Category: Judgments

Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

July 3, 2016 Income Tax, ITAT, Judgments
Penalty 2711b-Non compliance due to September Finalisation September being the month for finalization of accounts, the assessee’s explanation that there was nonavailability of accounting staff, cannot be doubted. Penalty u/s 271(1)(b) for non compliance of notices 143(2), 142(1) deleted by ITAT ABCAUS Case Law Citation: 964 2016 (06) ITAT …
No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

July 3, 2016 Income Tax, ITAT, Judgments
Addition cannot be made solely on the basis of AIR information especially when the assessee denies the reported transactions and the onus/burden shifted upon the AO to rebut the accounts/contentions of the assessee – ITAT ABCAUS Case Law Citation: 963 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: …
Limitation us 275 imposing penalty starts from date of initiation by AO though it is imposable by Addl/JCIT. Penalty us 272A(2)(k), 271C held time barred

Limitation us 275 imposing penalty starts from date of initiation by AO though it is imposable by Addl/JCIT. Penalty us 272A(2)(k), 271C held time barred

June 30, 2016 Income Tax, ITAT, Judgments
Limitation us 275 imposing penalty starts from the date of initiation by the Assessing Officer though it is imposable by Additional/Joint Commissioner of Income-tax but there is no bar on the initiation of penalty proceedings by the ITO. Proceedings us 272A(2)(k), 271C held time barred by ITAT ABCAUS …
income tax search

Assessment u/s 153A based on pre-search enquiries and not on incriminating material invalid – ITAT

June 30, 2016 Income Tax, ITAT, Judgments
Assessment u/s 153A based on pre-search enquiries and not on incriminating material unearthed during search seizure operation u/s 132 invalid – ITAT ABCAUS Case Law Citation:960 2016 (06) ITATDate/Month of Order/Judgment – June, 2016Assessment Year: 2006-07 & 2007-08 Important Judgments Cited/Relied upon: CIT vs. Kabul Chawla – 380 ITR …
Deduction 80IB(7)(b) Rule 18BBC certificate by Regional Director instead Director General of Tourism valid as in Government Departments powers are delegated

Deduction 80IB(7)(b) Rule 18BBC certificate by Regional Director instead Director General of Tourism valid as in Government Departments powers are delegated

June 27, 2016 Income Tax, ITAT, Judgments
Deduction 80IB(7)(b) Rule 18BBC certificate by Regional Director instead Director General of  Tourism valid as in Government Departments powers are delegated. Since no Perform of the certificate has been prescribed in the Rules,  non mentioning of section 80IB(7(b) can not be a ground for disallowance – ITAT ABCAUS Case Law …
Depreciation disallowed when entire asset block not put to use during the year. Claim that asset once entered block depreciation should be allowed dismissed

Depreciation disallowed when entire asset block not put to use during the year. Claim that asset once entered block depreciation should be allowed dismissed

June 23, 2016 Income Tax, ITAT, Judgments
Depreciation disallowed when entire asset block not put to use during the year. The Claim that asset once entered block, depreciation should be allowed dismissed by ITAT ABCAUS Case Law Citation: 958 2016 (06) ITAT Assessment Year: 2007-08 Date of Judgment/Order: June, 2016 Brief Facts of the Case: …
Penalty 271E-Cash repayment of FDR by Bank for violation u/s 269T deleted by ITAT. The penal provisions are to curb black money and benami transactions

Penalty 271E-Cash repayment of FDR by Bank for violation u/s 269T deleted by ITAT. The penal provisions are to curb black money and benami transactions

June 23, 2016 Income Tax, ITAT, Judgments
Penalty 271E-Cash repayment of FDR by Bank for violation u/s 269T deleted The penal provisions are to curb black money and benami transactions and not  genuine ones – ITAT ABCAUS Case Law Citation: 957 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment: June, 2016 Brief Facts of the Case: …
No additions us 68-accounts not maintained us 44AF presumptive taxation. The section operates only where books are maintained and sum is found credited

No additions us 68-accounts not maintained us 44AF presumptive taxation. The section operates only where books are maintained and sum is found credited

June 23, 2016 Income Tax, ITAT, Judgments
No additions us 68-accounts not maintained us 44AF under presumptive taxation. The section operates only where books are maintained and a sum is found credited therein – ITAT ABCAUS Case Law Citation: 956 2016 (06) ITAT Assessment Year: 2006-07 to 2010-11 Date/Month of Judgment/Order: June, 2016 Brief Facts …