DVO Report based on mere estimate not sufficient information for the purpose of reopening assessment u/s 147. ITAT deleted addition u/s 69 ABCAUS Case Law Citation:ABCAUS 2675 (2018) (12) ITAT Important Case Laws Cited/relied upon:ACIT vs. Dhariya Construction Co. (2010) 328 ITR 515 (SC) ITO vs. Santosh Kumar …
Motor car purchased by cash gift from wife and mother-ITAT upheld addition for unexplained cash as mere filing confirmations not sufficient to prove creditworthiness and genuineness of the transaction. ABCAUS Case Law Citation:ABCAUS 2674 (2018) (12) ITAT Important Case Laws Cited/relied upon:Bharati Pvt. Ltd., 111 ITR 951United Commercial …
Interest on FDRs-deduction of Interest paid on unsecured loans taken to make investment in bank FDRs allowed u/s 57(iii) in view of the clear nexus. ABCAUS Case Law Citation:ABCAUS 2673 (2018) (12) ITAT Important Case Laws Cited/reliedupon:CITvs. V.P. Gopinathan (2001) 248 ITR 449 (SC) The appeal by the …
No entity could earn gross receipts, only profit embedded to be treated as income. ITAT upholds the order of CIT(A) as appreciating the controversy in right perspective ABCAUS Case Law Citation:ABCAUS 2672 (2018) (12) ITAT Important Case Laws Cited / relied upon:Commissioner of Income Tax Vs. President industries …
CBDT has decided to subject the registration process of charitable trusts / institutions to internal audit and has issued detailed procedure in this regard. In partial modification of its earlier Instruction No. 6 of 2017 dated 21.07.2017, CBDT has stated that the Hon’ble Public Accounts Committee( PAC ) …
Ad-hoc disallowance not within permissible arena of taxing statute which is essentially welfare in nature – ITAT ABCAUS Case Law Citation:ABCAUS 2671 (2018) (12) ITAT Important Case Laws Cited/reliedupon:M/s Bajaj Auto Centre, Kanpur vs. Income Tax Officer M/s Bhullar Oxygen Pvt. Ltd. vs. Income TaxOfficer The appeal was …