Category: Judgments
Delay condoned as assessee filed a single appeal against two penalty orders and later realized that a single appeal against two penalty orders passed under different sections not permissible ABCAUS Case Law Citation: ABCAUS 2954 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Manoj Ahuja …
Depreciation on goodwill and non compete fee allowed by the Tribunal in view of the binding judgment of Hon’ble Supreme Court and jurisdictional High Court ABCAUS Case Law Citation: ABCAUS 2953 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT Vs. Smifs Securities Ltd., …
Reopening u/s 148 for mere non disclosure of bank account in ITR without forming belief that income has escaped assessment, bad in law ABCAUS Case Law Citation: ABCAUS 2952 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties G.K. N. Driveshafts (India) Ltd. vs. ITO (2003) …
Penalty 271A cannot be sustained when assessee was not covered under Rule 6F assessee furnished adequate information to enable AO to compute income ABCAUS Case Law Citation: ABCAUS 2951 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Mehta Parvesh vs. ITO 60 TTJ (Del) 278 …
Applicability of section 115BBE to surrender made during survey is highly debatable. ITAT quashed rectification order imposing higher tax rate ABCAUS Case Law Citation: ABCAUS 2950 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Shri Lovish Singhal, Sriganganagar & Ors. Vs. ITO CIT v/s Bajargan …
Peak credit addition does not include income after peak balance date. ITAT directed addition of further 8% profit after the date of peak value ABCAUS Case Law Citation: ABCAUS 2949 (2019) (05) ITAT The assessee was a partner in a firm. On the basis of the Annual Information …
Entrance fee / onetime fee from new members is capital receipts. Similarly donation towards corpus fund were also eligible for the exemption ABCAUS Case Law Citation: ABCAUS 2947 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT vs. W.I.A.A. Club Ltd. 136 ITR 569 The …
Profit rate on bogus purchases reduced as assessee also paid VAT on purchases. ITAT directed AO to recompute income after applying profit rate of 8% ABCAUS Case Law Citation: ABCAUS 2946 (2019) (05) ITAT The assessee had appealed against the orders of Commissioner of Income Tax (Appeals) against …
Addition u/s 68-mere non-submission of ITR copy no ground for rejecting explanation, when it was demonstrated that loans had already been repaid. ABCAUS Case Law Citation: ABCAUS 2945 (2019) (05) ITAT The sole grievance of the assessee in this appeal was that the CIT(A) had erred in …
Income offered and taxed in the proceedings before the Settlement Commission, cannot be taxed again in the proceedings u/s 143(3) of the Act ABCAUS Case Law Citation: ABCAUS 2944 (2019) (05) ITAT The asssessee had challenged the order passed by the Commissioner of Income Tax (Appeals) in confirming …