Category: Judgments
Section 271J Penalty challenged in Madras High Court. The Court has accepted the writ petition and the matter is listed for next hearing in July 2017 ABCAUS Case Law Citation: ABCAUS 1232 (2017) (05) HC Finance Act, 2017 has inserted a new penal provision wef 01/04/2017 namely, section …
Penalty 271(1)(c) Merely if suppliers not traced at given address not indicative of concealment of income or furnishing of inaccurate particulars-ITAT ABCAUS Case Law Citation: ABCAUS 1231 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of penalty …
No Penalty 271(1)(c) for disallowance 43B if quantum not disputed and following mercantile accounting it could be debited to Profit and Loss A/c – ITAT ABCAUS Case Law Citation: ABCAUS 1230 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) …
Penalty 271(1)(c) Non-deletion of few words not invalidated notice or caused any prejudice to the assessee when relevant clause was duly ticked-ITAT ABCAUS Case Law Citation: ABCAUS 1229 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of …
Bogus purchases-when sales not disputed entire addition not warranted. ITAT estimated addition @12.5% of alleged bogus purchases ABCAUS Case Law Citation: ABCAUS 1228 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of addition of bogus purchases to …
Disallowance us 40(a)(ia) applies to amounts paid also-Supreme Court. Allahabad HC judgment holding that it applies to amount payable at the year end overruled ABCAUS Case Law Citation: ABCAUS 1227 (2017) (04) SC Date/Month of Pronouncement: May, 2017 The Controversy-Section 40(a)(ia) applies to sums paid or payable? Section …
Revision us 263 set aside as CIT did not do homework. No record was called for examining the issue or application of mind by CIT – ITAT ABCAUS Case Law Citation: ABCAUS 1226 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Subrata Roy ready to go to Jail if cheques dishonours Recently, Supreme Court had ordered auction of Sahara Aamby Valley and warned Subrata Roy to be present in the Court on 27th April, 2017 not to honour his affidavit or face wrath of Law. On the scheduled day, …
Net profit ratio of 3 percent in contract business allowed as in earlier years even lower profit rate was consistently accepted without objection by the Department – ITAT ABCAUS Case Law Citation: ABCAUS 1225 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Deemed Dividend-Loan to firm where partners are shareholders of the company. Advances not considered deemed dividend u/s 2(22)(e) ABCAUS Case Law Citation: ABCAUS 1224 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax (Appeals) in confirming the …
