Tag: ITAT Agra

Merely because assessee had declared sales for only one month, the same cannot be treated as bogus on the basis of suspicion. In a recent judgment, ITAT Agra has held that merely because the assessee had declared sales for only one month during the year, the same cannot …

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 …