Category: Judgments
Two different proceedings arising out of same assessment should be disposed together to avoid multiplicity of proceedings and conflicting judicial opinion ABCAUS Case Law Citation:ABCAUS 3223 (2020) (01) ITAT In the instant case appeal arose out of the order passed by the Assessing Officer under Section 154 of …
No bar in law for a person dealing in land to also have investment in land. Assessee can hold same class of assets as investment and also as stock in trade. SC dismissed SLP of the Revenue ABCAUS Case Law Citation:ABCAUS 3222 (2020) (01) SC The Respondent …
Incidence of Central Sales Tax occurs where the goods are appropriated to the contract. Supreme Court dismissed SLP of VAT Department ABCAUS Case Law Citation:ABCAUS 3221 (2020) (01) SC Important case law relied upon by the parties:Larsen and Tourbo Limited Vs. State of Karnatka (2014) 1 SCC 708.Thyseenkrupp …
No disallowance u/s 40(a)(ia) for merely not filing Form 26A before Assessing Officer. Once content of Form-26A not disputed, assessee entitled to benefit ABCAUS Case Law Citation:ABCAUS 3220 (2020) (01) ITAT Important case law relied upon by the parties:New Alignment Vs ITO(2016)69 Taxmann.com 122(Kol)CIT Vs Ansal Land Mark …
Appeal lies before the CIT-A against intimation u/s 143(1) by CPC. There is no requirement in law to approach CPC for rectification of intimation u/s 143(1), if assessee is aggrieved by the order and denies his liability computed ABCAUS Case Law Citation:ABCAUS 3219 (2020) (01) ITAT In the …
It is a settled position of law that while granting registration u/s 12AA CIT (Exemptions) is required to examine the objects of the assessee. If objects are charitable in nature, registration should be granted to the assessee. ABCAUS Case Law Citation:ABCAUS 3218A (2020) (01) ITAT In the instant …
Under mercantile system of accounting interest payable is equal to paid. ITAT deleted disallowance on the ground that interest was not paid during the year ABCAUS Case Law Citation:ABCAUS 3218 (2019) (01) ITAT Important case law relied upon by the parties:Taparia Tools Ltd. vs. JCIT Nasik In the …
Genuine expenses wrongly claimed as deduction not attract penalty u/s 271(1)(c) for furnishing the inaccurate particular of income ABCAUS Case Law Citation:ABCAUS 3217 (2019) (01) ITAT Important case law relied upon by the parties:CIT V/s Zoom Communications Limited 327ITR 510CIT Vs. Reliance Petro Products Ltd reported in 322 …
No Penalty u/s 271B where assessee under bona-fide belief failed to get accounts audited u/s 44AB despite turnover exceeding threshold for sale/purchase of shares ABCAUS Case Law Citation:ABCAUS 3216 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against …
Notice for initiation of complete scrutiny assessment proceeding prior to receipt of approval by Pr. CIT i.e. in anticipation of approval is invalid ABCAUS Case Law Citation:ABCAUS 3214 (2019) (01) ITAT Important case law relied upon by the parties:M/s. CBS International Projects Pvt. Ltd vs CIT In the …