Category: Judgments

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

June 19, 2016 Income Tax, ITAT, Judgments
FDRs Interest was business income but not contract income. Interest on Margin Money deposits for obtaining bank guarantee is not income out of contract business-ITAT upheld CIT order u/s 263 ABCAUS Case Law Citation: 951 2016 (06) ITAT Assessment Year – 2009-10 Date/Month of Judgment/Order: June 2016 Brief Facts …
Penalty 2711c – Pending Petition us 154 to be disposed off first and penalty be dropped if assessees claim as per rectification petition found correct-ITAT

Penalty 2711c – Pending Petition us 154 to be disposed off first and penalty be dropped if assessees claim as per rectification petition found correct-ITAT

June 18, 2016 Income Tax, ITAT, Judgments
Penalty 2711c – Pending Petition us 154 to be verified/disposed off first and penalty be dropped if the claim of the assessee as per rectification petition was found correct-ITAT ABCAUS Case Law Citation: 950 2016 (06) ITAT AY: 2006-07 Date of Judgment: June, 2016 Brief Facts of the …
Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted

Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted

June 17, 2016 Income Tax, ITAT, Judgments
Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted-ITAT ABCAUS Case Law Citation: 949 2016 (06) ITAT AY: 2008-09 Important Case Laws/Judgments Cited: Hasanand Pinjomal Vs. CIT 112 ITR 134 Gujarat High Court Smt. Ch. Mangayamma Vs. …
Foreign exchange fluctuation loss-If event has occurred before balance sheet date and a subsequent event materially affects profits, it has to be provided

Foreign exchange fluctuation loss-If event has occurred before balance sheet date and a subsequent event materially affects profits, it has to be provided

June 17, 2016 Income Tax, ITAT, Judgments
Foreign exchange fluctuation loss event occurring before balance-sheet date. If the event has occurred before the balance-sheet date and a subsequent event materially affects the profits, then the same has to be provided in the balance-sheet which is finalized after the closing of the year. This was held …
Disallowance us 361iii for bank interest on unutilized loan. If satisfied that loan was for business, no addition required for unutilized part at year end

Disallowance us 361iii for bank interest on unutilized loan. If satisfied that loan was for business, no addition required for unutilized part at year end

June 16, 2016 Income Tax, ITAT, Judgments
Disallowance us 361iii for bank interest on unutilized loan In a recent judgment, ITAT held that once the Assessing Officer satisfied with the nature of loan being of business in nature then no disallowance u/s 36(1)(iii) was called just for keeping the funds unutilized at the end of the …
Income tax Survey outcome disclosure to complainant directed under RTI as soon as the assessment proceedings are concluded. CIC Order

Income tax Survey outcome disclosure to complainant directed under RTI as soon as the assessment proceedings are concluded. CIC Order

June 14, 2016 Central Information Commission, Income Tax, Judgments
Income tax Survey outcome disclosure to complainant directed under RTI Act  ABCAUS Case Law Details: 001 2016 (06) CIC Date of Decision/Judgment: June 2016  Brief Facts of the Case: The appellant has sought copy of survey report held in January 2014 on his complaint. According to the appellant he …