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Income Tax - Sub-section (2) of said section provides that no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the Act in computing his income referred to in clause (a) of sub-section (1)....
Read MoreIncome Tax - This Article discusses Tax Treatment of Cash Credit,Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68, 69, 69A, 69B, 69C and 69D respectively of Income Tax Act, 1961....
Read MoreITO Vs. Prompt Toys (P.) Ltd. (ITAT Mumbai) - The assessee further contended that additions cannot be made towards purchases merely on the basis of third party information ignoring the evidences filed to justify purchases. The assessee further contended before the lower authorities that the assessing officer neither pointed out any error or dis...
Read MorePhool Singh Vs. ACIT (ITAT Delhi) - Merely because 133(6) notices issued to the party returned un-served though it was the same address, which was supplied by supplier while filing its income tax return, no fault can be put on the shoulder of assessee....
Read MoreITO Vs. Shri Ravindra Pratap Thareja (ITAT Jabalpur) - Assessee has paid the service tax amount through banking channel. Challans of the payment of tax were placed on record before the assessing authority. The source of alleged service tax amount is well explained in the books of account. ...
Read MoreDy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) - Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) In this case assessing officers main allegation is that two parties from whom appellant made purchases are involved in providing accommodation entries as per the list published by Maharashtra Sales Tax Department. On the other hand, assessee has fur...
Read MorePr. Commissioner Of Income Tax Vs. Late Rama Shankar Yadav (Allahabad High Court) - It is held that as the provision of Section 69C of the Act is not mandatory in nature, the Assessing Authority has full discretion either to add or not to add the unexplained expenditure in the income of the assessee based upon sound judicial principles ...
Read MoreITO Vs. Prompt Toys (P.) Ltd. (ITAT Mumbai) -
Phool Singh Vs. ACIT (ITAT Delhi) -
ITO Vs. Shri Ravindra Pratap Thareja (ITAT Jabalpur) -
Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) -
Pr. Commissioner Of Income Tax Vs. Late Rama Shankar Yadav (Allahabad High Court) -
Pr. CIT Vs Jagdish H Patel (Gujarat High Court) -
M/s. Fancy Wear Vs. Income Tax Officer (ITAT Mumbai) -
ITO Vs. Dhanshree Ispat (ITAT Pune) -
