Category: Judgments
Order passed on deceased person name without bringing legal heirs on record null and void. This was held by ITAT in a recent judgment. ABCAUS Case Law Citation: 947 2016 (06) ITAT Assessment Year: 2008-09 Date of Judgment: June 2016 Brief Facts of the Case: During the course …
Deduction us 80IA-Notional brought forward of losses even when it were set off against income of the assessee in earlier years not allowed. This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 946 2016 (06) ITAT Date of Judgment – June, 2016 …
Disallowance us 361iii for bank interest on unutilized loan In a recent judgment, ITAT held that once the Assessing Officer satisfied with the nature of loan being of business in nature then no disallowance u/s 36(1)(iii) was called just for keeping the funds unutilized at the end of the …
TDS Default-Assessee liable us 2011A for interest even if payee declared income and paid taxes. ITAT amends the order in line with Supreme Court judgment. ABCAUS Case Law Citation: 943 2016 (06) ITAT Date of Judgment/Order June 2016 Brief Facts of the Case: A TDS survey was conducted …
Income tax Survey outcome disclosure to complainant directed under RTI Act ABCAUS Case Law Details: 001 2016 (06) CIC Date of Decision/Judgment: June 2016 Brief Facts of the Case: The appellant has sought copy of survey report held in January 2014 on his complaint. According to the appellant he …
Penalty 271B-Statutory auditor not tax auditors delay. Delay in completing statutory audit by Cooperative auditor was sufficient cause not imposing penalty as the assessee filed the tax audit report immediately after getting /and obtaining the same from Chartered accountant. This was held by ITAT in a recent judgment. …
Payments to franchisees held liable to TDS us 194C not 194J. The modus operandi for collection of the fees as well as of the revenue sharing cannot determine whether the amount remitted by the assessee to the franchisee is subject to tax deduction at source u/s 194J. This was upheld by …
CA providing fake accommodation entries banned/removed from practice for life by PH High Court on reference by ICAI holding him guilty of misconduct. Case Law Details: Civil Reference No. 5 of 2012 (O&M) Institute of Chartered Accountants of India (Petitioner) v. Vivek Kapoor and others (Respondents) Date of …
STCG-LTCG of NBFC held as capital gains not business income based on broad principles as laid down by various judicial pronouncements ITAT observed that in deciding whether a transaction of sale of shares is business income or investment income taxable as short term or long term capital gain, the …
Reopening assessment us 147/148 for verification of details illegal The Assessing Officer merely sought to reopen the assessment for verification of the details, which is not contemplated under section 147 of the Act. This was held by ITAT in a recent judgment. ABCAUS Case Law Citation: 939 2016 …
