Category: ITAT
No disallowance for delayed deposit of PF/ESI prior to judgment of Supreme Court Disallowance of u/s 36(1)(va) for delayed deposit of employees share of PF/ESI contribution prior to the judgment of Hon’ble Supreme Court being debatable, CPC could not have made adjustments u/s 143(1) – ITAT In a …
No pre-deposit requirement of tax/advance tax u/s 249(4)(b) before appeal to CIT(A) in case of no admitted or undisputed tax – ITAT In a recent judgment, the Hon’ble ITAT has held that in case of no admitted or undisputed tax, pre-deposit requirement under Section 249(4)(b) of the Income …
Penalty u/s 272A(1)(d) deleted as notices gave assessee only two hours time to comply and that too on a public holiday i.e. Sunday In a recent judgment, the Hon’ble ITAT has deleted the Penalty u/s 272A(1)(d) for non compliance of notices, as notices were issued on Sunday and …
Income earned from property if business income or income from house property primarily depends upon the objects / main business of the assessee – ITAT In a recent judgment, the Hon’ble ITAT has set aside revisionary order u/s 263 and held that Assessing Officer was not justified in …
Valuation of closing stock is revenue neutral – ITAT deleted addition on account of valuation of stock In a recent judgment, ITAT has held that valuation of closing stock is revenue neutral. Even if it is enhanced for the year under consideration the same will reduce the profit …
Disallowance towards land filling expenses was right as except contractor bills no other evidence was produced – ITAT In a recent judgment, ITAT has confirmed the disallowance towards land filling expenses as except contractor bills no other evidence was produced showing how the property was made beneficial with …
Assessee was liable to pay penalty u/s 272A(1)(d) on the first default as thereafter, the AO could have proceeded to frame an ex-parte order – ITAT In a recent judgment, ITAT has deleted the penalty u/s 272A(1)(d) for multiple default in non-compliance to the notice holding that assessee …
Assessment order has to be read as it is and there is no scope for drawing any inference or reading between the lines of an assessment order – ITAT In a recent judgment, the ITAT set aside the revisonary order u/s 263 holding that Assessment order has to …
Belief of the Assessing Officer regarding escapement of income should be based on some tangible information In a recent judgment, the ITAT has held that belief of the Assessing Officer regarding escapement of income should be based on some tangible information and it should not be mere pretence …
Capital gain tax in JDA is in the year of receipt of constructed area and not in year of entering into joint development agreement – ITAT In a recent judgment, ITAT has confirmed that capital gain tax in the case of a joint development agreement is in the …