Disallowance made under Section 32AB - Investment deposit ...

ITAT Deletes Disallowance u/s 32AB; Assessing Officer Can't Challenge Net Profit Beyond Section 32AB(3) Limits.

August 12, 2015

Case Laws Income Tax HC

Disallowance made under Section 32AB - Investment deposit account - ITAT deleted disallowance - HThe Assessing Officer does not have jurisdiction to go behind net profit shown in profit and loss account except to extent provided in Section 32AB(3). - HC

View Source

← Previous Next →

Disallowance made under Section 32AB - Investment deposit ...

ITAT Deletes Disallowance u/s 32AB; Assessing Officer Can't Challenge Net Profit Beyond Section 32AB(3) Limits.

August 12, 2015

Case Laws Income Tax HC

You may also like:

Disallowance u/s 14A read with Rule 8D - The assessing officer's reliance on CBDT Circular No. 5 of 2014 to make disallowance u/s 14A is legally untenable and liable to...

The Income Tax Appellate Tribunal (ITAT) held that no penalty u/s 271(1)(c) can be imposed for an ad-hoc disallowance of 20% of expenses made by the Assessing Officer....

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision,...

ITAT Mumbai adjudicated multiple taxation issues, primarily focusing on disallowance under Section 14A, transfer pricing adjustments, and book profit calculations. The...

Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while...

Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

The ITAT held that a reasonable gross profit rate of 2% should be applied on unaccounted purchases of gold, instead of the AO's net profit rate of 12%. The disallowance...

This case pertains to a transfer pricing (TP) adjustment dispute involving the selection of the most appropriate method - Resale Price Method (RPM) or Transactional Net...

MAT computation - Disallowance of Debenture Redemption Reserve[DRR] - it is not the Assessing Officer who has ‘increased’ the amount of Net Profits, on the contrary it...

The High Court reviewed a case involving a rough assessment of tax quantum and the validity of a Best judgment assessment for determining net profit in a civil work...

Regarding the disallowance of late deposit of ESI/PF u/s 36(1)(va), following the Supreme Court's ratio in Checkmate Services, the ITAT allowed the Revenue's ground and...

The Appellate Tribunal (ITAT) considered Transfer Pricing (TP) adjustments related to foreign exchange gains and engineering services. The assessee used Transactional...

The ITAT allowed the assessee's appeal for statistical purposes and remanded the matter to the Assessing Officer/Transfer Pricing Officer for fresh adjudication....

The Income Tax Appellate Tribunal allowed the assessee's claim for exemption u/s 80IB of the Income Tax Act. The Tribunal observed that even if the Assessing Officer's...

Quick Updates: