Claim of expenditure involved is not a case of concealment of income. ITAT deleted penalty u/s 271(1)(c) In a recent judgment, the ITAT Delhi has held that claim of expenditure involved is not a case of concealment of income. ITAT deleted penalty u/s 271(1)(c) ABCAUS Case Law Citation:ABCAUS …

Mere clubbing loan account with capital account can not be treated as unexplained income – ITAT In a recent judgment, the ITAT Visakhapatnam has held that mere clubbing loan account with capital account in order to present better statement of account can not be treating as unexplained income. …

Mere failure of creditor/ shareholder to appear no basis to make addition u/s 68 when assessee produced basic evidences – ITAT In a recent judgment, the ITAT Kolkata has set aside addition u/s 68 for fresh order without shifting onus upon assessee to produce the director of the …

AGFTC and ITBA requests Finance Minister to reduce penalty u/s 73(9) of the CGST Act 2017 All Gujarat Federation of Tax Consultants (AGFTC) and Income Tax Bar Association (ITBA), Ahmedabad has given a Representation to Union Minister of Finance  to amend the penalty provision under section 73(9) of …

Non-payment cannot be a ground for disallowing the claim of sub-contract expenses – ITAT In a recent judgment, the ITAT Indore has held that non-payment cannot be a ground for disallowing the claim of expenses accrued as sub-contractor was to be paid after realization of performance guarantee. ABCAUS …

Under peak theory, only peak cash deposit to be taxed instead of entire cash deposit in bank account – ITAT In a recent judgment, the ITAT Delhi has reduced addition of entire cash deposit holding that even as per the peak credit theory, instead of taxing the entire …