Genuineness of expenses - Liability accrued under development ...

Tax Appeal: Genuine Expenses Not Recorded; Tax Liability Advanced, Not Postponed; Additions Deleted by Commissioner of Income Tax (Appeals).

June 25, 2022

Case Laws Income Tax AT

Genuineness of expenses - Liability accrued under development agreement was not provided for by the assessee in the books of account - As rightly concluded by the learned CIT(A), it was thus not a case of any postponement of tax liability by the assessee but was a case of preponement of tax liability. - Additions deleted - AT

View Source

← Previous Next →

Genuineness of expenses - Liability accrued under development ...

Tax Appeal: Genuine Expenses Not Recorded; Tax Liability Advanced, Not Postponed; Additions Deleted by Commissioner of Income Tax (Appeals).

June 25, 2022

Case Laws Income Tax AT

You may also like:

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Disallowance of claim of Provision for expenses - unascertained liability or not - By belated receipt of bills, the payment only gets postponed, but not the liability...

Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

Advance tax payment obligation does not apply when assessee claims agricultural land sale proceeds are exempt u/s 2(14). CIT(Appeals) should admit appeal for...

Adjustment of advance of service tax was paid but had not been shown in the ST-3 Return as advances and not been adjusted subsequently - Under Rule 6 of the Service Tax...

Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

The Appellate Tribunal dismissed the appeal u/s 249(4)(b) due to non-payment of advance tax. The assessee did not respond to the notice u/s 142(1) to clarify tax payment....

Method of accounting - income recognition - Addition made on estimation basis on construction of housing projects - CIT(A) cannot substitute his assessment to say that...

The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

Tax liability due to MAT u/s 115JB is subject to advance tax and in case of failure to deposit advance tax, interest u/s 234B is payable - SC

Addition u/s 69C - Unexplained expenses/premium - assessee did not furnish the source of payment of such expenses/premium - The case of assessee throughout the...

The Income Tax Appellate Tribunal held that an appeal cannot be dismissed solely on the ground of non-filing of return or non-payment of advance tax when the entire...

Power of Tribunal to enhance the tax liability - The Tribunal is an independent adjudicatory authority having jurisdiction to determine the liability to pay tax. Under...

Interest liability u/s 234A, 234B, 234C - Cash seized during the search - To be treated as Advance Tax or not - In this case, as ROI was filed, though after the search....

Quick Updates: