Category: Judgments

Survey not a short cut assessment proceedings. ITAT explains intricacies of survey In a recent judgment, ITAT Chandigarh has held that survey is not a short cut assessment proceedings or summary assessment, explained intricacies of survey u/s 133A of the Act. ABCAUS Case Law Citation:4230 (2024) (08) abcaus.in …

Deductor cannot be treated an assessee in default till payee also failed to pay tax directly. Before holding assessee in default, AO must establish that payee failed to pay tax directly – ITAT In a recent judgment, ITAT Jaipur has held that in cases of non deduction of …

Income Tax Proceedings based on diaries, loose sheets without corroborative evidence held contrary to the law declared by the Hon’ble Apex Court  In a recent judgment Hon’ble Supreme Court has dismissed the SLP of the Income Tax Department against the judgment of the Hon’ble Karnataka High Court which …

No under reporting of income if income assessed u/s 143(3) is same as per return processed u/s 143(1)(a) – ITAT In a recent judgment, the ITAT Delhi has held that there is no under reporting of income u/s 270A as income assessed u/s 143(3) and income determined in …

Cash basis accounting of late payment surcharge on electric bill held not prejudicial to Revenue In a recent judgment, the Hon’ble High Court of Meghalaya has upheld the order of ITAT that accounting of electricity late payment surcharge on cash basis instead of accrual basis was not prejudicial …

High Court restored the appeal as it was dismissed only due to no provision under GST Act to condone delay In a recent judgment, Hon’ble Madras High Court quashed the impugned order in DRC-07 and remanded the case as assessee’s appeal was rejected only on the ground that …

NFRA imposed a penalty of Rs. 10 crores on CA firm in Cafe Coffee Day company Scam In a recent judgment, NFRA has imposed a heavy exemplary penalty of Rs. 10 crores on CA firm and Rs. 50 lakhs on engagement partner and ban for 10 years for misconduct …

No express bar to opt other tax rate when tax rate u/s 115BAA was opted – ITAT In a recent judgment, ITAT Mumbai has held that there is no express bar on the assessee to opt for tax rate under other provision when it had opted tax rate …

Jewellery found in search can not be apportioned equally among family members – ITAT In a recent judgment, ITAT Delhi has held that when jewellery found in house cohabited by various family members, AO can not apportion jewellery in equal proportion without identifying the person to whom the …

TDS not required on year end provisions created which were reversed in next year – ITAT In a recent judgment, ITAT Delhi has held that no TDS was required on provisions created on year end as per accrual basis of accounting and reversed in subsequent assessment year and …