Category: ITAT
Selling cost not part of cost of construction or WIP as per ICAI guidance note on accounting for real estate. ITAT delete addition made to Work in Progress ABCAUS Case Law Citation: ABCAUS 2638 (2018) (11) ITAT The appeal was preferred by the Revenue against the order of …
Concealment penalty for not offering LFC/LTC reimbursement to tax under bonafide belief that it was exempt as the employer did not deduct tax at source, deleted ABCAUS Case Law Citation: ABCAUS 2637 (2018) (11) ITAT The appeal was preferred by the assessee against the order of the Commissioner …
Anonymous donation received by trust running Gaushala not taxable u/s 115BBC, it being a religious activity covered under the exception contained in Section 115BBC ABCAUS Case Law Citation: ABCAUS 2636 (2018) (11) ITAT Important Case Laws Cited/relied upon: Pat. Ram Chandra Shukla Vs. Shree Mhahdeoji, Mahabir Ji and …
Claim for business loss due to theft of cash allowed despite no FIR was lodged with Police Authorities in view of peculiar circumstances and also when Revenue had not suffered ABCAUS Case Law Citation: ABCAUS 2635 (2018) (11) ITAT The appellant assessee was aggrieved by the order of …
Disallowance u/s 40(a)(ia) for non deduction of tax on payments to well-known NBFCs-ITAT remands issue for examination if NBFCs offered income to tax ABCAUS Case Law Citation: ABCAUS 2633 (2018) (11) ITAT Important Case Laws Cited/relied upon: Shri Azmath Ulla vs. ACIT ITO vs. Dr. Jaideep Kumar Sharma …
AO cannot reject the exemption claim u/s 154 only because in return income shown as taxable. There is No estoppel against assessee to claim income exempt – ITAT ABCAUS Case Law Citation: ABCAUS 2632 (2018) (11) ITAT An appeal was filed by the assessee against the impugned order …
Expenditure on glow sign boards was revenue in nature as it did not bring into existence any asset or advantage for enduring benefit to the business of the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 2628 (2018) (11) ITAT Important Case Laws Cited/relied upon: CIT vs. Orient …
Section 54F exemption is for cost of new asset, not consideration paid for acquisition. AO was held wrong in holding that expenses were made to make house luxurious and comfortable ABCAUS Case Law Citation: ABCAUS 2625 (2018) (11) ITAT The instant judgment was delivered in a batch of …
Satisfaction of AO as to incorrectness of claim of the assessee is an essential prerequisite for invoking the provisions of section 14A – ITAT ABCAUS Case Law Citation: ABCAUS 2622 (2018) (11) HC Important Case Laws Cited/relied upon: ACIT Vs. M/s Avon Cycles Ltd. CIT Vs. Abhishek Industries …
Reducing depreciation rate not debatable issue to invoke section 154 for rectification. Error discovered from records constitute apparent error ABCAUS Case Law Citation: ABCAUS 2620 (2018) (11) ITAT Important Case Laws Cited/relied upon: CIT vs. Dr. K.R. Jayachandran (212 ITR 637) CIT vs. dr. B. Venkata Rao (2000) …
