Disallowance u/s 40A(3) for bearer cheque Payments. CBDT 1977 Circular relied upon by assessee does not exits with amendment to Rule 6DD. Supreme Court dismisses SLP In a recent judgment, the Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) filed by the assessee against the order …

The ITAT remands the assessment order passed ex-parte as the assessee was illiterate housewife and widow and did what husband asked to do with regard to her financial affairs In a recent judgment, the Hon’ble ITAT has set aside and remanded the order passed ex-parte as the assessee …

Section 132B of Income Tax Act 1961 does not stipulate that if no order is passed within 120 days, seized assets must be released – High Court In a recent judgment, the Hon’ble Allahabad High Court has held that Section 132B of Income Tax Act 1961 does not …

Men-rea on the part of the assessee is an essential pre-requisite condition for imposition of penalty under Section 54(1)(2) of the U.P. VAT Act, 2008 – Allahabad High court In a recent judgment, the Hon’ble Allahabad High Court has held that men-rea on the part of the assessee …

No relief admissible u/s 89(1) for compensation received on termination of employment due to closure of plant  In a recent judgment, the Hon’ble ITAT has held that no relief admissible u/s 89(1) towards compensation received on termination of employment due to closure of plant ABCAUS Case Law Citation:ABCAUS …

Notices u/s 133(6) not enough for verification of loan transactions from shell companies. AO ought to have done further inquiry to ascertain genuineness & creditworthiness – High Court Notice under Section 133(6) of the Act is not enough to verify identity, genuineness and creditworthiness of transactions from shell …