Section 249(4)(b) of Income Tax Act, 1961 cannot be invoked when return of income filed by assessee was selected for scrutiny and assessment
Disallowance of TDS credit for Mismatch in Form 26AS & Form 16A is Insensitive & injudicious & violates CBDT equity and citizen charter
ITAT held that unabsorbed business losses can be set off against any income from business, be it speculative or otherwise.
No addition was called for more so, when no evidence about the expenses being bogus in nature has been brought on record by the Revenue.
ITAT condone delay of 9 years in filing appeal on account of inordinate delay of about 9 years as assessee was imprisoned to Jail
Prity Tubes Pvt. Ltd. Vs JCIT (ITAT Kolkata) Coming to the next issue of sales promotion and advertisement expenses, we note that despite several queries and opportunities made available by the authorities below, the assessee has not been able to establish the nexus between the expenses incurred and the business of the assessee. Assessee has […]
Recording of reasons before initiation of reassessment proceedings & communication thereof to assessee is sine qua non that goes to root of matter
No disallowance forzdelay in payment of employees’ contribution for provident fund, based on mere Tax Audit Report
Shri Palanisamy Chinnasamy Vs ITO (ITAT Chennai) In this case, The assessment was completed under section 144 r.w.s. 144(1)(b) of the Act by making addition of ₹.5,34,000/- under section 69A of the Act on the ground that the money received from the customers on various dates in old notes cannot be accepted a genuine as […]
Non-filing of Audit Report in Form 10B along with Return of Income is merely a procedural defect which is rectifiable. If the Audit Report was available with the assessee at the time of filing of Return of Income and was not filed due to bonafide reasons the benefit of exemption under section 11 cannot be denied if otherwise assessee is eligible to claim the same.
