Category: Judgments
Security deposit written off allowed as business loss us 37(1) even though rent security w/o in books was claimed wrongly as bad debts u/s 36-ITAT ABCAUS Case Law Citation: 1059 (2016) (11) ITAT A.Y : 2010-11 Important Case Laws considered: Fab India Overseas P. Ltd. vs. ACIT CIT …
Penalty us 221(1) on tax due as per revised return of income. It is not correct to levy penalty on the amount due as per original return of income-ITAT ABCAUS Case Law Citation: 1058 (2016) (11) ITAT Brief Facts of the Case: The assessee filed its original return …
CIT-A can decide appeal against CIT revision order us 263 when no direction given to make assessment in a particular way except to invoke Section 50C-ITAT ABCAUS Case Law Citation: 1057 (2016) (11) ITAT Brief Facts of the Case: The appellant assessee had filed his return of income …
SC refuses stop High Courts listening demonetisation petitions challenging the move to withdraw old bank notes. Supreme Court today refused the Central Government plea to stop various High Courts from entertaining and/or listening pending petitions challenging the move to withdraw old bank notes currency of Rs 500 and …
Adopted child cannot divest person of estate vested before his adoption by virtue of proviso to Section 12 of the Adoption Act-Supreme Court ABCAUS Case Law Citation: 1056 (2016) (11) SC Brief Facts of the Case: The grandfather of the plaintiff-Respondent was the last holder of the suit …
Unregistered partnership firms can be referred to arbitration, there is no contrary statutory provision. Mere non filing of deed not make arbitration application liable to dismiss–Supreme Court ABCAUS Case Law Citation: 1055 (2016) (11) SC Important Case under consideration: Atul Singh & Othes Vs. Sunil Kumar Singh & Others 2008 (2) SCC 602 Bharat Sewa Sansthan Vs. U.P.Electronics Corporation Ltd. …
Yamuna Expressway Authority-If charitable Institution us 12AA or not to be decided by Allahabad High Court, Questions of Law framed ABCAUS Case Law Citation: 1054 (2016) (11) HC Important Case under consideration: Sri Ramtanu Co-operative Society v. State of Maharashtra Indian Trade Promotion Organization v. Director General of …
Sale-purchase in only few share scrips not high volume. STCG was not business income as a person can act both as trader and investor-ITAT ABCAUS Case Law Citation: 1053 (2016) (11) ITAT Assessment Year 2010-11 Brief Facts of the Case: The appellant assessee was an individual. Her …
No Concealment if return revised due to search of other person when assessee voluntarily filed revised ITR and no proceedings were initiated u/s 153 against him-ITAT ABCAUS Case Law Citation: 1052 (2016) (11) ITAT Important Case considered: Ravi Sud vs. ACIT (2015) 39 ITR (T) 356 CIT vs. …
Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT The allowability of the depreciation claim to a charitable trust/institution in calculating prescribed limit of 85% towards income application u/s 11 of the Income tax Act, 1961 was settled …
