Category: Judgments
Interest u/s 234C is chargeable on returned income only and not on the assessed income – ITAT In a recent judgment, ITAT has held that interest u/s 234C is chargeable on returned income only and not on the assessed income ABCAUS Case Law Citation:ABCAUS 3841 (2024) (01) ITAT …
Singing of the balance sheet itself is construed as acknowledgement of debt. No cessation of liability u/s 41 if trade payables shown as outstanding in the balance sheet – ITAT In a recent judgment, ITAT has held that singing of the balance sheet itself is construed as acknowledgement …
No presumption that if assessee owns some agricultural land, agricultural income arises automatically – Supreme Court dismisses SLP An income cannot be based on mere presumption that if the assessee owns some agricultural land, the income from agricultural operation arises automatically. Recently the Apex Court dismissed the SLP …
Misplacement of record by assistant constitute sufficient reason for condonation of delay – ITAT In a recent judgment, the ITAT has held that misplacement of record by assistant constituted sufficient reason for condonation of delay. ABCAUS Case Law Citation:ABCAUS 3838 (2024) (01) ITAT In the instant case, the …
Section 269SS not apply to cash receipt of sale consideration of immovable property, it deals only with loan or deposit – ITAT In a recent judgment, ITAT has held that section 269SS of the Act does not deals with the receipt of ‘sale consideration of immovable property’ in …
Stock surrendered during survey held business income not cash credits or unexplained money u/s 69 or 69A. Question of application of section 115BBE doesn’t arise for consideration – ITAT In a recent judgment, the ITAT has held that stock surrendered during survey was business income not cash credits …
Deduction u/s 54F allowable despite postdated cheque not cleared or details thereof not mentioned in agreement – ITAT In a latest judgment, ITAT has allowed Capital Gain Exemption / deduction u/s 54F despite postdated cheque not cleared within the due date for filing of return or details of …
ITAT deleted addition towards unexplained money u/s 69A made on the basis of whatsapp chat retrieved from mobile during search operation ABCAUS Case Law Citation:ABCAUS 3834 (2024) (01) ITAT Important Case Laws relied upon by parties:Ashwini Kumar v. ITO (1991) 39 ITD 183Mr. A. Johnkumar vs. DCITAtul Tantia …
Capital gain exemption u/s 54 allowed for investment made in the name of spouse. Purposive construction is to be preferred as against the literal construction In a recent judgment, the ITAT following the guidance provided by various High Courts and Coordinate Benches, allowed capital gain exemption u/s 54 …
Diamond jewellery is always studded with gold and loose diamonds were found during search operation, ITAT deleted addition u/s 69A ABCAUS Case Law Citation:ABCAUS 3832 (2024) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the order of the …