Category: Judgments
Validity of notice u/s 148 where assessment was made u/s 143(1)- Supreme Court quashed High Court order that no substantial question of law arises ABCAUS Case Law Citation: ABCAUS 2868 (2019) (04) SC The respondent Assessee had filed its return of income for the AY in question declaring the taxable income …
Sale of client relationship and goodwill by CA firm was of capital asset u/s 2(14) chargeable to tax under the head capital gain and deduction u/s 54EC was allowable – ITAT ABCAUS Case Law Citation: ABCAUS 2867 (2019) (04) ITAT The appellant assessee was a partnership firm carrying …
Capital introduced by partner can not be taxed in firms hand as undisclosed income. It could be added in the hands of partners only – ITAT ABCAUS Case Law Citation: ABCAUS 2866 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties India Rice Mills vs. CIT …
DVO reference u/s 55A invalid where value was more than FMV as on April 1, 1981 as per approved valuer’s report submitted by assessee ABCAUS Case Law Citation:ABCAUS 2865 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Commissioner of Income Tax (Appeals) vs Hotel Joshi …
No concealment penalty for bonafide error of chartered accountant in claiming wrong deduction u/s 80IC by choosing incorrect initial assessment year ABCAUS Case Law Citation: ABCAUS 2864 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Price Water Coopers reported in 348 ITR 306 Zoom Communication …
There is no concept of pre bargaining under Income Tax Act – ITAT dismisses delayed quantum appeal filed after initiation of penalty proceedings ABCAUS Case Law Citation: ABCAUS 2863 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Collector, Land Acquisition v. Mst. Katiji 167 ITR …
High Court imposes penalty of Rs. 50,000/ on Income Tax Department for harassment of assessee in illegally attaching bank account and denying stay of demand ABCAUS Case Law Citation:ABCAUS 2862 (2019) (04) HC Important Case Laws Cited/relied upon by the parties KEC International Ltd. Vs. B.R. Balkrishnan, 251 ITR 158MMRDA Vs. Deputy DIT (Exemption) (2015) 230 Taxman 178 In the instant case, …
Sale of land made by partnership firm can not be added in partner’s hand. Assessment has to be done in the right hands ABCAUS Case Law Citation: ABCAUS 2861 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties ITO Vs. Ch. Atchaiah reported at 218 ITR …
AO had inherent powers u/s 142(2C) to suo moto extend time for submission of special audit report directed u/s 142(2A), without an application by assessee – SC ABCAUS Case Law Citation: ABCAUS 2860 (2019) (04) SC Important Case Laws Cited/relied upon by the parties Sahara India v Commissioner …
Loss by shop burglary arisen during the course of business allowed u/s 37(1) even when Insurance company assessed loss at lower amount – ITAT ABCAUS Case Law Citation: ABCAUS 2859 (2019) (04) ITAT This appeal was filed by the assessee against the order of Commissioner of Income Tax …
