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Income Tax Case Laws

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Here  are   some   important   direct   tax   case   laws   which   were   passed   recently :

 1.      Stay Application  As the physical office of the ITAT is not functioning due to the lockdown, the stay petition was heard through video conferencing, from home offices of the respective Members. Attachment of bank account lifted and stay against coercive recovery granted as all of us are traversing through one of the toughest patch of time, facing the Covid 19 pandemic, and the poorer sections of society are hardest hit. It is necessary for every employer company to take care of its employees. The assessee not in a position to perform these obligations in view of the attachment of its bank accounts and debtors (Favour of Assessee)

Pandhes Infracon Pvt Ltd vs. ACIT (ITAT Mumbai)


2.      Bogus Purchases u/s 68 Though the assessee failed to prove the genuineness of the purchases during the assessment proceedings, he filed affidavits and statements of the dealers in penalty proceedings. That evidence fully supports the claim of the assessee. The CIT (A) accepted the explanation of the assessee and recorded a clear finding of fact that there was no concealment of income or furnishing of any inaccurate particulars of income by the assessee. Consequently, the quantum addition will also have to be deleted. (Favour of Assessee)

Basir Ahmed Sisodiya vs. ITO (Supreme Court)

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