AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient cash-in-hand in the books – ITAT In a recent judgment, ITAT Chandigarh has held that AO was not justified in questioning the cash withdrawals from the bank account …

Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon’ble Supreme Court due to Covid-19 In a recent judgment, Hon’ble Allahabad High Court has set aside the order of CIT(Exemption) passed u/s 119(2(b) and order u/s 154 passed by the Assessing Officer …

Satisfaction Note u/s 153C – term “immediate” cannot be extended to defeats the purpose of cost effective, efficient and expeditious completion of search assessments. In a recent judgment the Hon’ble Supreme Court dismissed the SLP of the Revenue against the judgment of the High Court holding that the …

Addition for rental income on accrual basis deleted as assessee was pursuing a civil case against the tenant In a recent judgment, ITAT Agra has deleted addition of rental income holding that it was not justified when the assessee was pursuing a civil case against the tenant, the …

ITAT allows adjustment of credit balance for the purposes of addition of deemed dividend as per section 2(22)(e) In a recent judgment, ITAT Pune directed the Assessing Officer to re-compute the net debit balance for the purposes of addition of deemed dividend as per section 2(22)(e) of the …

Addition u/s 50C deleted based on FMV in CA report under Rule 11UA(1)(b) as AO applied wrong rule Rule 11UA(2) applicable for the valuation of the shares u/s 56(2)(viib) In a recent judgment, ITAT Delhi has upheld deletion of addition u/s 50C based on FMV as per CA …