Category: ITAT
The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries In a recent judgment, ITAT has deleted addition u/s 68 on the alleged cash credit holding that when a debit entry in the books can not be …
Conversion of unsecured loan of wife against allotment of share in joint names in closely held company upheld The ITAT in a recent judgment held that AO was wrong in not accepting conversion of unsecured loan of director against allotment of share in joint names of husband and …
Non allocation of common expenses for deduction u/s 80IA – ITAT quashed revision order Non allocation of common expenses to eligible business for claiming deduction u/s 80IA – ITAT quashed revision order u/s 263 passed by PCIT In a recent judgment, ITAT has quashed revision order u/s 263 …
High price of land sold no reason tax it as business income when its class remained Krishi bhumi In a recent judgment, ITAT has held that land sold can not be treated business income when its class not changed from Krishi bhumi and not changed to commercial land …
CIT(A) incorrect in not adjudicating the ground raised merely because AR agreed not to press it In a recent judgment, the ITAT has held that CIT(A) was incorrect in not adjudicating the ground raised in appeal merely because AR agreed not to press it ABCAUS Case Law Citation:ABCAUS …
Residential Flats held as stock in trade-Municipal rateable value to be adopted for determining income from house property In a recent judgment, ITAT has held that in respect of residential Flats held as stock in trade, the municipal rateable value to be adopted for determining income under the …
TDS u/s 194Q not related to sale-ITAT remands case of mismatch of turnover In a recent judgment, the ITAT has observed that TDS u/s 194Q is not related to sale while remanding the CPC order u/s 143(1) which restricted TDS credit due to mismatch of turnover as per …
Assessee claimed a third party fraudulently filed his return – ITAT remands case to prove it In a recent judgment, the ITAT has remanded the case to provide an opportunity to the assessee to establish that third party fraudulently filed his return of income using his PAN. ABCAUS …
ITAT allows commission expenses in connection with sale of property despite no written agreement ITAT allows commission expenses as deduction from capital gain in connection with transfer of property despite no written agreement In a recent judgment, the ITAT has allowed commission expenses in connection with transfer of …
The AO not authorized to stretch the published census population to an imaginary figure – ITAT In a recent judgment, the Hon’ble ITAT has deleted addition made by AO treating the agricultural land as Capital Asset held that AO is not authorized to stretch published census population to …