Category: Income Tax

Amount of taxes on sales comprising in turnover to be excluded while computing gross receipts for estimating net profit – ITAT In a recent judgment, ITAT Hyderabad directed AO to exclude the amount of taxes collected on sales comprised in turnover, while computing gross receipts for the purpose …

Addition u/s 69A confirmed as alleged capital contribution by partners was deposited in bank account of assessee not in account of partnership firm In a recent judgment, Andhra Pradesh High Court confirmed addition under section 69A of Income Tax Act as the alleged capital contribution by the partners …

Every provision invoked casts a different sort of onus on the assessee – ITAT deleted addition u/s 69 towards bogus purchases – ITAT In a recent judgment, ITAT Delhi has held that every provision invoked casts a different sort of onus on the assessee and assertion that merely …

Interest under section 234A cannot be levied on self-assessment tax paid before the due date of filing of return of income. In a recent judgment, Chennai ITAT has held that once the self assessment tax has been fully paid before the due date for filing return, no interest …

Resolution Professional can’t claim income tax refund for a period prior to approval of the resolution plan In a recent judgment, Orissa High Court has held that A Resolution Professional can’t claim income tax refund for a period prior to when he stepped in and managed affairs of …

An Appeal should not be thrown away on the ground of limitation as delay can always be compensated in terms of money. In a recent judgment, Hon’ble Kerala High Court has held that the law with regard to condonation of delay is no longer res integra as the …

No addition can be made only on basis of Whatsapp Chats between director and employee of the company as apart from the Whatsapp Chat there was no evidence on record. In a recent judgment, ITAT Kolkata has deleted addition made only on the basis of Whatsapp Chats between …

Wrong penalty section mentioned in Assessment order can be rectified being mistake apparent on record when there is no debate in imposing penalty under rectified section. In a recent judgment, ITAT Ahmedabad has held that when section 271AAB was wrongly mentioned in Assessment order instead of Section 271AAC, …

Even if a receipt is classified as Business Income u/s 28, it does not automatically qualify for the special deduction u/s 36(1)(viii) unless it is derived from the specific activity of long-term finance. In a recent judgment, Hon’ble Supreme Court has held that under section 36(1)(viii) of the …

Just because log book was not maintained does not mean that vehicles were used for personal purposes by the Trustee – ITAT In a recent judgment, ITAT Pune has holding that just because log book was not maintained does not mean that Vehicles were used for personal purposes …