Category: ITAT

No express bar to opt other tax rate when tax rate u/s 115BAA was opted – ITAT In a recent judgment, ITAT Mumbai has held that there is no express bar on the assessee to opt for tax rate under other provision when it had opted tax rate …

Jewellery found in search can not be apportioned equally among family members – ITAT In a recent judgment, ITAT Delhi has held that when jewellery found in house cohabited by various family members, AO can not apportion jewellery in equal proportion without identifying the person to whom the …

TDS not required on year end provisions created which were reversed in next year – ITAT In a recent judgment, ITAT Delhi has held that no TDS was required on provisions created on year end as per accrual basis of accounting and reversed in subsequent assessment year and …

No addition can be made on account of cash credit if department accepted repayment of loan in subsequent year In a recent judgment, ITAT Surat has held that where Income Tax Department  had accepted repayment of loan in subsequent year, no addition was to be made in current …

No bar under law to claim deduction u/s 54 and u/s 54F simultaneously in respect of the same asset – ITAT  In a recent judgment, ITAT Pune has held that there is no bar under law to claim deduction u/s 54 and u/s 54F simultaneously in respect of …

Penalty u/s 271CA for non collection of TCS on Parking Lot quashed by ITAT In a recent judgment, ITAT Delhi has quashed penalty u/s 271CA for non collection of TCS on Parking Lot by Nagar Palika as it was a non-profit organization and has constraints in correct understanding …

Passing on incentives/discounts to retailers is not in the nature of commission paid liable to TDS u/s 194H – ITAT In a recent judgment, ITAT Chennai held that passing on certain amount of incentives/discounts to retailers claimed as business promotion expenses were not in the nature of commission …

Investment made in violation of provisions of section 11(5) can not be treated as income In a recent judgment, ITAT Nagpur held that amount of investment made by a charitable institute in violation of provisions of section 11(5) can not be treated as income, only the income arising …

Exemption u/s 54G nowhere states asset in undertaking shifted in rural area should be acquired in name of assesse only – ITAT In a recent judgment, ITAT Rajkot has held that the primary condition of exemption u/s 54G is that assessee should have made investment in undertaking shifted …

Disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for want of proof can not be treated as income – ITAT In a recent judgment, ITAT Bangalore has held that disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for …