Category: ITAT

Contingent liabilities not debited to profit and loss account cannot be added merely on the basis of disclosure in the tax audit report – ITAT  In a recent judgment, ITAT Ahmedabad deleted adjustment made by CPC u/s 143(1)(a) holding that contingent liabilities which are not debited to the …

Penalty u/s 271B can not be levied in a case where tax audit report was furnished before completion of the assessment In a recent judgment, ITAT Cochin has held that penalty u/s 271B can not be levied for non furnishing of tax audit report within due date as …

ITAT deleted addition for cash deposit on account of the statement given by the Prime Minister, press statement and CBDT SOP In a recent judgment, ITAT Chennai has held that addition u/s 69A cannot be sustained on account of the statement given by the Prime Minister, press statement …

ITAT allowed exemption u/s 54EC for delayed investment in REC Bonds as the sale consideration was received late.  In a recent judgment, ITAT Pune allowed exemption under section 54EC for delayed investment in REC Bonds as the receipt of sale consideration was not in the control of the …

Declaring surrendered income in PL Account as “Indirect Income” and reflected it in closing stock does not indicate any tax evasion. In a recent judgment, the Chandigarh ITAT has held that declaring surrendered income in PL Account as “Indirect Income” and enhancing closing stock does not indicate any …

Notice of demand being part of assessment order is rectifiable u/s 154 of the Act for any apparent errors – ITAT In a recent judgment, the Patna ITAT has held that notice of demand is very much part of the assessment order and in case an error comes …

ITAT remits case to examine claim of exemption u/s 10(26) for assessee being a Scheduled Tribe and residing in Meghalaya In a recent judgment, ITAT Guwahati set aside the order of the CIT(A) and remitted the case for examination of claim of exemption u/s 10(26) of the Income …

Order passed under section 119(2)(b) of the Act is not appealable before the Tribunal In a recent judgment, ITAT Chennai has held that an order passed by the Commissioner under section 119(2)(b) of the Act is an administrative order; therefore, the same is not appealable before the Tribunal. …

Exemption u/s 54F can not be denied merely because assessee did not deposit net sale consideration in capital gain account  In a recent judgment, ITAT Chennai has held that exemption u/s 54F can not be denied merely because assessee did not deposit net sale consideration in capital gain …

Addition u/s 56(2)(vii)(b) deleted in absence of DVO’s report where the building on the land purchased was 30 years old In a recent judgment, ITAT Chennai deleted addition u/s 56(2)(vii)(b) as there was no DVO’s report as on the date of impugned order and the subject building was …