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 …

Income Tax Department appreciates taxpayers & tax professionals for timely compliance, resulting in a record surge in the filing of Income Tax Returns (ITRs). According to the Press Release issued by the Income Tax Department, the taxpayers and tax professionals made their compliances in time, leading to a …

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 …