Category: Judgments
Form 26AS amounts not income if not credited in books of accounts of the assesssee. It is a well settled law that the bank account is not books of account of the assessee. Mere issue of TDS certificate does not establish any income-ITAT. ABCAUS Case Law Citation: 1003 …
Higher GP rate adoption for mere fall in rate from preceding year. It cannot be a sole reason for choosing higher rate as per Assessing Officers convenience – ITAT ABCAUS Case Law Citation: 1002 2016 (08) ITAT Assessment Year: 2010-11 Date/Month of Judgment: July 2016 Brief Facts of the …
AO statutorily required to compute capital gain us 48 not 50C. Deduction us 54EC also allowable on capital gain computed u/s 48 not on deemed cost of consideration u/s 50C-ITAT ABCAUS Case Law Citation: 1001 2016 (08) ITAT AY: 2009-10 Brief Facts of the Case: The appellant assessee …
Additions u/s 28(iv) not apply to benefits received in cash-money. ITAT quashed additions made by Assessing Officer alleging opening balances of customers advances as bogus. ABCAUS Case Law Citation: 1000 2016 (08) ITAT The Prelude: It has bee widely held in numerous judgments that additions u/s 68 can not …
Allahabad High Court local advocate engagement Rules 3 3A not unconstitutional but valid. They are not ultra vires Section 30 of the Advocates Act 1961 – Supreme Court ABCAUS Case Law Citation: 999 2016 (08) SC Important Case Laws/judgments cited: Bar Council of India v. High Court of …
Husband Wife treated single unit for capital gains deduction u/s 54 54F. Compensation paid to husband to vacate house owned by wife not allowable – ITAT ABCAUS Case Law Citation: 996 (2016) (08) ITAT Assessment Year: 2011-12 Date/Month of Judgment/Order: August 2016 Brief Facts of the Case: The assessee …
CA not guilty of misconduct when acting in individual capacity and the dealings were purely commercial not discharging any function as Chartered Accountant – High Court ABCAUS Case Law Citation: ABCAUS 994 2016 (08) HC Brief Facts of the Case: The complainant ahd purchased 100 shares of Aban Lyod …
Consultant-Visiting Doctors TDS. Salary u/s 192 or professional fee u/s 194J. Remuneration of consultant doctors was salary liable to TDS u/s 192 while that of visiting doctors as professinal fee liable to TDS u/s 194J – ITAT ABCAUS Case Law Citation: 993 2016 (08) ITAT Assessment years: 2011-12, 2012-13 …
Books non-rejection and making additions than estimating income wrong when there were defects in accounts produced and many accounts not produced – ITAT ABCAUS Case Law Citation: 992 2016 (08) ITAT Assessment Year: 2006-07 Date/Month of Judgment: August 2016 Brief Facts of the Case: The assessee was a partnership …
Loss on furnishing guarantees for subsidiary company allowed as incurred by holding company in carrying on its own business a the nature of the business of assessee company included furnishing of guarantee to debts borrowed by subsidiary company. ABCAUS Case Law Citation: 991 2016 (08) ITAT Assessment Year: 2005-06 …