Category: Judgments

Tax authorities not bound with provisions of section 44AE of the Act once assessee waived the option available In a recent judgment, ITAT has held that Tax authorities are not bound with provisions of section 44AE of the Act once assessee waived the option available to assess income …

Whether seized document is incriminating or not is definitely a findings of fact – High Court In a recent judgment, High Court has held that whether seized document is incriminating or not is definitely a findings of fact. Hard disk was not incriminating documents as its contents were …

Interest earned on borrowed funds/ unutilized capital subsidy are capital receipts In a recent judgment, Hon’ble Guwahati High Court has held that Interest earned on borrowed funds/ unutilized capital subsidy are capital receipts  ABCAUS Case Law Citation:ABCAUS 3986 (2024) (04) HC Important Case Laws relied upon:Commissioner of Income …

There is no statutory requirement of pre-deposit for stay of demand under Income Tax Act – High Court stayed demand   In a recent judgment, the Hon’ble High Court has stayed income tax demand and penalty holding that in a situation where serious prejudice may be caused to the …

Applicability of provisions of Section 115BBE  read with Section 69, 69A and 69C in a case arising before Settlement Commission – Allahabad HC directs AO decide the issue In a recent judgment, the Hon’ble Allahabad High Court has directed AO to examine non applicability of Section 115BBE read …

Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld the addition u/s 68 of the jewellery claimed to have been received on death of grandparent under Will as grandmother was a housewife with no regular sources of …

Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies In a recent case, the Hon’ble Allahabad High Court has stated that merely because the directors of the two companies are common may have given rise to suspicion …

Application though named as rectification but if tax imposed is not legitimate then it also touches upon the merit – High court remitted the case to ITAT In a recent case, the Hon’ble High Court remitted the case to ITAT holding that though the application was filed under …

Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of current FMV to be further indexed for calculating capital gain In a recent case, the ITAT has deleted the addition on account of Long Term Capital Gain holding that cost of acquisition as …

ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee  In a recent case, the ITAT has directed AO to serve notice of hearing both through electronic and physical mode as the assessee was a non-return filer and did not know …