illegal where assessment was completed u/s 143(3)/147 4 years before

administrator April 11, 2017 High Courts, Income Tax, ITAT, Judgments, Supreme Court

Reopening for cash deposits for non response to notice u/s 133(6) is illegal where assessment was completed u/s 143(3)/147 and 4 years have lapsed. Soon after the demonetization, the Income Tax Department (‘Department’) had launched a scheme called “operation Clean money” for online verification of cash deposits in …

Despite more than prescribed Trucks-income ordered to be computed u/s 44AE – ITAT Order

administrator April 10, 2017 Income Tax, ITAT, Judgments

Despite more than prescribed Trucks-income computed u/s 44AE at rates prescribed in the section with benefits of salary & partner’s interest-ITAT Order ABCAUS Case Law Citation: ABCAUS 1208 (2017) (04) ITAT The Grievance: In the instant case, both the assessee and the Revenue were in cross-appeals against order …

Penalty notice without specific charges when assessee had no confusion if it was for concealment or inaccurate particulars-Upheld

administrator April 9, 2017 Income Tax, ITAT, Judgments

Penalty notice without specific charges when assessee had no confusion as to if it was for concealment or inaccurate particulars as appeared from his reply. Penalty Upheld by ITAT ABCAUS Case Law Citation: ABCAUS 1207 (2017) (04) ITAT The Grievance: The assessee was aggrieved by order passed by the …

Employees LTC LFC claims for foreign travel not exempt u/s 10(5). Employer rightly treated assessee in default for non deduction of TDS – ITAT

administrator April 8, 2017 Income Tax, ITAT, Judgments

Employees LTC LFC claims for foreign travel not exempt u/s 10(5). Employer rightly treated assessee in default u/s 201(1) and u/s 201(1A) for non deduction of TDS – ITAT ABCAUS Case Law Citation:ABCAUS 1206 (2017) (04) ITAT The Grievance:The assessee was aggrieved by order passed by the CIT(A) …

Conversion of shares as stock-in-trade into investment-no prohibition in law. Res-judicata no bar in like questions in subsequent years-Kolkata High Court

administrator April 8, 2017 High Courts, Income Tax, Judgments

Conversion of shares as stock-in-trade into investment-no prohibition in law. Res-judicata no bar in like questions in subsequent years-Kolkata High Court ABCAUS Case Law Citation: ABCAUS 1205 (2017) (04) HC The Grievance: The assessee was aggrieved by order passed by the Income Tax Appellate Tribunal (‘ITAT’) The Substantial …

Revisionary order quashed as wrong allowance caused no prejudice to the interest of Revenue and twin conditions u/s 263 not satisfied-ITAT