Category: Judgments
Penalty can not be imposed on the basis of findings of assessment proceedings as they cannot automatically be adopted in penalty proceedings. Denial made in assessment proceedings on the basis of human probability can not be the basis for the purpose of levying penalty under Section 271(1)(c) – …
Penalty for late filing VAT return-balance sheet held non compensatory and disallowed as per Explanation -1 to section 37 as penalty for infraction of law ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT Important Case Laws Cited/relied upon by the parties: Swadeshi Cotton Mills Ltd. vs. CIT, …
Refund granted should be adjusted first towards interest component and balance left if any shall be adjusted towards the tax component – ITAT ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT The Challenge/Grievance: The Revenue was aggrieved by the order of Commissioner of Income Tax Appeals …
Addition based on judicial precedence in other cases unsustainable without first addressing the factual inadequacy of assessee’s explanation – ITAT ABCAUS Case Law Citation: ABCAUS 2112 (2017) (11) ITAT The Challenge/Grievance: The appellant assessee had challenged the correctness of the order passed by CIT(A) confirming the additions …
Cash received over and above land registry price treated as capital gain for taxation purpose. Addition on account of unexplained income deleted – ITAT ABCAUS Case Law Citation: ABCAUS 2111 (2017) (11) ITAT Brief Facts of the Case: A sum of Rs. 12,50,000/- was deposited by the appellant …
Adding new source of income by CIT-A is beyond his powers u/s 251 of Income Tax Act if such new source is not dealt with by the Assessing Officer – High Court ABCAUS Case Law Citation: ABCAUS 2110 (2017) (11) HC Important Case Laws Cited/relied upon by …
Supreme Court explains scope and interpretation of Section 44BB of the Income Tax Act 1961. Provisions of Sections 5 and 9 not excluded where Section 44BB is opted ABCAUS Case Law Citation: ABCAUS 2109 (2017) (11) SC Brief Facts of the Case: For computation of profits and gains …
Reassessment quashed for being a change of opinion when view and opinion formed by AO in original assessment were doubted as erroneous-High Court ABCAUS Case Law Citation: ABCAUS 2108 (2017) (10) HC The Challenge/Grievance: The Petitioner company had filed two writ petitions impugning notices issued under Section …
ITC under DVAT can not be denied to a bona fide purchaser who enters into a purchase with a registered selling dealer who issued a tax invoice reflecting TIN number-High Court ABCAUS Case Law Citation:ABCAUS 2107 (2017) (10) HC The Challenge/Grievance:A bunch of writ petitions had been filed …
Registration u/s 12AA-Document evidencing creation of Trust could be of any type. Trust can be created even orally and if Trust is able to give some evidence of its creation by a word of mouth, the same is eligible for registration. ABCAUS Case Law Citation: ABCAUS 2106 (2017) (10) …
