Category: Judgments
Addition for jewellery found in search deleted as net weight found in search was lower than jewellery found during earlier search despite minor mismatch in items of jewellery. ABACUS Case Law CitationABCAUS 3376 (2020) (08) ITAT Important case law relied upon by the parties:Krishan Kumar Modi versus ACIT …
Revised claim of deduction u/s 80IC allowed without revised return Judgment of Supreme Court applies to AO not appellate Authorities ABACUS Case Law CitationABCAUS 3373 (2020) (08) ITAT Important case law relied upon by the parties:Goetz India Ltd In the instant case, the assessee had challenged the order …
IBBI bans Insolvency Professional for three months for appointing unregistered valuer ABACUS Case Law CitationABCAUS 3372 (2020) (08) IBBI In a recent case, Disciplinary Committee of IBBI has banned an Insolvency Professional for a period of three months for appointing unregistered valuer Under regulation 27 of the corporate …
Law does not debar assessee from making a claim which he believes is plausible and knowing that it will be examined by AO ABACUS Case Law CitationABCAUS 3371 (2020) (08) HC Important case law relied upon by the parties:Alpati Venkataramiah v/s. CIT – 57 ITR 185 (SC)Union of …
Second reopening notice u/s 148 issued without completing earlier reassessment proceedings is invalid ABACUS Case Law CitationABCAUS 3370 (2020) (08) ITAT Important case law relied upon by the parties:A.S.S.P. & Co. vs. CIT 172 ITR 274 (Mad)CIT vs. P. Krishnankutty Menon, 181 ITR 237 (Ker)Tao Publishing (P) Ltd. …
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 …