Category: Judgments
Damages paid for violation of agreement to sell allowed as incurred in connection with the transfer of property for computing long term capital gains-High Court The question framed by the Hon’ble High Court was as to whether the ITAT, was correct in holding that the amount paid by …
Market value of shares quoted in stock exchange can not be taken as a basis for computing capital gains under Section 48 of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 2297 (2018) (04) HC Important Case Laws Cited/relied upon by the parties K.P. Verghese versus Income …
No disallowance u/s 40A(3) even if aggregate payment exceeds Rs 20000 if payment is made in cash against different bills none exceeding Rs. 20,000/ ABCAUS Case Law Citation: ABCAUS 2296 (2018) (04) ITAT Prelude: Finance Act, 2008 made amendment to the provisions of sub-section (3) of section 40A …
Self-made vouchers would not make expenses not genuine unless they do not carry necessary details like address of the recipient or signature-ITAT deleted the adhoc disallowance. ABCAUS Case Law Citation: ABCAUS 2295 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of Income …
AO obliged to give eligible deductions when making additions for income not disclosed in return of income-ITAT allowed 54F deduction for sale of property not disclosed in ITR ABCAUS Case Law Citation: ABCAUS 2294 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of …
Question of source of purchase relevant only for year of purchase not sale. Bank deposits made out of property sold as POA was not unexplained-ITAT ABCAUS Case Law Citation: ABCAUS 2293 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of Income Tax …
Income Tax Prosecution for not disclosing foreign bank accounts. Special Judge rejects petition for Joint Trial in all complaints u/s 276C and 277 ABCAUS Case Law Citation: ABCAUS 2292 (2018) (04) AC In the instant case, the petitioner husband and wife (collectively called “accused”) had filed revision petitions …
AO can not enhance assessment on an order of remand by ITAT. The Tribunal has no power to enhance assessment in appeal-High Court ABCAUS Case Law Citation: ABCAUS 2291 (2018) (04) HC The appellant assessee had filed the instant appeal was filed u/s 260A of the Income Tax …
UP Govt has no power to require TDF for inter state goods movement. Seizure of vehicle for want of TDF was illegal as E-way Bill System was not notified by Central Govt.-Allahabad High Court UP Govt had no power to require TDF for inter state goods movement. Seizure of …
Deduction 54F-House used for commercial activity not counted for limit of one residential house on the date of transfer of the original asset- ITAT ABCAUS Case Law Citation: ABCAUS 2289 (2018) (04) ITAT The appellant assessee was aggrieved by the order That the CIT(Appeals sustaining the addition made …
