Category: Judgments

Cash surrendered during survey and added to WIP can not be disallowed u/s 68 as income was already declared in Trading account and it was a balancing entry-ITAT The appellant assessee had filed the instant appeal against the order of the CIT(A) contending that the Authorities below erred …

Unrealised Interest on NPA Accounts not taxable notionally on accrual basis. AO has to follow the RBI Directions under section 45Q of RBI Act as held by Supreme Court The appellant Revenue had filed the instant appeal against the order of the Income Tax Appellate Tribunal (ITAT) in holding …

Fresh approval u/s 153D not required in remand case u/s 263 where assessment in search case was originally framed u/s 153A after approval u/s 153D of the Income Tax Act-HC The appeal was filed by the appellant assessee is against the order of Income Tax Appellate Tribunal (Tribunal/ITAT) …

Non disposal of reopening objection not make order void or non est. It is only procedure irregularity curable by remitting. High Court explains law on non-disposal of objections. The question involved in the presnt case was whether the assessment order passed by the Assessing Officer (ITO/AO) u/s 143(3) …

Personal fine imposed on PrCITs for filing frivolous appeals waived by division bench of High Court. A fine of Rs. 50000/- each was imposed on 2 PrCIT and one ACIT. The Income Tax Department (appellant) had filed an intra-Court appeal against the order passed  by the Single Judge …

AO can not ask indemnity bond for future tax liability for release of seized assets u/s 132B(1)- High Court deleted the relevant paragraph of the release order. In the instant case, the petitioner assessee had challenged the part of the release order passed by the Income Tax Officer …

80HHC deduction entitlement to supporting manufacturer who receives export incentives as duty draw back,  Duty Entitlement Pass Book etc.-SC refers the question to larger Bench The instant judgment was given in a batch of appeals filed by the Revenue in relation to the interpretation of the provisions contained …

Deduction allowed as per Guidance Note of ICAI for lease equalization charges as there was no express bar in Income Tax Act regarding bifurcation of lease rental-SC A batch of appeals had been filed by the Income Tax Department (Revenue) against the judgment and order passed by the …

Stock Appreciation Rights received prior to 01.04.2000 not perquisite u/s 17(2)(iiia) such provisions being not retrospective-Supreme Court   The Revenue had filed the instant appeal against the judgment of the High Court in upholding that the amount received on redemption of Stock Appreciation Rights (SARs) was to be …

Cost Accountant misconduct for claiming Bogus TA Bills. Appellate Authority stayed the punishment due to lack of enquiry and examination by the Disciplinary Committee The allegation against the guilty cost accountant was levelled by another cost accountant alleging defalcation of funds of Eastern India Regional Council (EIRC) of …