Category: ITAT

ITAT deleted addition u/s 68 in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India for cash deposited in bank account In a recent judgment, the ITAT Delhi in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India, …

AO using the terms “underreporting” and “misreporting as a consequence of underreporting” loosely, showed he was unaware of the different connotations and their implications.  In a recent judgment, ITAT Agra has deleted penalty under section 270A observing that the AO apparently used the terms “underreporting” and “misreporting as …

ITAT directs AO to examine claim of deferred revenue expenditure not claimed in profit and loss account In a recent judgment, ITAT Indore has directed AO to examine claim for deduction of expenses treated by assessee as “deferred revenue expenses” in books of account as books entries are …

When land appurtenant was sold without building, it is not sale of residential property but sale of  adjacent land and not qualified for exemption under section 54 of the Income Tax Act, 1961 In a recent judgment ITAT Allahabad upheld denial of exemption under section 54 holding that …

Expenditure over income should have been considered even if the claim of exemption under section 11 was not allowed by CPC – ITAT  In a recent judgment ITAT Guwahati has held that audited income and expenditure account showing net excess expenditure over income should have been considered even …

Some inadequacy in inquiry cannot be a ground for invocation of revisionary powers under section 263 of the Act.   In a recent judgment ITAT Delhi has held that some inadequacy in the manner of inquiry cannot necessarily be a ground for invocation of revisionary powers under section …

Bank certificate stating that fixed deposits did not pertain to the assessee, despite PAN of assessee used, the onus casted upon the assessee stood discharged – ITAT In a recent judgment ITAT Mumbai deleted addition u/s 69A observing that once the bank issued a certificate stating that the …

Entire TDS credit allowed to the joint owner of the property in whose account entire sale consideration was received  In a recent judgment ITAT Bangalore allowed the entire TDS credit to the joint owner of the property in whose account entire sale consideration was received as the co-owners …

Even when the trust is not registered u/s 12A, taxes can be levied on the net income and taxing of the entire receipts without any deduction towards expenditure is wrong and illegal – ITAT In a recent judgment ITAT Chandigarh has held that even when the Trust is …

Merely stating head of income from which unexplained investment was generated without stating the actual source does not amount to an explanation within the meaning of section 69.  In a recent judgment ITAT Allahabad has held that merely stating the head of income from which the unexplained investment …