The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries   In a recent judgment, ITAT has deleted addition u/s 68 on the alleged cash credit holding that when a debit entry in the books can not be …

Conversion of unsecured loan of wife against allotment of share in joint names in closely held company upheld The ITAT in a recent judgment held that AO was wrong in not accepting conversion of unsecured loan of director against allotment of share in joint names of husband and …

Penalty u/s 271D stayed as assessee denied having received cash loan and matter was pending in Civil Court In a recent judgment, the Hon’ble High Court has stayed penalty order u/s 271D stayed as assessee denied having received cash loan and matter was pending in Civil Court. ABCAUS …

Non allocation of common expenses for deduction u/s 80IA – ITAT quashed revision order Non allocation of common expenses to eligible business for claiming deduction u/s 80IA – ITAT quashed revision order u/s 263 passed by PCIT In a recent judgment, ITAT has quashed revision order u/s 263 …

High price of land sold no reason tax it as business income when its class remained Krishi bhumi In a recent judgment, ITAT has held that land sold can not be treated business income when its class not changed from Krishi bhumi and not changed to commercial land …

CIT(A) incorrect in not adjudicating the ground raised merely because AR agreed not to press it In a recent judgment, the ITAT has held that CIT(A) was incorrect in not adjudicating the ground raised in appeal merely because AR agreed not to press it ABCAUS Case Law Citation:ABCAUS …