Category: Income Tax

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 …

Reopening order u/s 148A(d) quashed as correct amount of cash deposit in bank was less than Rs. 50 lakhs In a recent judgment, the Hon’ble High Court of Punjab and Haryana has quashed the re-assessment order u/s 148A(d) issued after three years as correct amount of cash deposit …

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 …

No special drive to reopen cases to examine HRA claims – CBDT clarification on media reports claiming Income Tax Department special drive to reopen cases with reference to HRA claims CBDT has clarified that apprehensions about retrospective taxation on incorrect HRA claims and re-opening of cases on issues …