Category: Judgments
Prosecution u/s 276C(2) quashed as accused filed revised return which was assessed refund was granted by the Department ABCAUS Case Law CitationABCAUS 3443 (2021) (01) AC In the instant case, the Assistant Commissioner of Income Tax, (ACIT/AO) had filed a complaint against the accused assessee for the offence …
Filing belated return & non-registration u/s 12AA no valid reasons to issue notice u/s 148 in absence of other tangible material other than return filed ABCAUS Case Law CitationABCAUS 3442 (2021) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in …
Expenditure incurred by the assessee towards replacement of machinery with new machinery constitutes a capital expenditure. ABCAUS Case Law CitationABCAUS 3441 (2021) (01) ITAT Important case law relied referred:CIT vs. Sri Mangayarkarasi Mills P. Ltd, 315 ITR 114CIT vs. Sarvana Spinning Mills Ltd., 293 ITR 201.Elgi Equipments Ltd. …
Deduction u/s 80P(2)(a)(i) allowable despite loans by co-operative societies to members not related to agriculture. ABCAUS Case Law CitationABCAUS 3440 (2021) (01) SC Important case law relied referred:Chirakkal Service Co-operative Bank Ltd. v. CIT (2016) 384 ITR 490 (Ker.)Perinthalmanna Service Co-operative Bank Ltd. v. ITO and Anr.(2014) 363 …
Penalty u/s 271E deleted when loan was paid in cash to avoid default effecting CIBIL score as signed cheque books were not available with staff ABCAUS Case Law CitationABCAUS 3439 (2021) (01) ITAT Important case law relied referred:Hindustan Steel Ltd. vs State of Orissa reported in (1972) 083 …
Reassessment held bad in law as assessee not given four weeks time to seek legal remedy after rejection of objections to reopening ABCAUS Case Law CitationABCAUS 3438 (2021) (01) ITAT Important case law relied upon by the parties:Smt. Kamlesh Goel vs. Income Tax OfficerPr. CIT vs. Sagar DeveloperBharat …
Non-filing of ITRs by lenders can give rise to suspicion for the lack of creditworthiness but not sufficient to draw inference against assessee ABCAUS Case Law CitationABCAUS 3437 (2021) (01) ITAT Important case law relied upon by the parties:CIT Vs. Chanakya Developers reported 43 taxmann.com 91 In the …
Claim of agricultural income allowed in view of ownership of large land, girdwari and village sarpanch certificate ABCAUS Case Law CitationABCAUS 3436 (2021) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in part confirming the additions made by the Assessing …
Even a single transaction may constitute business as defined in section 2(13) of the Income Tax Act ABCAUS Case Law CitationABCAUS 3435 (2021) (01) ITAT Important case law relied upon by the parties:ITO vs. Amrit Foods (P) Ltd. (1984) 10 ITD 681 In the instant case, the assessee …
Gujarat High Court directs CBDT to decide on further due date extension by 12.01.2021. Writ Petition was filed by All Gujarat Federation of Tax Consultants Breaking: CBDT denies any further extension in due dates for filing ITRs/Audit Reports. Order u/s 119 in pursuance of Gujarat HC direction Read …