Category: Judgments
Land introduced as capital in partnership firm rightly taxed as capital gain u/s 45(3), no benefit can be given for stock-in-trade ABCAUS Case Law Citation:ABCAUS 3815 (2023) (11) ITAT Important Case Laws relied upon by parties:P. Nageswara Rao vs. Dy. CITIncome Tax Officer vs. Orchid Griha Nirman (P) …
Addition for bogus capital gain in penny stock company deleted as shares were purchased and sold before order of SEBI and investigation report ABCAUS Case Law Citation:ABCAUS 3814 (2023) (11) ITAT Important Case Laws relied upon by parties:Karuna Garg and Others In the instant case, the assessee had …
Disallowance of ITC under UP VAT Act 2008 not same as in Karnataka VAT Act with respect to by-product/exempt goods – Supreme Court allows ITC ABCAUS Case Law Citation:ABCAUS 3813 (2023) (11) SC Important Case Laws relied upon by parties:State of Karnataka v. M.K. Agro Tech Private Limited, …
Non-issuance of the notice u/s 154(3) is a procedural irregularity. ITAT directs AO to issue notice and give opportunity ABCAUS Case Law Citation:ABCAUS 3812 (2023) (10) ITAT Important Case Laws relied upon by parties:Chockalingam & Meyyappan Vs. CIT (1963) 48 ITR 34 In the instant case, the assessee …
Before disallowance of salary u/s 40A(2)(b) Assessing Officer was duty bound to provide an opportunity to the assessee to place on record the requisite evidence. ABCAUS Case Law Citation:ABCAUS 3811 (2023) (10) HC In the instant case, the assessee had challenged the order passed by the ITAT in …
No revision u/s 263 can be done on debatable Issue on applicability of provision of Section 115BBE of the Act to the relevant assessment year – ITAT ABCAUS Case Law Citation:ABCAUS 3810 (2023) (10) (ITAT Important Case Laws relied upon by parties:Balvinder Singh vs. PCITYogesh Kumar vs. PCIT …
In revision proceedings CIT cannot travel beyond the reasons given in the show-cause notice u/s 263 – Supreme Court dismisses SLP of the Department ABCAUS Case Law Citation:ABCAUS 3809 (2023) (09) SC Important Case Laws relied upon by parties:CIT vs. Amitabh Bachchan (384 ITR 200) (2016) In the …
No penalty u/s 271F as due to mistake of DDO wrong PAN was mentioned in 26AS and assessee was precluded from filing the return of income – ITAT ABCAUS Case Law Citation:ABCAUS 3808 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by …
Benefit of concessional rate of tax u/s 115BAA can not be denied on the premise that assessee has to file Form No. 10IC for each assessment year ABCAUS Case Law Citation:ABCAUS 3807 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the …
Depositing unutilized capital gain amount in a special account is only a procedural matter, and non-compliance thereof cannot result in disallowance of deduction u/s 54 – ITAT ABCAUS Case Law Citation:ABCAUS 3806 (2023) (09) ITAT Important Case Laws relied upon by parties:CIT vs Venkata Dilip Kumar (277 taxman …
