Category: ITAT

Section 40A(3) not applicable in respect of expenditure on fuel petrol paid to dealers of Petroleum companies. Directors remuneration also allowed as genuineness was not in question. In a recent judgment, ITAT Cochin has held that section 40A(3) of the Act has no application in respect of cash …

AO directed to allow exemption u/s 54 if assessee was entitled to it where assessee claimed deduction u/s 54F and was not entitled to it. In a recent judgment, ITAT Jaipur directed Assessing Officer to allow alternative claim of exemption u/s 54 of the Act instead of section …

Notice u/s 148 sent to some incorrect e-mail ID held as non-est and bad in law. ITAT quashed re-assessment order. In a recent judgment, ITAT Delhi held that notice u/s 148 sent to some incorrect e-mail ID was non-est and bad in law. ITAT quashed re-assessment order. ABCAUS …

How a father support his son either gifting him lump sum cash or at intervals is his prerogative – ITAT deleted addition In a recent judgment, ITAT Delhi has held that desire of a father how he would support his son either gifting him cash in lump sum …

Penalty u/s 270A on account under reporting of income deleted as assessee relied upon Supreme Court judgments to claim income exempt In a recent judgment, ITAT Delhi has deleted penalty u/s 270A on account under reporting of income as assessee relied upon judgment of Hon’ble Supreme Court to …

CPC Intimation u/s 143(1)(a) making adjustment without indicating reasons for the rejection of the response of the assessee – ITAT remands case for verification In a recent judgment, ITAT Delhi set aside the order of CIT(A) where CPC Intimation u/s 143(1)(a) made adjustment without indicating whether any response …

During appellate proceedings against order u/s 263, validity of original assessment order can be examined  In a recent judgment, ITAT Delhi held that during the course of appellate proceedings against the order passed u/s 263 of the Act, the validity of the assessment order from which such proceedings …

Mere producing purchase and sales vouchers along with books did not mean that the Assessing Officer was not required to make inquiry into cash deposits.  In a recent judgment, ITAT Lucknow has upheld the revisionary order u/s 263 on the ground that mere fact that purchase and sales …

Opening balance or existing Fixed Deposits if free from lien qualifies as accumulation of income under section 11(2) of the Income Tax Act, 1961 In a recent judgment, ITAT Bangalore has held that opening balance or existing Fixed Deposits which is free from any lien constitutes sufficient compliance …

Without establishment sale transaction as long term capital gain, assessee is not entitled for deduction u/s 54F of the Act – ITAT In a recent judgment, ITAT Mumbai has held that without establishment the sale transaction as long term capital gain, he is not entitled for deduction u/s …