Category: ITAT

Exemption u/s 10(23C)(iiiad) allowed despite return erroneously mentioning receipts under wrong head i.e. income from other source. In a recent judgment ITAT Amritsar has allowed exemption u/s 10(23C) (iiiad) without revised return ignoring the inadvertent error in filling up the return mentioning receipts under wrong head “income from …

Objection of CIT(E) for loans taken without prior permission from Charity Commission was no reason for denial of registration u/s 12A – ITAT In a recent judgment, ITAT Nagpur has held that objection of CIT(E) with regard to loans taken without prior permission from Charity Commission was no …

PCIT cannot invoke the revisionary jurisdiction u/s 263 of the Income Tax Act upon a proposal from the Assessing Officer – ITAT In a recent judgment, ITAT Kolkata has held that PCIT cannot invoke the revisionary jurisdiction u/s 263 of the Income Tax Act, 1961 upon a proposal …

If AO intends to disturb income returned by assessee, it is mandatory on his part to issue notice under section 143(2) of the Income Tax Act – ITAT In a recent judgment, ITAT Lucknow has held that if the Assessing Officer intends to disturb the income returned by …

Source of cash deposit being sales proceeds of household items upon sale of flat was held plausible and addition u/s 69A deleted by ITAT In a recent judgment, ITAT Chennai has held that source of cash deposit being sales proceeds of household items upon sale of flat was …

TDS deductibility being debatable issue and not an apparent incorrect claim, CPC was not justified in making the disallowance In a recent judgment, ITAT Jaipur has held that whether TDS was deductible being a debatable issue not an apparent incorrect claim, therefore, CPC not justified in making the …

ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if desired. In a recent judgment, ITAT Delhi has quashed order u/s 263 observing that PCIT had ignored the fact that assessee had filed an appeal against the addition …

Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax Act – ITAT In a recent judgment, ITAT Surat has held that the section under which AO should initiate penalty cannot be determined under revisionary jurisdiction under section …

Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying to evade the payment of tax – ITAT In a recent judgment, ITAT Rajkot has held that as per CBDT Circular, provisions u/s 40A(2) and particularly with regard …

The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined to ‘sale’ of property only – ITAT In a recent judgment, ITAT Raipur has held that the word ‘transfer of property’ does not include ‘acquiring’ of property or …