Category: Judgments

Once depreciation is claimed, asset cannot move out of the Block of Assets even if no depreciation was claimed for many years thereafter – High Court affirms ITAT order   ABCAUS Case Law Citation: ABCAUS 2102 (2017) (10) HC Brief Facts of the Case: The appellant assessee had sold a fixed assets earning profits thereon which was treated by it as …

Question affecting tax liability of assessee can be raised before the Tribunal first time and it is obliged to consider them and pass appropriate orders – High Court ABCAUS Case Law Citation: ABCAUS 2101 (2017) (10) HC In the instant case, the Income Tax Department (Revenue/Department ) had …

Tribunal not justified in remanding the case when documents are available with it. It was the duty of the tribunal to consider the same – High Court   ABCAUS Case Law Citation: ABCAUS 2100 (2017) (10) HC The High Court pronounced the common judgment while disposing off bunch …

Deemed Dividend u/s 2(22)(e) do not extend to non-shareholders. The fiction not to be extended further for broadening the concept of shareholders – Supreme Court agrees with High Court ABCAUS Case Law Citation: ABCAUS 2099 (2017) (10) SC  Deemed Dividend u/s 2(22)(e) do not extend to non-shareholders In …

Reopening for not replying enquiry letter issued on AIR basis to verify source of investment in the property held invalid for non application of mind by the Assessing Office.   ABCAUS Case Law Citation: ABCAUS 2098 (2017) (10) ITAT The Challenge/Grievance: This appellant assessee had challenged the order …

Mere non-payment of service tax was not suppression of material facts for invoking extended period of limitation under proviso to Section 73 (1) of the Finance Act-High Court   ABCAUS Case Law Citation: ABCAUS 2097 (2017) (10) HC Important Case Laws Cited/relied upon by the parties: P.C. Poulose …

Non speculative business loss can be set off against profits of any business including speculative business carried on by assessee – High Court  ABCAUS Case Law Citation: ABCAUS 2096 (2017) (10) HC The Challenge/Grievance: This instant Income Tax Appeal was filed under Section 260(A) of the Income Tax …

Affidavit of assessee not accepted as it was signed by some one else on behalf of the assessee and not by the assessee himself. High Court found no illegality in ITAT order.   ABCAUS Case Law Citation: ABCAUS 2095 (2017) (10) HC The Challenge/Grievance: This instant Income Tax …

ICAI Council had no record of oral discussions in forming prima facie opinion of misconduct against CA. However, Petition of CAs rejected on legal ground of res judicata.   ABCAUS Case Law Citation: ABCAUS 2094 (2017) (10) HC Brief Facts of the Case: The petitioners were chartered accountants …

Supreme Court explains the concept of income tax on Joint development agreement and applicability u/s 2(47) and section 45 and 48 where the JDA was not registered and was abandoned  In an important judgment, Supreme Court has explained the concept of income tax on Joint development agreement and …