Category: Judgments

Penalty 271E-Cash repayment of FDR by Bank for violation u/s 269T deleted by ITAT. The penal provisions are to curb black money and benami transactions

Penalty 271E-Cash repayment of FDR by Bank for violation u/s 269T deleted by ITAT. The penal provisions are to curb black money and benami transactions

June 23, 2016 Income Tax, ITAT, Judgments
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 presumptive taxation. The section operates only where books are maintained and sum is found credited

No additions us 68-accounts not maintained us 44AF presumptive taxation. The section operates only where books are maintained and sum is found credited

June 23, 2016 Income Tax, ITAT, Judgments
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 …
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

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

June 21, 2016 Income Tax, ITAT, Judgments
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. AO cannot fall back upon same books for making addition of interest reflected therein

FDR Interest Business Income-No addition when books rejected. AO cannot fall back upon same books for making addition of interest reflected therein

June 20, 2016 Income Tax, ITAT, Judgments
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 …
FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

June 19, 2016 Income Tax, ITAT, Judgments
FDRs Interest was business income but not contract income. Interest on Margin Money deposits for obtaining bank guarantee is not income out of contract business-ITAT upheld CIT order u/s 263 ABCAUS Case Law Citation: 951 2016 (06) ITAT Assessment Year – 2009-10 Date/Month of Judgment/Order: June 2016 Brief Facts …
Penalty 2711c – Pending Petition us 154 to be disposed off first and penalty be dropped if assessees claim as per rectification petition found correct-ITAT

Penalty 2711c – Pending Petition us 154 to be disposed off first and penalty be dropped if assessees claim as per rectification petition found correct-ITAT

June 18, 2016 Income Tax, ITAT, Judgments
Penalty 2711c – Pending Petition us 154 to be verified/disposed off first and penalty be dropped if the claim of the assessee as per rectification petition was found correct-ITAT ABCAUS Case Law Citation: 950 2016 (06) ITAT AY: 2006-07 Date of Judgment: June, 2016 Brief Facts of the …
Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted

Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted

June 17, 2016 Income Tax, ITAT, Judgments
Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted-ITAT ABCAUS Case Law Citation: 949 2016 (06) ITAT AY: 2008-09 Important Case Laws/Judgments Cited: Hasanand Pinjomal Vs. CIT 112 ITR 134 Gujarat High Court Smt. Ch. Mangayamma Vs. …
Foreign exchange fluctuation loss-If event has occurred before balance sheet date and a subsequent event materially affects profits, it has to be provided

Foreign exchange fluctuation loss-If event has occurred before balance sheet date and a subsequent event materially affects profits, it has to be provided

June 17, 2016 Income Tax, ITAT, Judgments
Foreign exchange fluctuation loss event occurring before balance-sheet date. If the event has occurred before the balance-sheet date and a subsequent event materially affects the profits, then the same has to be provided in the balance-sheet which is finalized after the closing of the year. This was held …