S. 145 : Method of accounting –Where then books of account is rejected and income is estimated , separate addition u/s 40A(3), 68 or peak credit cannot be made .[ S. 68. 145(3) ]
Deepak Mittal v. ACIT ( Delhi)(Trib) , www.itatonline.orgS. 145 : Method of accounting –Where then books of account is rejected and income is estimated , separate addition u/s 40A(3), 68 or peak credit cannot be made .[ S. 68. 145(3) ]
Deepak Mittal v. ACIT ( Delhi)(Trib) , www.itatonline.orgS. 145: Method of accounting -Valuation of stock — Opening and closing stock to be valued on same basis [ S. 143(3) ]
PCIT v. Basti Sugar Mills Co. Ltd. (2018) 400 ITR 436 (Delhi) (HC)S.145: Method of accounting – Accrual — Mercantile system of accounting -Interest on fixed deposits-Interest accrued is taxable income and liable to tax as soon as it accrues .[ S.4 ,5 ]
CIT v. Plantation Corporation of Kerala Ltd. (2018) 400 ITR 577/161 DTR 435 /300 CTR 260 (Ker) (HC)S. 144 : Best judgment assessment –Road contractor-Order passed by the CIT(A) was incomplete matter was remanded to CIT(A) for reappraisal of material on record. [ S. 145 , 145(3) ]
CIT v. Mehta Construction Co. (2018) 402 ITR 281 (Delhi) (HC)S. 143(3): Assessment – Transfer pricing —Amalgamation —On the date of passing of draft assessment order , assessee company was merged with another company hence the order was held to be not sustainable [ S. 92D ]
JCB India Limited. v. DCIT (2018) 61 ITR 148 (Delhi) (Trib)S.143(3): Assessment- Undisclosed income –If admission is made in the course of search on the basis of material found in the course of search ,the retraction of such admission of undisclosed income is not permissible especially when the retraction is by the mother and not by the assesse [ S. 69A,132(4) ]
Priyanka Chopra ( Ms) v. DCIT ( 2018)169 ITD 144/ 163 DTR 103 / 192 TTJ 324 (Mum)(Trib) Priyanka Chopra ( Ms) v. DCIT( 2018) 163 DTR 112 / 192 TTJ 334(Mum)(Trib) Priyanka Chopra ( Ms) v. DCIT( 2018) 192 TTJ 343 ( Mum) (Trib)S. 143(3): Assessment- Survey- An admission of estimated income made during survey has no evidentiary value and is not binding on the assessee. The income has to be assessed as per the return of income and books of account. [ S. 133A ]
Amod Shivlal Shah v. ACIT (Mum)(Trib) , www.itatonline.orgS.143(3): Assessment -Assessment order passed without considering relevant materials and objections raised by assessee was held to be arbitrary and violative of principles of natural justice was quashed .[ Art 226 ]
Dhananjay Kumar Singh v. ACIT (2018) 402 ITR 91/167 DTR 261 / 303 CTR 413// 99 taxmann.com 203/ 259 Taxman 373 (Pat) (HC) Editorial: SLP of revenue is dismissed , ACIT v. Balmiki Prasad Singh ( 2018) 259 Taxman 372 (SC)S. 143(3): Assessment -Income from undisclosed sources — Manufacture and sale of gold ornaments -Discrepancy in recording quantity of gold- Addition was held to be justified .
Subodhchandra and Co. v. DCIT (2018) 402 ITR 500 (Guj) (HC)S. 143(3): Assessment – Capital gains — Capital gains wrong shown in the return as taxable – Duty Of Assessing Officer to refrain from assessing such income.- No tax shall be levied or collected except by authority of law.[S. 45, Right to fair compensation and transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, S. 96 , Art. 265 ]
Raghavan Nair v. ACIT (2018) 402 ITR 400/162 DTR 353/253 Taxman 379 / 304 CTR 96 (Ker) (HC)