Category: Judgments
Commercial expediency – Expression “for the purposes of the business” is wider than “for the purpose of earning profits” – ITAT In a recent judgment, Ahmedabad ITAT has allowed an expenses u/s 37(1) considering Commercial expediency holding that the expression given in section 37 “for the purposes of …
“LIC Mutual Fund” not ‘Public Financial Institution’, interest payable can not be disallowed u/s 43B In a recent judgment, Hon’ble Calcutta High Court has held that “LIC Mutual Fund” is not “Public Financial Institution” u/s 43B therefore interest payable can not be disallowed on the ground of non-compliance …
Issue decided on merits by ITAT cannot again be subject matter of reopening of assessment under section 147 In a recent judgment, ITAT Delhi has held that once the issue has been decided on merits by the Tribunal, being the highest fact finding authority and a categorical finding …
Mere creation of video conferencing (VC) meeting ID/Link does not absolve responsibility of offering personal hearing – High Court In a recent judgment, Calcutta High Court has held that mere creation of video conferencing (VC) meeting ID/Link, does not absolve the Faceless Assessment Unit from discharging its responsibility …
Penalty u/s 270A for claiming bogus deductions deleted by ITAT for failure to identify specific Clauses from (a)to (f) of section 270A(9) In a recent judgment, ITAT Pune has deleted penalty u/s 270A for claiming bogus deductions for failure to identify in show cause notice the specific clauses …
Dropped Reassessment proceedings revived by corrigendum on change of opinion without any new material not allowable. In a recent judgment, Hon’ble High Court has held that once dropped Reassessment proceedings revived by corrigendum on change of opinion without any new material not allowable ABCAUS Case Law Citation:ABCAUS 4140 …
For payment of interest on refund of amounts paid as tax is quite different from amount seized from the possession of a person –High Court In a recent judgment, Hon’ble High Court has held that for payment of interest, refund of amounts paid as tax or deemed tax …
Rotations from Auto Sweep A/c not fresh investments-Addition deleted In a recent judgment, ITAT Mumbai has deleted the addition u/s 68 observing that as alleged there were no fresh investments/deposits in bank account except amount along with interest being rotated several times through auto sweep in the current …
Maintenance charges received from tenants taxable under income from other sources not house property – ITAT In a recent judgment, ITAT Bangalore has held that maintenance charges received from tenants are to be assessed under the head Income from other sources and not under income from House Property …
Filing revised return in reply to show cause does not deprive assessee of opportunity to oppose proposed variation In a recent judgment, Hon’ble High Court of Orissa has held that filing revised return in response to show cause notice does not deprive assessee of opportunity to state his …
