ITAT

  • Income Tax

Additions u/s 69A upheld for maximum peak bank deposits instead of closing balances for the day

In a recent judgment, ITAT, Amritsar has ruled that CIT(A) was right in taking the the highest amount of cash deposits…

8 years ago
  • Income Tax

Keyman Insurance Policy (KIP) Premium is an allowable business expenditure

In a recent judgment, ITAT Amritsar has endorsed that Premium of Keyman Insurance Policy (KIP) is an allowable business expenditure. Case…

8 years ago
  • Income Tax

Shipping charges using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995

ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor,…

8 years ago
  • Income Tax

Disallowance u/s 14A/Rule 8D upheld where major part of partners capital, bank and unsecured loans were stuck up in receivables

In a recent judgment, ITAT, Amritsar has upheld the disallowance u/s 14A read with Rule 8D where major part of partners…

8 years ago
  • Income Tax

Assessment u/s 263 based on judgement delivered after the date of original assessment bad

Assessment in pursuance of order u/s 263 based on a judgement subsequent to the date of original assessment cannot be…

8 years ago
  • Income Tax

Mere hiring of vehicle without any risk associated with the carriage of goods not a contract liable to TDS u/s 194C(2)

Mere hiring of vehicle without any risk associated with the carriage of goods does not amount to carrying out any…

8 years ago
  • Income Tax

AO cannot sit in the chair of the businessman and direct him to do business in a particular fashion

ITAT Visakhapatnam in a recent judgment has ruled that Assessing Officer cannot sit in the chair of the businessman and direct…

8 years ago
  • Income Tax

House rent addition on notional basis u/s 23 for unrealised rent upheld when property was not vacant

In a recent judgment Chennai ITAT has upheld the addition made for notional house rent under the provisions of section…

8 years ago
  • Income Tax

Cancellation of Charitable Trust Registration u/s 12AA for Bogus Donation Entries without evidence

Cancellation registration u/s 12AA of a charitable trust based on oral statement related to bogus donation entries without any evidence…

8 years ago
  • Income Tax

Deduction claimed for a pay/wage revision is an ascertained liability not contingent

The deduction claimed for a  pay/wage revision is an ascertained liability and cannot be termed as contingent because the wage and…

8 years ago