Category: Judgments
Royalty and fee for technical assistance held revenue expenditure not capital as on termination of agreement all rights of the assessee stood extinguished. The judgment was delivered by the Hon’ble Allahabad High Court in a batch of similar cases. ABCAUS Case Law Citation: ABCAUS 1160 (2017) (03) HC Question …
Section 68 additions not applicable to deposits in bank. The bank Pass Book or bank statement are not books of account maintained by the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 1159 (2017) (03) ITAT Important Case Laws Cited/relied upon: Smt. Manasi Mahendra Pitkar vs. ITO Bhaichand …
System error showing agricultural income in return to AO. Addition made deleted by the ITAT as in the ITR downloaded such income was NIL ABCAUS Case Law Citation: ABCAUS 1158 (2017) (03) ITAT Assessment Year : 2011-12 Brief Facts of the Case: The assessee filed her return …
Gross Profit rate can not be same each year. AO could not step into the shoes of businessman to determine sale price. Addition made for low GP deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1157 (2017) (03) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: March-2017 Important …
Non-furnishing reopening reasons despite request vitiates the reopening of assessment. Order passed u/s 148 quashed and declared illegal by ITAT ABCAUS Case Law Citation: ABCAUS 1156 (2017) (03) ITAT Question for determination: Whether non-furnishing of the reasons for reopening, after the specific request for the same is made …
Assessment in individual status bad when notice issued to HUF Assessment set aside when notice u/s 148 was issued in the name of HUF-ITAT ABCAUS Case Law Citation: ABCAUS 1155 (2017) (03) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: March-2017 Important Case Laws Cited/relied upon: Suraj Mal, …
Disallowance us 40A(3) when income-profits are estimated. ITAT following Allahabad High Court judgment deletes additions for cash payments u/s 40A(3) ABCAUS Case Law Citation: ABCAUS 1154 (2017) (03) ITAT The Ground of Appeal: In the present appeal, the assessee, inter alia raised a ground challenging the order of …
Section 43B applicable to both employee and employer contributions. No disallowance can be made u/s 36(1)(va) if paid before ITR due date. Allahabad High Court CBDT in view of the decision of the Hon’ble Supreme Court in Alom Extrusions Ltd. has vide circular no. 22 of 2015 dated 17/12/2015 …
Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established beyond doubt no further test to be applied -Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1152 (2017) (03) HC Question for determination: In short, the question sought to be answered by the Hon’ble High Court was whether …
Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1151 (2017) (03) ITAT Assessment Year(s) : 2006-07 and 2007-08 Date/Month of Pronouncement: March, 2017 Brief Facts of the Case: …