Category: Judgments
AO cannot use reverse computation of gross payment using TDS amount to determine the amount disallowable u/s 40(a)(ia) – ITAT In a recent judgment, ITAT Delhi has held that the AO cannot resort to reverse mechanism using TDS amount to determine the gross amount of payment to workout …
Once loans were repaid in subsequent assessment years with cogent evidences then the addition u/s 68 of the Income Tax Act cannot be made – ITAT Guwahati In a recent judgment, ITAT Guwahati has held that once the assessee has established that loans were repaid in the subsequent …
Once PCIT restores assessment to AO for denovo consideration, AO is obliged to independently apply mind without influenced by the remarks of PCIT – ITAT In a recent judgment, ITAT Jabalpur has observed that once PCIT restores matter back to the file of the AO for denovo consideration, …
When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITAT In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …
Payment made by the assessee as non-compete fee was an allowable revenue expenditure under Section 37(1) of the Act –Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-compete fee payment made to essentially keep a potential competitor out of the same business cannot be …
Assessee is entitled to claim deduction of interest on borrowed funds invested in sister concern for acquiring controlling interest – Supreme Court In a recent judgment, Hon’ble Supreme Court allowed deduction of interest on borrowed funds u/s 36(1)(iii) of the Act which was utilized for investment in a …
In the absence of enquiry on discrepancy in turnover between tax audit report vis-à-vis turnover disclosed in P&L account, order of AO was erroneous and prejudicial to the interest of the revenue. In a Recent judgment, ITAT Surat has held in view of discrepancy in the figure of …
Registration u/s 12A cannot be rejected simply on the basis of mentioning of a wrong section code which is a curable defect – ITAT In a recent judgment, ITAT Amritsar has held that registration under section 12A cannot be rejected simply on the basis of mentioning of a …
ESIC can’t invoke Section 45A on the allegation of inadequacy of record but only in case of non-production of the record – SC In a recent judgment, Hon’ble Supreme Court has held that the statutory scheme of ESI Act does not allow the ESIC to invoke Section 45A …
Tender condition of experience in the same name and style of tenderer can not overlook experience in joint venture unless specifically excluded so in eligibility criteria. In a recent judgment, Hon’ble Supreme Court has held that disqualifying applicant from tender on technical evaluation by not taking into account …
