Tag Archives: IN THE ITAT HYDERABAD BENCH

Unexplained Expenditure Addition Under Section 69C Deleted as Bearer Cheque Source Was Verified From Bank Account Issue Whether an addition under Section 69C for unexplained expenditure can be sustained merely because the assessee failed to fully explain the purpose of excess bearer cheque payments, even though the source of funds was verified from the assessee’s… Read More »

Reassessment Notice Beyond Three Years Without Specified Authority Sanction and Consequent Penalty Under Section 270A Quashed Issue Whether a reassessment notice issued under Section 148 beyond three years from the end of the relevant assessment year without approval from the specified authority under Section 151(ii) is legally valid, and whether a penalty levied under Section… Read More »

Reimbursement claims for conveyance, LTA, and cash rent payment additions were remanded for proper verification and enquiry. Issue Whether the disallowance of claimed conveyance and food allowance reimbursements should be remanded to the Assessing Officer for verification of fuel and telephone expenses incurred by the assessee and reimbursed by the employer. Whether the disallowance of… Read More »

A Registered Sale Deed Constitutes a Valid Transfer Under Section 2(47), Attracting Capital Gains Tax Despite Claims of Coercion Issue Whether the execution of a registered sale deed constitutes a valid “transfer” under Section 2(47) attracting capital gains under Section 45 of the Income-tax Act, 1961, despite the assessee’s claims of non-receipt of consideration, coercion,… Read More »