Category: Income Tax
Cash deposited in bank by friend for making DD for participating in tender was not loan or deposits u/s 269SS or 269T- ITAT deleted penalty levied u/s 271D and 271E ABCAUS Case Law Citation: ABCAUS 2719 (2019) (01) ITAT Important Case Laws Cited/relied upon: OMEC Engineers Vs CIT …
It is common practice in Indian household that ladies share locker for keeping jewellery with family members- ITAT deletes addition made without any enquiry ABCAUS Case Law Citation: ABCAUS 2718 (2019) (01) ITAT Important Case Laws Cited/relied upon: Sunita Nigam Vs. DCIT (Central) (2018) 33 ITJ 837 …
No disallowance merely because vouchers was fresh not faded or torn. When self made vouchers not found false, no addition can be made on presumption ABCAUS Case Law Citation: ABCAUS 2717 (2019) (01) ITAT This appeal was filed by the assessee against the order of the Commissioner of …
Prosecution u/s 276CC-Challenge to satisfaction note u/s 153C rejected. If view taken by trial court is reasonable possible view, it is not to be disturbed ABCAUS Case Law Citation: ABCAUS 2716 (2019) (01) AC Important Case Laws Cited/relied upon: Pepsi Foods Pvt. Ltd. Vs. Assistant Commissioner of Income …
Limitation period not prescribed for service of assessment order but it must be served within reasonable time as held by the various high courts – ITAT ABCAUS Case Law Citation:ABCAUS 2715 (2019) (01) ITAT Important Case Laws Cited/relied upon:CIT Vs. Subrata Roy,(2014(7) TMI42)ACIT Vs. Orissa Stevedores LtdState of …
Transfer of creditor balances to capital account for better bank loan facilities was not waiver of liability u/s 41(1) being without consent form creditors ABCAUS Case Law Citation: ABCAUS 2714 (2019) (01) ITAT Important Case Laws Cited/relied upon: Commissioner of Income tax Vs Sugauli Sugar Works (P.) Ltd …
Kind of expenditure a legal professional can legitimately and justly claim is entirely different from basic expenditure a commercial entity can claim – SC dismisses SLP of the assessee ABCAUS Case Law Citation: ABCAUS 2713 (2019) (01) SC Important Case Laws Cited/relied upon: Shanti Bhushan v. Commissioner of …
For recomputing income correctly u/s 153A no incriminating material necessary and AO can make corrections after giving opportunity to the assessee. ABCAUS Case Law Citation: ABCAUS 2712 (2019) (01) ITAT In this case, the assessee had filed additional ground along with petition for admission of additional ground. The …
Deduction u/s 80IA is mandatory for both assessee and revenue to allow/claim, once initial assessment year is selected as there is no choice for postponement – ITAT ABCAUS Case Law Citation: ABCAUS 2711 (2019) (01) ITAT Important Case Laws Cited/relied upon: CIT Vs. Ramco International reported in 221 …
Penalty proceedings u/s 271D without recording satisfaction in the assessment order held to be illegal following Supreme Court judgment ABCAUS Case Law Citation:ABCAUS 2710 (2019) (01) ITAT Important Case Laws Cited/relied upon:CIT Vs. Saini Medical Store, 277 ITR 420 (P&H)CIT Vs. Sunil Kumar Goes, 315 ITR 163 (P&H)CIT …
