Category: Judgments
Limitation us 275 imposing penalty starts from the date of initiation by the Assessing Officer though it is imposable by Additional/Joint Commissioner of Income-tax but there is no bar on the initiation of penalty proceedings by the ITO. Proceedings us 272A(2)(k), 271C held time barred by ITAT ABCAUS …
Assessment u/s 153A based on pre-search enquiries and not on incriminating material unearthed during search seizure operation u/s 132 invalid – ITAT ABCAUS Case Law Citation: 960 2016 (06) ITAT Date/Month of Order/Judgment – June, 2016 Assessment Year: 2006-07 & 2007-08 Important Judgments Cited/Relied upon: CIT vs. Kabul Chawla …
Deduction 80IB(7)(b) Rule 18BBC certificate by Regional Director instead Director General of Tourism valid as in Government Departments powers are delegated. Since no Perform of the certificate has been prescribed in the Rules, non mentioning of section 80IB(7(b) can not be a ground for disallowance – ITAT ABCAUS Case Law …
Depreciation disallowed when entire asset block not put to use during the year. The Claim that asset once entered block, depreciation should be allowed dismissed by ITAT ABCAUS Case Law Citation: 958 2016 (06) ITAT Assessment Year: 2007-08 Date of Judgment/Order: June, 2016 Brief Facts of the Case: …
Penalty 271E-Cash repayment of FDR by Bank for violation u/s 269T deleted The penal provisions are to curb black money and benami transactions and not genuine ones – ITAT ABCAUS Case Law Citation: 957 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment: June, 2016 Brief Facts of the Case: …
No additions us 68-accounts not maintained us 44AF under presumptive taxation. The section operates only where books are maintained and a sum is found credited therein – ITAT ABCAUS Case Law Citation: 956 2016 (06) ITAT Assessment Year: 2006-07 to 2010-11 Date/Month of Judgment/Order: June, 2016 Brief Facts …
Addition of purchases made in March month to closing stock on the assumption that items purchased in month of March could not be consumed utilized fully not accepted and quashed by ITAT. ABCAUS Case Law Citation: 955 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June, 2016 …
Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1) to section 271(1)(c). This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 954 2016 (06) ITAT Assessment …
FDR Interest Business Income-No addition when books rejected In an interesting judgment which is quite opposite to the view held by another ITAT reported in ABCAUS 951 (2016) (06) ITAT, it has been held by ITAT that where the books of accounts were rejected and profits were estimated applying 10% net …
Peak credit theory not applicable when cash not withdrawn but only deposited in bank account and used for investment in mutual funds-ITAT ABCAUS Case Law Citation: 952 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June, 2016 Brief Facts of the Case: In this cross objection filed …