Category: ITAT

Penalty u/s 271CA for non collection of TCS on Parking Lot quashed by ITAT In a recent judgment, ITAT Delhi has quashed penalty u/s 271CA for non collection of TCS on Parking Lot by Nagar Palika as it was a non-profit organization and has constraints in correct understanding …

Passing on incentives/discounts to retailers is not in the nature of commission paid liable to TDS u/s 194H – ITAT In a recent judgment, ITAT Chennai held that passing on certain amount of incentives/discounts to retailers claimed as business promotion expenses were not in the nature of commission …

Investment made in violation of provisions of section 11(5) can not be treated as income In a recent judgment, ITAT Nagpur held that amount of investment made by a charitable institute in violation of provisions of section 11(5) can not be treated as income, only the income arising …

Exemption u/s 54G nowhere states asset in undertaking shifted in rural area should be acquired in name of assesse only – ITAT In a recent judgment, ITAT Rajkot has held that the primary condition of exemption u/s 54G is that assessee should have made investment in undertaking shifted …

Disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for want of proof can not be treated as income – ITAT In a recent judgment, ITAT Bangalore has held that disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for …

Validity of notice issued u/s 263 based on incorrect grounds or unsupported evidence can be questioned – ITAT In a recent judgment, ITAT Ahmedabad has held that validity of a revision notice issued u/s 263 the Income Tax Act, 1961 based on incorrect grounds or unsupported evidence can …

AOP granted benefit of basic exemption limit by the ITAT holding that Maximum Marginal Rate was not applicable. In a recent judgment, ITAT Lucknow has held that AOP was entitled to the benefit of the basic exemption limit which was denied by CPC applying the Maximum Marginal Rate. …

Hardship compensation received from builder not taxable being capital receipt – ITAT  In a recent judgment, ITAT Mumbai has held that hardship compensation received from builder on redevelopment of flat was not taxable being in the nature of a capital receipt. ABCAUS Case Law Citation:4202 (2024) (08) abcaus.in …

CIT revision order on the issue of Reduction in profit due to ICDS-V quashed by ITAT In a recent judgment, ITAT Kolkata quashed the revision order u/s 263 on the issue of reduction in profit due to ICDS-V tangible fixed assets as the allowable depreciation was rightly calculated. …

Plausible view taken by AO on surrender made by assessee not open to revision u/s 263 of the Income Tax Act – ITAT In a recent judgment, ITAT Jaipur has held that plausible view taken by Assessing Officer of surrender made by assessee not open to revision u/s …