Category: Income Tax
When no cash involved in transaction, Section 68 treating it unexplained cash credit not attracted When there was no cash involved in the transaction of allotment of shares, the provisions of Section 68 of the Act treating it as unexplained cash credit are not attracted – ITAT In …
Provisions of section 69 not applicable on the profit from trading of speculative Transactions In a recent judgment, ITAT has held that provisions of section 69 of the Income Tax Act, 1961 (the Act) not applicable on the profit from trading of speculative Transactions, hence higher rate of …
Capital gain exemption u/s 54F denied as new house was in the name of husband In a recent judgment, ITAT has held that capital gain exemption u/s 54F was not allowable as the new house was in the sole name of husband and was purchased out of bank …
Mere placing notice on e-filing portal of Income tax not in accordance with income tax provisions – ITAT In a recent judgment, ITAT has held that mere placing a notice on e-filing portal of Income tax not in accordance with income tax provisions ABCAUS Case Law Citation:ABCAUS 3933 …
Compensation received for vacating flat possession not taxable it is neither chargeable under the head ‘capital gains’ nor as income from other sources – ITAT In a recent judgment, ITAT has held that compensation received by the assessee for vacating flat possession was not taxable as it was …
Unless and until the order of ITAT is reversed by High Court, the same has to be given due effect – ITAT In a recent judgment, ITAT has held that judicial discipline demand that unless and until order of the Tribunal is reversed by the High Court, the …
Addition for unexplained agricultural expenditure u/s 69C deleted. Agricultural expenses depend on so many factors which were ignored by Assessing Officer (AO) – ITAT In a recent judgment, ITAT has deleted the addition made u/s 69C towards unexplained agricultural expenditure holding that expenses on agriculture depend on many …
AO to determine annual letting value based on material evidences, if not satisfied with workings or municipal value – ITAT In a recent judgment, ITAT has held that if property is vacant for the year under consideration, the duty is cast upon the AO to determine the annual …
NFAC order should be a speaking one, with adjudication on assessee’s submissions and applicability of laws therein – ITAT In a recent judgment, ITAT has laid down that order of NFAC should be a speaking one, with adjudication on assessee’s submissions and applicability of laws therein. The thought …
Director’s remuneration allocation in ratio of turnover upheld for deduction u/s 80IA as director’s involvement was minimal In a recent judgment, ITAT has upheld the allocation of Directors remuneration in the ratio of turnover for deduction u/s 80IA as directors involvement was minimal. ABCAUS Case Law Citation:ABCAUS 3927 …