01-01-2016
House property annual value computation based on Rental Rate available at magicbricks.com website instead of municipal valuation quashed-ITAT
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31-12-2015
Business activities not carried out during year per se cannot lead to conclusion that business was discontinued or closed, disallowance made deleted-ITAT
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31-12-2015
Incometax Reassessment Proceedings initiated u/s 147 held ultra vires where time to issue scrutiny notice u/s. 143(2) by Assessing Officer had not expired
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30-12-2015
Penalty u/s 221 for delay in TDS/Late Interest deposit could not be levied due to genuine cash crunch which was reasonable and sufficient cause-ITAT
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30-12-2015
Deduction u/s 54EC on depreciable assets transfer allowable despite that it is short term capital gain STCG under section 50 of Income Tax Act 1961-ITAT
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29-12-2015
Penalty 272B for quoting wrong PAN u/s 139A in TDS returns. Mistake not on account of assessee and rectified when correct PAN Numbers furnished by deductees
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27-12-2015
Deduction even if not claimed in return of income tax or before assessing officer, can be made before appellate authorities including CIT(Appeals)-ITAT
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27-12-2015
Deduction u/s 54(1) available even if construction of residential house not complete, possession not taken or not transferred in the name of assessee-ITAT
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27-12-2015
Merchant Banker and Investment Advisory Services not comparable for Arm Length Price ALP Computation for International Transaction-ITAT
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26-12-2015
No Penalty u/s 271(1)(c) can be imposed when impugned additions made in quantum proceedings remanded back to the file of assessing officer-ITAT
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26-12-2015
TDS liability u/s 194C is attached to all contracts, written oral, implied or quasi contracts. Intermediaries arranging transport treated sub-contractors
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25-12-2015
Construction contract retention money withheld for satisfactory completion to be taxed in the year it become payable after defect liability is over
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25-12-2015
Book fair tickets sale stall rent income not trade/commerce u/s 2(15) for denial of exemption u/s 11-12. Depreciation not applicable to charitable activities
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24-12-2015
Disallowance of Interest u/s 36(1)(iii) to Cold Storage Owner for Concessional Interest Rate Loans to Farmers in Business Expediency deleted by ITAT
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24-12-2015
Disallowance u/s 40A(3) for wage arrears payment in cash under labour union pressure where bearer cheques deposited directly in bank account of the payee
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23-12-2015
No Addition for professional Fee Income in TDS Certificate/26AS and returned income difference where payments not claimed as expenses by Payer-ITAT
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22-12-2015
Loan to concerns/companies also deemed dividend u/s 2(22)(e) to be taxed in the hands of shareholders of such concerns in their shareholding percentage-ITAT
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21-12-2015
ITAT Ahmedabad following soma textile case, dismissed another 325 Appeals, Cross Objection by Single Order for Tax Effect lower than Rs. 10 Lakhs as per CBDT Instruction 21/2015
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20-12-2015
Carbon credits for reducing carbon emission/greenhouse effect not in the nature of profit/income, amount realized on transfer not taxable-ITAT
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19-12-2015
ITAT-No Commission TDS u/s 194H on Credit/Debit Card Swap Charges paid to Bank for Sale of Goods as It is not a payment by principal to the agent
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15-12-2015
ITAT-Exempt capital gain excluded from accumulated profits definition for the purpose of deemed dividend u/s 2(22)(e) and family members not covered under the provisions of deemed dividend
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13-12-2015
Addition deleted for difference of Income in accounts and TDS certificates due to mercantile accounting system and payer deducting TDS on cash basis-ITAT
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13-12-2015
No Penalty 271(1)(c) imposable where assessee accepted bogus purchase as additional income voluntarily filed revised return which was accepted by AO-ITAT
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13-12-2015
Penalty u/s 271(1)(c) can not be imposed merely because the assessee had surrendered the amounts for mental peace to avoid litigation-ITAT
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12-12-2015
ITAT-Payment of commission to a foreign agent is allowable business expenditure. Since agent was not operating in India, TDS u/s 195 not applicable
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11-12-2015
ITAT-Where sale is genuine, purchase cannot be bogus. if purchases disallowed what will happen to the corresponding sales being shown?
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11-12-2015
When assessee executing numerous infrastructure projects it is impractical to maintain project-year-wise books of account for claiming deduction u/s 80IA-ITAT
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10-12-2015
ITAT-Additions can not be made merely for assessee inability to produce parties/doners or without giving opportunity of witness’s cross examination
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07-12-2015
There is no law that assessee cannot make sale at less than manufacturing cost. Faliure to earn better profit margin no reason to believe suppression-ITAT
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07-12-2015
No Rectification u/s 154 of highly debatable issue. Mistake must be obvious & patent and not something established by long drawn reasoning process-ITAT
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05-12-2015
ITAT-50% Cash discounts given to scooter sub-dealers out of profit margin not commission and do not attract TDS under section 194H
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05-12-2015
ITAT-When assessee complied with section 44AF/44AE, there is no jurisdiction for AO to make further assessment as books of account not required u/s 44AA
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05-12-2015
ITAT-In the absence of Boooks of Account, Section 68 related to Unexplained Cash Credit not applicable to return filed u/s 44AD on Estimated Profit Basis
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04-12-2015
ITAT-Setting up and not the commencement of business relevant under section 3 of Income-tax Act. Revision order u/s 263 disallowing expenditure quashed
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03-12-2015
ITAT-When income is assessed u/s 115JB as per MAT provision, no penalty can be imposed u/s 271(1)(c)for concealment or inaccurate particulars
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01-12-2015
There has to be consistency and uniformity in the approach of Income Tax Department in the assessee’s own case in the subsequent AY on the same set of facts
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01-12-2015
ITAT-Surcharge and education cess is not leviable when the tax rate is prescribed under double taxation avoidance agreement (DTAA)
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30-11-2015
No Penalty 272A(2)(k) to be imposed due to systems error and for TDS return filing delay by Chartered Accountant due to mismatch in data files-ITAT
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28-11-2015
Deduction u/s 80IB allowable for Scrap sales of industrial undertaking manufacturing process and insurance income for loss of manufactured finished goods
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28-11-2015
Irrecoverable advance rent security deposit written off claimed as revenue expenses not allowable as as it created a capital asset only-ITAT
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28-11-2015
ITAT-Penalty u/s 271(1)(c) deleted for claiming Higher/Wrong Depreciation on Computer Software, Software Development Expenses duly disclosed in return
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28-11-2015
Accumulation of Income u/s 11(1)(a) @ 15% is to be computed on Gross Receipts (not net surplus) from all sources of income-ITAT
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27-11-2015
ITAT-It is practically impossible to issue sale bills to the customers for retail sale of liquor. Books of Account Rejection and Notional 8 % GP Rate Applied deleted
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26-11-2015
ITAT-Reopening u/s 147, 148 on the basis of mere Assessment Record or CBDT Circular amounts to Change of Opinion which is not allowed
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24-11-2015
ITAT Quashes TDS-CPC order rejecting TDS Return correction due to internal policy of limiting PAN changes of 2 alfa and 2 numberical characters only
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23-11-2015
ITAT-No Disallowance u/s 40A(3) Rule 6DD for Cash deposited directly in bank account of supplier/creditor. Purpose is only preventive and to check tax evasion
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22-11-2015
ITAT-In order to invoke disallowance u/s 14A, Rule 8D, Assessing Officer must record satisfaction as to how assessee’s claim is not correct
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22-11-2015
ITAT-If closing stock value is increased by unutilized CENVAT/MODVAT, purchases should also be increased by same amount under exclusive accounting method
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19-11-2015
ITAT-At grant of registration stage, non-commencement of activities by the Trust cannot be a ground for refusal of registration u/s 12AA Income Tax Act
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19-11-2015
ITAT-Deduction for pilferage/ obsolescence of stock disallowed for non mention of inventories in FIR and non production of any list and evidence
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17-11-2015
ITAT-Income Tax Department must not take advantage of the ignorance of assessee as to his rights. Deduction u/s 10(23C)(iiiad) not claimed in return allowed
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16-11-2015
ITAT-No disallowance u/s 14A/Rule 8D when assessee has not claimed any expenses attributable to earning of exempt income
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15-11-2015
When ITAT already given a decision/judgment by applying its mind, review/rectification of the same under Section 254(2) not permissible
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15-11-2015
ITAT imposes exemplary/token penalty/cost on the assessee for non-appearnace before Income tax authorities in response to various notices issued
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15-11-2015
ITAT-Penalty 271(1)(c) deleted for income from Undisclosed Foreign Bank Account and Rent Free Accomodation Perquisite, when ITR was revised accordingly
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15-11-2015
ITAT-Penalty 271(1)(c) deleted as due date for filing ITR u/s 139(1) not expired when search was conducted and no incriminating document found
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14-11-2015
ITAT-In case of duplicate sets of audited P&L Account, AO must give a fact finding to the reliability of such accounts, He can not merely Pick and Choose one
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