Category: Judgments
TDS Default-Assessee liable us 2011A for interest even if payee declared income and paid taxes. ITAT amends the order in line with Supreme Court judgment. ABCAUS Case Law Citation: 943 2016 (06) ITAT Date of Judgment/Order June 2016 Brief Facts of the Case: A TDS survey was conducted …
Income tax Survey outcome disclosure to complainant directed under RTI Act ABCAUS Case Law Details: 001 2016 (06) CIC Date of Decision/Judgment: June 2016 Brief Facts of the Case: The appellant has sought copy of survey report held in January 2014 on his complaint. According to the appellant he …
Penalty 271B-Statutory auditor not tax auditors delay. Delay in completing statutory audit by Cooperative auditor was sufficient cause not imposing penalty as the assessee filed the tax audit report immediately after getting /and obtaining the same from  Chartered accountant. This was held by ITAT in a recent judgment. …
Payments to franchisees held liable to TDS us 194C not 194J. The modus operandi for collection of the fees as well as of the revenue sharing cannot determine whether the amount remitted by the assessee to the franchisee is subject to tax deduction at source u/s 194J. This was upheld by …
CA providing fake accommodation entries banned/removed from practice for life by PH High Court on reference by ICAI holding him guilty of misconduct. Case Law Details: Civil Reference No. 5 of 2012 (O&M) Institute of Chartered Accountants of India (Petitioner) v. Vivek Kapoor and others (Respondents) Date of …
STCG-LTCG of NBFC held as capital gains not business income based on broad principles as laid down by various judicial pronouncements ITAT observed that in deciding whether a transaction of sale of shares is business income or investment income taxable as short term or long term capital gain, the …
Reopening assessment us 147/148 for verification of details illegal The Assessing Officer merely sought to reopen the assessment for verification of the details, which is not contemplated under section 147 of the Act. This was held by ITAT in a recent judgment. ABCAUS Case Law Citation: 939 2016 …
Share STCG not become business income by employment of Portfolio Management Service (PMS) for investment in shares. This was held in a recent judgment by ITAT placing reliance on two High Court’s verdicts. ABCAUS Case Law Citation: 938 2016 (06) ITAT Date of Judgment: June, 2016 Brief Facts of the …
In a recent judgment, ITAT has held that the sale of shares by the assessee was not business income but short term capital gain in view of the over all facts and in particular as per CBDT lates circular in this regard. ABCAUS Case Law Citation: 937 2016 …
No Penalty us 2711c for additions  made on DVO report basis as the DVO report is just an opinion or estimate. The mere fact that the assessee had not agitated additions made in the appellate proceedings does not militate against the assessee in the penalty proceedings. This was …
