In case of Bogus Purchases, the entire purchase cannot be disallowed but the disallowance can be restricted to the profit element embedded in Bogus purchases.
Janata Urban Co-op. Bank Ltd. Vs ACIT (ITAT Pune) The impugned order was passed in 2017, the appeal was filed in 2021. The assessee has filed return of income which clearly shows that the assessee is supported by professionals having expertise in Income Tax procedures. The delay of 685 days cannot be accepted as the […]
Mumbai ITAT has quashed reopening of assessment under section 147 made by AO only on the basis of information received from report of investigation wing.
ITAT Pune held that payment of Education Cess (including secondary and higher secondary education), is an additional surcharge levied on income-tax and hence it partakes the character of Income-tax, and accordingly is not allowable deduction.
Disallowance under section 36(1)(va) on account to late deposit of employees contribution of provident fund was justified as employees contribution retained its character as income by virtue of section 2(24)(x) unless the conditions spelt by Explanation to section 36(1)(va) were satisfied i.e. depositing such amount received or deducted from the employee on or before the due date.
ITAT Ahmedabad held that AO failed to prove that material seized, during the course of search in case of third party, belong to the assessee. Hence, invocation of proceedings u/s. 153C of the Income tax Act is against the provisions of law
ITAT Delhi held that the limitation period is four years for passing assessment order in case of TDS statement not filed. Limitation period substituted to six years effective only from 01/10/2014.
ITAT Delhi held that Ministry of Home Affairs, vide Notification dated 27.09.2022 clearly demonstrated the Popular Front of India (PFI) and its associates or affiliates or fronts as an unlawful association and hence cancellation of income tax registration u/s 12AA(3) of the Income Tax Act justified.
ITAT Kolkata held that addition of unexplained cash credit u/s 68 of the Income Tax Act unsustainable as identity creditworthiness of the investors and genuineness of the transactions duly proved.
ITAT Ahmedabad held that advertisement expenses incurred at the time of installation of additional machinery in the existing line of business resulted in any enduring benefit is revenue expenditure Further advertisement expenses incurred to create brand image is revenue expenditure.
