Core issue involved in the appeals is the scope of assessment u/s 153A. question posed for consideration is, as to whether in respect of completed assessments/unabated assessments, whether the jurisdiction of AO to make assessment is confined to incriminating material found during the course of search u/s 132 or requisition u/s 132A or not,
As a consequence, any loss incurred by way of an expenditure by an assessee for any purpose which is an offence or which is prohibited by law is not deductible in terms of Explanation 1 to Section 37 of the Act.
In a pivotal decision, the Supreme Court has granted bail to a chartered accountant involved in a complex money laundering case, setting significant conditions.
The issue involved in this case is whether the benefit of indexation is available on ‘advance payment’ made for acquisition of property or whether the benefit of indexation is available from the year of registration of purchase deed.
Shanthi R. Pai Vs ITO (ITAT Bangalore) AO made addition of Rs.26,79,000/- on account of cash deposits. Assesee stated that she is a home maker & her husband was employed overseas as Chartered Accountant serving overseas from 1975 to 2008. He used to send money from abroad and also invested in Term Deposits in India […]
Maranaikana Halli Jayashella Shetty Pradeepkumar Vs ACIT (ITAT Bangalore) 271B Penalty- When the Assessee Has Not Maintained the Books of Account, There Is No Question of Getting the Books of Account Audited U/S 44AB Assessment was completed u/s 143(3) making additions to the returned income u/s 44AD. AO initiated penalty proceedings u/s 271A & 271B. […]
Madras HC declares search at Anil Jain’s residence and office illegal. Jurisdictional issues raised. Reference to Section 120 and Notification S.O.2914(E) (69/2014).
Navneet Dutta Vs ITO (ITAT Delhi) Assessee filed his original return of income on 10.01.2012 for the AY 2011-12 and in the said return due to clerical/typographical error, the assessee could not claim loss from house property. Later on the assessee revised the return of income on 18.06.2012. Assessee has filed rectification application u/s 154 […]
Shapoorji Pallonji Solar Holdings Private Limited Vs ITO (Madras High Court) Writ Petition- Remedy Under Article 226 of Constitution of The India Constitutes An Extraordinary Remedy Assessee challenged the assessment order mainly on the ground of violation of principles of natural justice urging the point that the order had travelled beyond the scope of show-cause […]
JCIT (OSD) Vs Yashmaan Pathak (ITAT Mumabi) No scope of adhoc or estimated addition u/s. 41(1) & the entire conditions precedent for invoking section 41(1) has to be fulfilled. Assessee has filed his return of income and the AO during scrutiny issued show cause notice to the assessee to file details and confirmation of the […]
