Category: Judgments
Form 10B income accumulation amount inadvertent mistake. Income Tax authorities were misconceived in denying the claim for the difference-ITAT ABCAUS Case Law Citation: ABCAUS 1110 (2017) (01) ITAT Assessment Year : 2003-04 Date of Pronouncement: 20-01-2017 Brief Facts of the Case: The assessee was a charitable trust …
Form-10 income accumulation delay condonation. When sufficient material is before AO, insistence on the form not warranted as held by Allahabad High Court-ITAT ABCAUS Case Law Citation: ABCAUS 1109 (2017) (01) ITAT Assessment Year : 2010-11 Date of Pronouncement: 11-01-2017 Important Case Laws Cited/relied upon: CIT Vs …
Retirement funds received by partner of firm not taxable and not in the nature of goodwill also. Receiving of money on retirement from firm is exempt-ITAT ABCAUS Case Law Citation: ABCAUS 1108 (2017) (01) ITAT Assessment Year : 2004-05 Date of Pronouncement: 05-01-2017 Important Case Laws Cited/relied upon: …
Element of undisclosed investment in undisclosed purchases upheld. Peak credit of purchases rejected. AO to work out number of fund rotations required for achieving undisclosed purchases -ITAT ABCAUS Case Law Citation:ABCAUS 1107 (2017) (01) ITAT Assessment Year : 2010-11 The Issue for determination:The issue before the ITAT was …
Deduction us 54-Old fund used for construction of new house. It is not mandatory that only the sale consideration of house sold is to be utilized for purchasing or constructing a new residential house-ITAT ABCAUS Case Law Citation: ABCAUS 1106 (2017) (01) ITAT Assessment Year : 2009-10 Important Case …
Showing trade discounts in tax Invoice not compulsory. Credit notes eligible under Rule 3(2)(c) of the Karnataka Value Added Tax Rules 2005-Supreme Court ABCAUS Case Law Citation: ABCAUS 1105 (2017) (01) SC Important Case Laws Cited: State of Karnataka vs. M/s Kitchen Appliances India Ltd. M/s Southern Motors …
TDS not applicable on provisions if payee not identifiable to whose account the credit for such TDS is to be given u/s 203(1) under Chapter XVII-B – ITAT ABCAUS Case Law Citation: ABCAUS 1104 (2017) (01) ITAT Assessment Year : 2010-11 ; 2011-12 Important Case Laws relied upon: …
Revisionary power us 263-Merely raising query not sufficient. Blindly accepting only part reply is incorrect assumption of facts and non-application of mind by AO-ITAT ABCAUS Case Law Citation: ABCAUS 1103 (2017) (01) ITAT Assessment Year : 2011-12 Important Case Laws Cited: Anuj Jayendra Shah Vs. PCIT 67 taxmann.com …
Assessment finality on search date reached if time for issuing notice us 143(2) had expired. In such cases additions can be made only if incriminating material found-ITAT ABCAUS Case Law Citation: ABCAUS 1102 (2017) (01) ITAT Assessment Year : 2008-09 Important Case Laws Cited: National Thermal Power Co …
Understated sales rates-AO must bring evidence on record. Assessing Officer should make inquiry from parties to whom sales made to verify sale rates -ITAT ABCAUS Case Law Citation: ABCAUS 1101 (2017) (01) ITAT Assessment Year : 2011-12 Important Case Laws Cited: Shri Manpreet Singh Dhillon Vs ITO Shri …