Category: Judgments
Non-disclosure of bank account due to over-sight-Concealment penalty u/s 271(1)(c) upheld as no credible explanation given for omission & source of deposits – ITAT ABCAUS Case Law Citation: ABCAUS 1268 (2017) (05) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: May, 2017 Brief facts of the case: The assessee …
Fixed Deposit interest income during pre-operative period taxable as income from other sources and can not be set off against interest on borrowed money – ITAT ABCAUS Case Law Citation: ABCAUS 1267 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the …
Voluntarily charity not business expenditure u/s 37(1). Mere assertion that it was incurred for business cannot be accepted without establishing nexus – ITAT ABCAUS Case Law Citation: ABCAUS 1266 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income …
Permission for non-agricultural use not make land non-agricultural liable to capital gain tax when it was proved beyond doubt that lands were agricultural in nature – ITAT ABCAUS Case Law Citation: ABCAUS 1265 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Distinction between statements us 132(4) and 133A explained by Delhi High Court. Quashing of reopening of concluded assessments of earlier AYs upheld ABCAUS Case Law Citation: ABCAUS 1264 (2017) (05) HC The Issue: The main contention of the appellant Revenue was that the decision of the Division Bench …
Revision order us 263 on conducting additional enquiry on different pattern when AO conducted adequate enquiry and took view permissible in law could not be said to be erroneous or prejudicial to the interest of Revenue – ITAT ABCAUS Case Law Citation:ABCAUS 1262 (2017) (05) ITAT Grievance:The appellant …
Revenue cannot judge fee paid for business development services with respect to the benefit derived by the assessee in terms of increased turnover– ITAT ABCAUS Case Law Citation: ABCAUS 1261 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the confirming the …
Deposits in Bank-Income estimated 10% of cash and 20% of cheque deposits as the assessee reasonably proved that he was carrying on business activity – ITAT ABCAUS Case Law Citation: ABCAUS 1260 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the …
Revision us 263-Student Development-Capitation Fees not reflected in Income Expenditure Account shown directly in the Balance Sheet held as erroneous and prejudicial to the interest of Revenue-Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1259 (2017) (05) HC Grounds of Appeal: Whether on the facts and circumstances of the …
Bogus Purchases-AO cannot sit back and make addition without enquiry simply relying on information from Sales Tax Deptt. and issuing notices u/s 133(6)-ITAT ABCAUS Case Law Citation: ABCAUS 1258 (2017) (05) ITAT The Grievance: The instant case deal with four appeals. Common grievance of all the assessee pertained …
