Category: ITAT

Claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of tribal status and residence – ITAT In a recent judgment, ITAT Guwahati has held that the claim of exemption u/s 10(26) of the Act cannot be granted merely on the basis of …

Statement recorded during search on standalone basis has no evidentiary value and cannot be acted upon to fasten any liability on the assessee – ITAT In a recent judgment, ITAT Hyderabad has held that a statement of assessee recorded at the time of search on standalone basis has …

In case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed – ITAT In a recent judgment, ITAT Ranchi has held that in case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed ABCAUS …

When AO do not make any addition on the basis of the reasons on which the reopening was done, the reopening is bad in law – ITAT In a recent judgment, ITAT Cuttack has held that when the AO do not make any addition on the basis of …

Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a recent judgment, ITAT Chennai has held that assessee trust accredited by National Institute of Open Schooling (NIOS) and imparting education with aims to achieve fluency in Sanskrit with …

Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause in terms of section 273B of the Act In a recent judgment Agra ITAT has held that provisions of section 271AAB of income tax Act does not grant …

Sundry creditors outstanding in books can’t be treated income u/s 41(1) merely because recovery was barred by limitation – ITAT In A recent judgment, ITAT Bangalore has held that sundry creditors shown as outstanding in books could not be automatically treated as income liable to be taxed u/s …

For claiming exemption u/s 11, assessee is required to furnish return of income within time allowed u/s 139 and not u/s 139(1) of the Act – ITAT In a recent judgment, ITAT Pune has held that for claiming exemption u/s 11, assessee is required to furnish the return …

Accounting principles and provisions of law do not permit the addition in relation to an opening balance – ITAT In a recent judgment, ITAT Lucknow has held that accounting principles and provisions of law do not permit the addition in relation to an opening balance. Adverse reference, if …

Penalty levied for late supply of goods is an allowable deduction u/s 37 as late supply neither a crime nor a prohibited activity – ITAT In a recent judgment, ITAT Delhi has deleted addition made u/s 37 of Income Tax Act on account of penalty due to late …