Category: ITAT

Penalty u/s 270A for bogus claim of deduction under Chapter VIA upheld by ITAT In a recent judgment, the ITAT Pune has upheld the Penalty u/s 270A and 271(1)(c) for bogus claim of deduction under Chapter VIA ABCAUS Case Law Citation:ABCAUS 4075 (2024) (06) ITAT In the instant …

Merely because word “provision” is used it cannot be said that the same is a provision – ITAT In a recent judgment, the ITAT Cuttack has held that merely because word “provision” is used while making the entry in the books of accounts, it cannot be said that …

Affidavits, if credible and corroborated by other evidences, can be sufficient to explain the source of cash deposits -ITAT In a recent judgment, the Hon’ble Ahmedabad ITAT has held that affidavits, if credible and corroborated by other evidences, can be sufficient to explain the source of cash deposits. …

Merely on basis of unsigned document it cannot be assumed that amount/price paid is as stated in said document – ITAT In a recent judgment, the ITAT Hyderabad has held that merely on the basis of an unsigned document it cannot be assumed that price paid is as …

Assessee following POCM liable to deduct TDS instead of making provisions In a recent judgment, the ITAT Delhi has held that once the assessee claims that while following percentage of completion method at 100% of the revenue of the project has been recognized, it was incumbent to also …

Denial of provisional registration u/s 12A for a typographical error set aside  In a recent judgment, the ITAT Delhi has set aside order of CIT(Exemption) denying provisional registration u/s 12A for a typographical error in Form 10AB. ABCAUS Case Law Citation:ABCAUS 4068 (2024) (06) ITAT In the instant …

Exemption u/s 54 cannot denied if construction of flat not completed by builder within three years – ITAT In a recent judgment, the ITAT Mumbai has held that the house buyer who intends to take the benefit of section 54 of the Act, cannot be blamed if the …

Transit rent paid to tenant who suffers hardship due to dispossession does not fall within the definition “rent” under section 194I – ITAT  In a recent judgment, the ITAT Mumbai has held that transit rent paid to tenant who suffers hardship due to dispossession does not fall within …

Size of the residential house is not a criteria for claiming exemption u/s 54F – ITAT  In a recent judgment, the ITAT Delhi has held that size of the residential house is not a criteria for claiming exemption u/s 54F ABCAUS Case Law Citation:ABCAUS 4065 (2024) (06) ITAT …

Net Profit rate of 8% not applicable for audit case. Net Profit rate of 6% is reasonable for business of civil construction – ITAT In a recent judgment, the ITAT Patna has held that though in the non-audit case, Net Profit rate of 8% is considered as fair …