Author: administrator

Merging orders of re-assessment u/s 143(3)/147 and original assessment u/s 143(3) for the purpose of rectification time limit u/s 154 do not apply

Merging orders of re-assessment u/s 143(3)/147 and original assessment u/s 143(3) for the purpose of rectification time limit u/s 154 do not apply

May 2, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Kolkata has held that the re-assessment under section 143(3)/147 is independent and separate from the original assessment order passed u/s 143(3) and it can not be said that the both the orders of assessment made u/s 143(3) originally and the assessment made subsequently u/s …
Tied-up grants received from donor for specific purpose do not form part of total income of the charitable institution/trust u/s 11-ITAT

Tied-up grants received from donor for specific purpose do not form part of total income of the charitable institution/trust u/s 11-ITAT

May 1, 2016 Income Tax, ITAT, Judgments
In a recent judgment, Hyderabad ITAT has held that grants or contribution in the nature of tied-up grants cannot be taken into consideration for the purpose of computing total income of the charitable institution/trust u/s 11 of the Income Tax Act, 1961. Case Law Details: ITA No. 1443/Hyd/2014 Assessment …
Foreign visit travel expenses, delegate fee and related expenses incurred for spouse of the chartered accountant firm’s partners disallowance

Foreign visit travel expenses, delegate fee and related expenses incurred for spouse of the chartered accountant firm’s partners disallowance

May 1, 2016 Income Tax, ITAT, Judgments
Disallowance made for foreign visit travel expenses, delegate fee and related expenses incurred for the spouses of the chartered accountant partners upheld by ITAT Mumbai. Case Law Details: ITA No. 5088/Mum/2014  Assessment Year : 2010-11 M/s. Sharp & Tannan vs. ACIT Date of Judgment/Order: 29/04/2016 Brief Facts of the Case: The …
No penalty imposable u/s 271(1)(c) where High Court accepted substantial question of law u/s 260A against quantum appeal showing that issue is debatable

No penalty imposable u/s 271(1)(c) where High Court accepted substantial question of law u/s 260A against quantum appeal showing that issue is debatable

April 30, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Delhi has stated that where High Court accepted substantial question of law u/s 260A, against the quantum appeal, itself shows that issue was debatable and in such a case no penalty was imposable u/s 271(1)(c) of the Income-tax Act, 1961. Case Law Details: ITA …
Penalty u/s 271(1)(c) for mistake of not disclosing Long Term Capital Gain LTCG on the land part comprised in the block of Factory Building sold

Penalty u/s 271(1)(c) for mistake of not disclosing Long Term Capital Gain LTCG on the land part comprised in the block of Factory Building sold

April 30, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Delhi has set aside penalty u/s 271(1)(c) and remanded the matter to CIT(A) for mistake of assessee not disclosing Long Term Capital Gain LTCG on the land comprised in the block of Factory Building sold. Case Law Details: ITA No. 5939/Del./2013 : Asstt. Year : 2009-10 …
Section 69/69C mandates that assessee must have incurred any expenditure. Additions can not be made by just estimating the expenditure-ITAT

Section 69/69C mandates that assessee must have incurred any expenditure. Additions can not be made by just estimating the expenditure-ITAT

April 29, 2016 Income Tax, ITAT, Judgments
ITAT Lucknow in a recent judgment has held that section 69 of the Income Tax Act, 1961 provides that the assessee must have incurred any expenditure and the additions can not be made by the Assessing Officer by just estimated the expenditure. Case Law Details: ITA Nos.35,36 & 37/Lkw/2016 Assessment years: 2004-05, …