Section 271AAC judiciary-2

Draft Assessment Order passed without Considering Petitioner’s Objections: HC Quashed

CPF (India) Private Limited Vs ACIT (Madras High Court)

Read the detailed analysis of CPF (India) Private Limited Vs ACIT case where Madras High Court annulled assessment proceedings due to violation of Sec 144B procedure....

Demand unsustainable as revenue failed to lodge claim with Resolution Professional

Rishi Ganga Power Corporation Ltd Vs ACIT (Delhi High Court)

Delhi High Court held that as revenue has failed to lodge the claim with the Resolution Professional, they cannot enforce the impugned orders and notices, given the binding nature of approved Resolution Plan....

Addition u/s 68 towards unexplained cash credit unjustified as source of cash deposit proved

ITO Vs Ashapura Petrochem Marketing Pvt. Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that addition under section 68 of the Income Tax Act towards unexplained cash credit unjustified as source of cash deposit on account of sale of petrol, diesel and other petroleum products duly proved....

Deposit of cash sales in bank cannot be treated as deposit out of undisclosed income

ACIT Vs Ramlal Jewellers Private Limited (ITAT Mumbai)

ITAT Mumbai held that cash sales accepted and then deposit of said cash in bank account cannot be treated as deposits made out of any undisclosed income. Accordingly, addition under section 68 unsustainable....

ITAT Abolishes Section 271AAB Penalty for Lack of Deliberate Defiance of Law

Pawan Satyanarain Jalan Vs Assessing Officer Central (ITAT Ahmedabad)

Analysis of the recent ITAT ruling on Pawan Satyanarain Jalan Vs Assessing Officer Central where the penalty under Section 271AAB of the Income Tax Act was deleted....

Order passed in name of non-existing amalgamated company quashed

Abbott India Ltd. Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that where assessee company was amalgamated with another company and thereby lost its existence, assessment order passed subsequently in name of said non-existing entity, would be without jurisdiction and liable to be set aside....

Addition u/s 68 towards unexplained cash credit unsustainable as cash sales already reflected in P&L

DCIT Vs Kundan Jewellers Pvt Ltd (ITAT Mumbai)

ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as cash proceeds already reflected in Profit & Loss account, hence addition u/s 68 will amount to double taxation....

Section 271AAC Penalty not applicable if tax under section 115BBE is nil

Shri Vijay Kumar Reddy Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad in case of Shri Vijay Kumar Reddy Vs ACIT held that section 271AAC penalty not applicable if tax under section 115BBE of Income Tax Act is nil...

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