Category: Judgments

Provisions of Section 50C were not applicable as land was sold by the secured lenders to recover from dues, SC dismissed the Special Leave Petition. In a recent judgment, the Hon’ble Supreme Court has dismissed SLP against the decision of Delhi High Court holding that revision u/s 263 …

Merely observing absence of financial difficulties does not amount to consideration of genuine hardship – High Court In a recent judgment, Hon’ble High Court of Karnataka has held that mere absence of financial difficulties as observed by the Commissioner of Income Tax by itself does not amount to …

No disallowance of late deposit of PF/ESI can be made without affording opportunity to assessee to show that the said payments were made within time In a recent judgment, Hon’ble Allahabad High Court remanded disallowance of late deposit of PF/ESI made without affording opportunity to assessee to show …

Cash surrendered during survey not covered by deeming provisions of section 69 and 69A – ITAT In a recent judgment, ITAT Amritsar has held that excess cash found and surrendered during survey was not covered by deeming provisions of section 69 and 69A hence not taxable at higher …

Extrapolation of income of two months to arrive at income of the full year was not justified – ITAT In a recent judgment, ITAT Chandigarh has deleted the addition to income holding that extrapolation of income of two months adopted by the AO for arriving at income of …

Penalty u/s 272A(2)(c) for not furnishing information to notice u/s 133(6) deleted In a recent judgment, ITAT Lucknow has deleted Penalty u/s 272A(2)(c) imposed on Sub-registrar for not furnishing information of properties registered in response to notice u/s 133(6) of the Income Tax Act, 1961. ABCAUS Case Law …

ITAT allowed loss suffered by gold/ornament robbery carried forward from previous year  In a recent judgment, ITAT Rajkot allowed loss suffered by gold ornaments robbery which was carried forward as opening stock from preceding year in hope of recovery by police. ABCAUS Case Law Citation:4185 (2024) (08) abcaus.in …

When revisionary order u/s 263 was quashed, consequential assessment order passed by AO cannot survive – ITAT In a recent judgment, ITAT Raipur has held when the order passed by the Pr. CIT u/s 263 was quashed by the Tribunal, the consequential assessment order passed by the A.O …

Banks are obliged to adopt restructuring process of MSME Loans on its own. Framework contained in the Notification dated 29.05.2015 is mandatory in nature – Supreme Court  In a recent judgment, Hon’ble Supreme Court has held that Banks are obliged to adopt restructuring process of MSME Loans on …

CIT must hold bare minimum inquiry before passing revisionary order u/s 263. The words “as he deems necessary”, do  not mean that PCIT has a choice either to make or not to make an enquiry. In a recent judgment, ITAT Chandigarh has held that it is incumbent upon …