Category: ITAT

In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of  sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax …

In a recent judgment, ITAT Chennai has held that the assessee is not entitled to additional depreciation u/s.32(1)(iia) of the Income Tax Act, 1961 on the machineries acquired in earlier year than the relevant financial year as there is no provision for postponement or carry forward of the residual …

In a recent judgment, ITAT Mumbai has opined that merely because an income has been taxed in the hands of recipient , does not mean that it is a deductible expenditure in the hands of the person making the payment instead the deduction is required to be examined …

“When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred” ITAT quotes Apex Court observation while condoning delay of seven days in filing appeal before CIT(A). Case Details: ITA No. 435,436,437 & 438/JP/2014 Assessment Years : 2006-07 to 2009-10 …

In a recent judgment, ITAT Jaipur while allowing assessee’s claim of exemption u/s 11 held that the Supreme Court decision in Goetze India Ltd. vs. CIT  that assessee was not entitled to claim exemption which was not made in the return was applicable to AO and not to the appellate authority. Case …

To establish the fact that the assessee cultivated the land the Adangal extract is a must In a recent judgment, ITAT Chennai has stated that  to establish the fact that the assessee cultivated the land and eared agricultural income, the Adangal extract from the Village Administrative Officer is a must. …

In a recent order, ITAT Ahmedabad has held that the credit of self assessment tax paid which has the same effect as advance tax, and tax deducted or collected at source, can not be denied for the purpose of charging interest upon the assessee under section 234A. Case Details: …

ITAT, Ahmedabad has held that sale of shops by the assessee which were distributed on dissolution of partnership firm amounts to capital gain not business income. Case Details: ITA.No.1239/Ahd/2012 Asstt. Year: 2008-2009  DCIT vs. Mafatlal Nathalal Patel Date of Order: 01/04/2016 Brief Facts of the Case: The assessee was partner in …

In a recent judgment, ITAT Mumbai has held that as per CBDT circular no. 09 of 2014, construction cost on development of infrastructure facility of roads/highways under BOT project may be amortized and claimed as income tax business expenditure Case Details: ITA No.644/M/2013  Assessment Year: 2009-10 M/s. Koratalaiyar Bridge …

In a recent judgment, ITAT Amritsar has quashed penalty imposed u/s 271(1)(c) for non declaration of bank fixed deposit interest when the assessee due to her old age, forgot to obtain the information and certificates from the bank on account of accrual of interest Case Details: ITA No.170(Asr)/2014 Assessment …