Category: Judgments
Revision us 263 set aside as CIT did not do homework. No record was called for examining the issue or application of mind by CIT – ITAT ABCAUS Case Law Citation: ABCAUS 1226 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Subrata Roy ready to go to Jail if cheques dishonours Recently, Supreme Court had ordered auction of Sahara Aamby Valley and warned Subrata Roy to be present in the Court on 27th April, 2017 not to honour his affidavit or face wrath of Law. On the scheduled day, …
Net profit ratio of 3 percent in contract business allowed as in earlier years even lower profit rate was consistently accepted without objection by the Department – ITAT ABCAUS Case Law Citation: ABCAUS 1225 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Deemed Dividend-Loan to firm where partners are shareholders of the company. Advances not considered deemed dividend u/s 2(22)(e) ABCAUS Case Law Citation: ABCAUS 1224 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax (Appeals) in confirming the …
Interest on personal loan taken for business purpose allowed as business expenditure. The assessee could very well attribute the interest free funds for personal purpose. ABCAUS Case Law Citation: ABCAUS 1223 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner …
Secretive commission payment not allowable us 37(1). It was in the nature of bribe to procure business which is prohibited under explanation to Section 37(1) ABCAUS Case Law Citation: ABCAUS 1221 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner …
Filing false complaints against husband amounts to cruelty. Such Acts of Wife have effect of lowering his reputation in the eyes of his peer- Supreme Court ABCAUS Case Law Citation: ABCAUS 1221 (2017) (04) SC Important Case Laws Cited/relied upon: Srinivas Rao v. D.A. Deepa 2013 (5) SCC …
Lack of enquiry or inadequate enquiry. Revision u/s 263 quashed by ITAT applying the large number of judgments of High Court and Supreme Court. ABCAUS Case Law Citation:ABCAUS 1220 (2017) (04) ITAT The Grievance:The appellant assessee was aggrieved by the revisionary order passed by the Commissioner of Income …
Salary recovered for notice period not taxable salary us 16 as per agreement with the employers when actually assessee had received less salary – ITAT ABCAUS Case Law Citation: ABCAUS 1219 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the Commissioner of …
Disallowance of interest for drawings out of cash credit account deleted as despite drawings closing balance of capital was more than opening balance ABCAUS Case Law Citation: ABCAUS 1217 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the Commissioner of Income Tax …
