Category: Judgments
No TDS late deposit interest if cheque deposited in bank within due date in view of CBDT Circular No. 261 dated 08-08-1979 which has not been withdrawn- ITAT ABCAUS Case Law Citation: 969 2016 (07) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June, 2016 Brief Facts of the …
Debts written off in the same/first assessment year eligible for deduction u/s 36(1)(vii) as after the amendment w.e.f. 1st April 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable – ITAT ABCAUS Case Law Citation: 968 (2016) (07) ITAT …
There is no requirement of the certificate under Tonnage Tax Scheme u/s 115VD in relation to the vessel on which slot charter operations are carried out – Supreme Court ABCAUS Case Law Citation:967 2016 (07) SC Question before the Court:Is the income derived from ‘slot charter’ operations of …
Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT ABCAUS Case Law Citation: 966 2016 (07) ITAT Assessment Year: 2008-09 Date/Month of Judgment/Order July, 2016 Important Judgment Cited/relied upon: CIT vs. Radhe Developers (2012) Gujarat High Court Brief Facts of the Case: …
Club Membership allowed partly as business expenses Contacts developed through clubs also brings new clients and professional opportunity. 1/3rd of club membership fee paid allowed as attributable to professional activities by ITAT ABCAUS Case Law: 965 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: June, 2016 Brief …
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 …
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: …
Peak credit theory do not apply to cash deposits made at outstation stations/cities when cash withdrawal were made at one city only – ITAT ABCAUS Case Law Citation: 962 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June 2016 Brief Facts of the Case: The case of …
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 …
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 …
