Category: Judgments
Insurance premium paid for partner of firm held allowable expenditure as it was incurred as a condition for availing business loan – ITAT In a recent judgment, ITAT Mumbai has held that insurance premium paid on life insurance of partner of the firm was allowable expenditure as it …
Provision for discount allowed as expenses as it had been discharged fully in the subsequent Assessment Year. In a recent judgment, the Karnataka High Court upheld the allowance of provision for discount following the matching principle as it had been discharged fully in the subsequent Assessment Year. ABCAUS …
Merely because vendor could not produce evidence for original purchase of software sold to assesssee, the depreciation thereon could not be disallowed. In a recent judgment, ITAT Ahmedabad has held that merely because vendor could not produce the evidence for original purchase of software made by it, the …
Absence of documentary proof would not lead to conclusion that cash amount was not paid when the receiver has executed a promissory note – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that absence of documentary proof would not lead to the conclusion that cash …
Addition u/s 69C towards alleged bogus purchase deleted due to failure of AO to bring on record any material/evidence for alleging such transactions. In a recent judgment, Kolkata ITAT has deleted addition made u/s 69C towards alleged bogus purchase due to failure of the AO to bring on …
Reopening on the allegation of non disclosure of illegal mining was quashed as Apex Court did not declare it illegal till the date of its decision In a recent judgment Hon’ble Supreme Court dismissed the SLP of the Revenue against the order of the High Court quashing reopening …
Order u/s 148A(d) set aside as sanctioning authority wrongly recorded that no response was filed in response to the notice issued u/s 148A(b). In a recent judgment, Hon’ble Calcutta High Court held that the order u/s 148A(d) was vitiated as the sanction granting authority had wrongly recorded that …
Supreme Court declines to entertain inordinate delay of seven/six years in filing appeal by shifting responsibility of delay on counsel- SLP dismissed In a recent judgment, Hon’ble Supreme Court dismissed the SLP against the judgment of the High Court upholding the ITAT order that shifting responsibility of delay …
When assessee is given immunity from disclosing chicken, can’t be asked to disclose eggs – ITAT deleted addition u/s 69A In a recent judgment, ITAT quashed addition u/s 69A towards interest income on money declared under IDS-2016 observing that when the assessee is given immunity not to disclose …
Order passed by NFAC quashed as section 151A of e-assessment of income escaping assessment scheme 2022 had not commenced at the time of issuance of notice In A recent judgment, ITAT Guwahati quashed order passed by NFAC as the provisions of Section 151A had not come into operation …
