Category: ITAT
Gift received from Step Father not taxable us 562vi as income from other sources. The Explanation to section 56(2) would indicate that the expression “relatives” would recognize the relationship between the step-father and step-son for the purpose of exemption available under section 56(2) of the Income Tax Act, 1961. …
Bad Debts written off as irrecoverable must form part of income. The assessee can claim bad debts by just writing off as irrecoverable in the accounts without establishing that they have actually become bad debts or not but it is incumbent on the assessee to at least prove that …
ICAI income exempt us 11. The institute is an educational institute and its coaching activities falls within the meaning of charitable purpose u/s 2(15). In a yet another case for AY 2010-11, ITAT following previous judgments of ITAT, High Court and Supreme Court has upheld the charitable status …
Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building, as a tenant cost of repairs to the premises is allowable whether they are accumulated or current this was held by ITAT Delhi in a recent judgment detailed as …
House Property Rent or Business Income-Activity not ownership is decisive. ITAT Chennai, following Supreme Court Judgment upheld bifurcation of rent received from commercial complex into rent and business income. Case Law Details: ITA No.402/Mds/2013 Assessment Year : 2003-04 DCIT vs. M/s Keyaram Hotel Pvt. Ltd ITA Nos.2215 & 2216/Mds/2015 Assessment …
Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition. This was upheld by ITAT Chennai in a recent judgment as under: Case Details: ITA Nos. 300 to 303/Mds/2016 Assessment Years : 2010-11 to 2013-14 M/s. …
Self-made cash payment vouchers disallowance additions made for truck hire charges doubting genuineness of expenditure without making any enquiry was deleted by ITAT Kolkata. Case Law Details: I.T.A. No. 1182 /KOL/ 2013 Assessment Year: 2008-2009 Assistant Commissioner of Income Tax vs. Shyam Sundar Agarwal Date of Judgment/Order: 27/05/2016 Important …
No disallowance us 14A on presumption only-If the assessee has not claimed any expenditure on exempt income and there can not be any disallowance under section 14A on mere presumption. This was held by ITAT Kolkata in a recent judgment as under: Case Law Details: I.T.A No. 1336/Kol/2013 …
Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales and make addition of projected expenses on the basis of increase in sale. This was held by ITAT, Chandigarh while quashing additions …
Land sold by plotting held to be business income not capital gain as the sale was completed within a short period of few months and space was left for streets. In a recent judgment, this was upheld by ITAT Amritsar. Case Law Details: I.T.A No.478(Asr)/2014 Assessment Year: 2010-11 …
