Tag: Survey u/s 133A
Survey not a short cut assessment proceedings. ITAT explains intricacies of survey In a recent judgment, ITAT Chandigarh has held that survey is not a short cut assessment proceedings or summary assessment, explained intricacies of survey u/s 133A of the Act. ABCAUS Case Law Citation:4230 (2024) (08) abcaus.in …
Plausible view taken by AO on surrender made by assessee not open to revision u/s 263 of the Income Tax Act – ITAT In a recent judgment, ITAT Jaipur has held that plausible view taken by Assessing Officer of surrender made by assessee not open to revision u/s …
No enduring benefit arises when software project was abandoned due to change in technology. Supreme Court dismisses SLP of Department In a recent case, the Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) of the Revenue against the judgment of the Hon’ble High Court of Karnataka …
Retracting from income offered during survey and challenging non opportunity of cross examination at assessment stage – upheld In a recent judgment, the Hon’ble Supreme Court declined to interfere with the judgment of High Court which upheld the ITAT order where non opportunity of cross examination during assessment …
Income surrendered in relation to hospital building construction by doctor was not unexplained investment u/s 69 liable to higher tax u/s 115BBE – ITAT In a recent judgment ITAT has held that the surrender of income by a practicing doctor towards understatement of hospital construction expenses can not …
Stock surrendered during survey held business income not cash credits or unexplained money u/s 69 or 69A. Question of application of section 115BBE doesn’t arise for consideration – ITAT In a recent judgment, the ITAT has held that stock surrendered during survey was business income not cash credits …
Non-issuance of the notice u/s 154(3) is a procedural irregularity. ITAT directs AO to issue notice and give opportunity ABCAUS Case Law Citation:ABCAUS 3812 (2023) (10) ITAT Important Case Laws relied upon by parties:Chockalingam & Meyyappan Vs. CIT (1963) 48 ITR 34 In the instant case, the assessee …
Excess stock of gold found during survey cannot be isolated with regular stock in trade to be treated unexplained investment and taxed u/s 69B – ITAT ABCAUS Case Law Citation:ABCAUS 3798 (2023) (09) ITAT Important Case Laws relied upon by parties:M/s. SVS Oil Mills vs ACIT 418 ITR …
Addition made during survey for difference construction expenses between tally accounting package and manual register deleted by ITAT ABCAUS Case Law CitationABCAUS 3477 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made on the basis of …
Surrender of income due to recovery of documents during survey can not be said to be voluntarily. ITAT upheld penalty u/s 271(1)(c) ABCAUS Case Law CitationABCAUS 3472 (2021) (03) ITAT Important case law relied referred:MAK Data (P) Ltd. v. CIT (2013) 358 ITR 593(SC)Samson Maritime Ltd. 88 taxmann.com …
