Category: Judgments
Capital gain to be computed first applying exemption and then provisions for set off of capital loss ABACUS Case Law CitationABCAUS 3369 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Vijay M. Mahtaney 35 taxmann.com 228 (Mad) In the instant case, the assessee had …
Addition for unsecured loans tenable when profits are estimated as it is not trading account but balance sheet item ABACUS Case Law CitationABCAUS 3368 (2020) (08) ITAT Important case law relied upon by the parties:Addl. CIT vs Hanuman Agarwal 151 ITR 150 (Pat)Mather & Platt (India) Ltd vs …
Inability to produce evidence by Legal representative of assessee alone should not be a basis to decide allowability of expenses. ABACUS Case Law CitationABCAUS 3366 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance under the head …
Limitation period for making application for initiation of CIRP is three years from date of default. IBC not a money recovery legislation for creditors – SC ABACUS Case Law CitationABCAUS 3365 (2020) (08) SC Important case law relied upon by the parties:B. K. Educational Services Pvt. Ltd. vs. …
Depreciation disallowed on VAT portion of capital goods suspected to be purchased from grey market ABACUS Case Law CitationABCAUS 3364 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance of depreciation on capital assets purchased and used …
Market value of stock instead of cost no basis to determine undisclosed income. Penalty u/s 271AAB not mandatory ABACUS Case Law CitationABCAUS 3363 (2020) (08) ITAT Important case law relied upon by the parties:M/s Sumangal Gems vs. DCIT In the instant case, the assessee had challenged the order …
Expenditure on ERP Software allowed as Revenue in nature despite being treated as deferred revenue expenditure in the books of accounts ABACUS Case Law CitationABCAUS 3362 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Associated Cement Companies Ltd: 172 ITR 257 (SC)Alembic Chemical Works …
Daughters have coparcenary rights from birth even if father not alive on commencement of Hindu Hindu Succession (Amendment) Act 2005 i.e. 9.9.2005 ABACUS Case Law CitationABCAUS 3361 (2020) (08) SC Important case law relied upon by the parties:Prakash & Ors. v. Phulavati & Ors., (2016) 2 SCC 36Danamma …
No Penalty u/s 271AAB unless undisclosed income found from seized material. Disclosure made in statement u/s 132(4) not sufficient to levy penalty ABACUS Case Law CitationABCAUS 3360 (2020) (08) ITAT Important case law relied upon by the parties:Ravi Mathur vs. DCITDinesh Kumar Agarwal vs. ACITRaja Ram Maheshwari vs. …
Penalty u/s 271(1)(c) upheld despite notice without striking off the not applicable charge as in penalty order AO specified the applicable limb ABACUS Case Law CitationABCAUS 3359 (2020) (08) ITAT Important case law relied upon by the parties:Shweta Construction Company Pvt. Ltd. vs. ITO,B. D. Mundra & Sons, …