Category: Income Tax
When AO started the computation of assessed income from the returned income, the return can not be considered non-est for no e-verification In a recent judgment, ITAT Delhi has held that when Assessing Officer started the computation of assessed income from the returned income, the return can not …
There is no bar in holding cash after withdrawals for longer period before deposited into bank on subsequent dates – ITAT In a recent judgment, ITAT Visakhapatnam has deleted addition u/s 69A towards unexplained money holding that there is no bar in holding the cash after withdrawals for …
Fair market price of property cannot be determined exactly. Valuation will differ from valuer to valuer – ITAT In a recent judgment, ITAT Nagpur has deleted addition u/s 56(2)(vii)(b)(ii) observing that the fair market price of property cannot be determined exactly. Valuation will differ from valuer to valuer …
Addition made without providing to assessse an opportunity for cross examination is invalid – ITAT In a recent judgment, ITAT Delhi has held that addition made on the strength of statement of alleged accommodation entry provider without providing assessee an opportunity for cross examination was invalid being in …
No disallowance u/s 40(a)(ia) can be made merely for not e-filing form 26A which is a procedural lapse. In a recent judgment, ITAT Mumbai has held that no disallowance u/s 40(a)(ia) can be made merely for not e-filing form 26A which is a procedural lapse. ABCAUS Case Law …
CBDT asks Income Tax officials to avoid asking irrelevant and unjustified queries in scrutiny notices issued to taxpayers. CBDT issues Instruction to Income Tax officials to not to ask irrelevant and unjustified queries in scrutiny notices issued to taxpayers. Recently an annexure to notice under section 142(1) allegedly …
Once repayment of the loan is established, credit entries cannot be added to income in isolation ignoring the debit entries despite being made in the later years – ITAT In a recent judgment, ITAT Calcutta has deleted addition for unexplained cash credit observing that once repayment of the …
Travel back theory as propounded by the CBDT Instruction is against the spirit of the ratio laid down by the Hon’ble Apex Court in Ashish Agarwal case – ITAT In a recent judgment, ITAT Jaipur has held that travel back theory as propounded by the CBDT Instruction is …
Failure of AO to draw inferences cannot mean that the petitioner had not disclosed all the material facts – High Court In a recent judgment, Hon’ble High Court has held that assessee’s duty is only to disclose primary facts and it is for the Assessing Officer (AO) to …
Notification for protocol amending the Agreement between the Republic of India and Sultanate of Oman for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. India and Oman has made amendments to protocol for the avoidance of double taxation and …
