Category: ITAT
Director’s remuneration allocation in ratio of turnover upheld for deduction u/s 80IA as director’s involvement was minimal In a recent judgment, ITAT has upheld the allocation of Directors remuneration in the ratio of turnover for deduction u/s 80IA as directors involvement was minimal. ABCAUS Case Law Citation:ABCAUS 3927 …
AMC charges not fee for technical services – No ITAT deletes disallowance u/s 40(a)(ia) In a recent judgment, ITAT has deleted disallowance u/s 40(a)(ia) holding that payment of AMC charges to a foreign company is not a fee for technical services and no tax at source is deductible …
Mere higher cash deposits during demonization period does not make explanation of cash sales as bogus and unsustainable – ITAT In a recent judgment, ITAT has deleted additions holding that merely that certain cash deposits were made by assessee during demonization period and such deposits were on a …
Additions based on statement recorded u/s 132(4) without considering Retraction Affidavit with evidences deleted In a recent judgment, ITAT has deleted additions which were based on only statement recorded u/s 132(4) and without taking note of the Retraction Affidavit filed by the assessee with relevant evidences. ABCAUS Case …
Interest income on fixed deposits of the surplus funds put in FDRs cannot be treated as business income but income from other sources – ITAT In a recent judgment, ITAT Interest income on fixed deposits of the surplus funds put in FDRs cannot be treated as business income …
Income tax demand will be enforced qua the assets, if any, left behind by the deceased assessee – ITAT In a recent judgment, ITAT has held that income tax demand will be enforced qua the assets, if any, left behind by the deceased assessee as section 159(2) contemplates …
Revision order u/s 263 upheld as substantial amount of cash was deposited in the bank accounts of all the investors shortly prior to issuance of cheques for share application money In a recent judgment, ITAT has upheld the revision order u/s 263 passed by the PCIT as substantial …
To make additions u/s 68 for unexplained cash credits, all three limbs must be proved/established In a recent judgment, ITAT has dismissed the appeal of the Revenue and upheld the order passed by the CIT(A) that to make additions u/s 68 for unexplained cash credits, all three limbs …
Kachha Arthia not entitled to credit for TDS wrongly deducted against his PAN In a recent judgment, ITAT has held that Kachha Arthia not entitled to credit for TDS wrongly deducted against his PAN ABCAUS Case Law Citation:ABCAUS 3919 (2024) (03) ITAT In the instant case, the assessee …
The ITAT remands the assessment order passed ex-parte as the assessee was illiterate housewife and widow and did what husband asked to do with regard to her financial affairs In a recent judgment, the Hon’ble ITAT has set aside and remanded the order passed ex-parte as the assessee …