Tag: ITAT Agra

Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause in terms of section 273B of the Act In a recent judgment Agra ITAT has held that provisions of section 271AAB of income tax Act does not grant …

Business decisions such as withdrawal and redeposit of cash fall within the domain of commercial expediency and AO cannot substitute his own business judgment In A Recent judgment, ITAT Agra has held that business decisions such as withdrawal and redeposit of cash, timing of payments to creditors, or …

No obligation to deduct tax at source u/s 195 on the commission paid to non-resident foreign commission agent not liable to pay tax in India – ITAT In a recent case, ITAT Agra has held that there was no obligation for the assessee to deduct tax at source …

Addition can not be made relying on the valuation report of property when the stamp duty valuation is also available on record – ITAT  In a recent judgment, ITAT Agra has held that addition can not be made for inadequate sale consideration of property sold merely relying on …

Jurisdiction of ITAT is determined not by the place of business or residence of assessee but by the location of the AO – ITAT In a recent judgment, Agra ITAT has dismissed the appeal of the assessee observing that the ordinary jurisdiction of the Bench will be determined …

Addition u/s 68 can not be made applicable where there is no fresh receipt of unsecured loans at all during the year – ITAT In a recent judgment, Agra ITAT has held that addition u/s 68 of the Act could be made applicable where there is no fresh …

When information contained in loose papers not corroborated with assessee, there is absolutely no room for presumption that it belongs to the assessee. In a recent judgment, ITAT Agra has held that information contained in loose papers if not corroborated with the assessee, there is absolutely no room …

AO taking cognizance of belated return ought to have issued the mandatory notice under section 143(2) of the Act – ITAT In a recent judgment, ITAT Agra has held that once AO took cognizance of the belated return filed by the assessee he ought to have issued the …

Assessment framed u/s 144 by issue of notice u/s 142(1) was void as time limit for filing ITR u/s 139(4) was over and it was a case of income escaping assessment In a recent judgment, ITAT Agra held that and assessment framed u/s 144 based on notice u/s …

The object of a procedure is to advance the cause of justice. Procedural law is not to be tyrant but a servant not an obstruction but an aid to justice – ITAT In a recent judgment, ITAT Agra has held that the object of prescribing procedure is to …