Category: Judgments

ITAT quashed disallowance u/s 40A(3) as assessee never operated any bank account  In a recent judgment, ITAT Delhi quashed disallowance u/s 40A(3) where assessee never operated any bank account for running the business, it was held that invoking provisions of section 40A(3) overlooking the business expediency and also …

ITAT set aside order as in Form No.35 assessee had clearly indicated his choice that no notice/communication should be sent on email  In a recent judgment, ITAT Ahmedabad set aside appeal order as assessee in Form No. 35 had clearly indicated his choice that no notice/communication should be …

Mere non submission of the PAN details will not lead to disallowance u/s 68 – ITAT In a recent judgment, ITAT Delhi has held that mere non submission of the PAN details will not lead to disallowance of cash credits u/s 68 of the Income Tax Act, 1961. …

NFRA penalises Chartered Accountant for misrepresenting facts holding that misrepresenting facts in NFRA proceedings amounts to professional misconduct. In a recent judgment, National Financial Reporting Authority (NFRA) has penalised a CA holding that misrepresentation of facts during NFRA proceedings under section 132(4) of the Companies Act 2013 amounted …

Addition made to income on account of travelling expenses to Pakistan – ITAT remands case to AO for verification In a recent judgment, the Amritsar ITAT has restored the issue of addition made to income on account of travelling expenditure to Pakistan for verification of source of expenditure. …

Information from Investigating Wing cannot be sole basis for forming belief that income escaped assessment – High Court In a recent judgment, Hon’ble Delhi High Court has held that information received from Investigating Wing cannot be the sole basis for forming a belief that income of the assessee …

Revision u/s 263 arising from tax auditors observation upheld as AO did not examine the matter In a recent judgment, ITAT Chennai has upheld revisionary proceedings u/s 263 which stemmed from observation of Tax Auditor that there was remission of trading liability u/s 41(1)(a) of the Act and …

Prosecution u/s 276B for delay in deposit of TDS quashed by High Court in the light of CBDT circulars In a recent judgment, Hon’ble Bombay High Court has quashed prosecution u/s 276B for delay in deposit of TDS in the light of CBDT Circular/Instructions stating that when TDS …

For imported goods, it is impossible to claim CENVAT credit and hence custom duty exemption can not be denied. Supreme Court dismissed SLP  In a recent order, Hon’ble Supreme Court has dismissed Special Leave Petition (SLP) of the Custom/Excise Department against the order of the CESTAT holding that …

High Court grants bail to ITC scam accused as GST liability was yet to be not determined. In a recent judgment, Hon’ble High Court of Punjab & Haryana granted bail to ITC scam accused as GST liability was yet to be determined and the assessee was not habitual …