Category: ITAT
Exemption u/s 10(37) for compulsory acquisition not be denied merely because the sale price was fixed through a negotiated settlement ABCAUS Case Law Citation:ABCAUS 3024 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Balakrishnan v. Union of India The instant appeal was filed by the Revenue …
Forfeiture of deposit on account of cancellation of lease allowed as business loss u/s 28 being incidental to regular business carried on by the assessee ABCAUS Case Law Citation: ABCAUS 3023 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. Mysore Sugar Co. Ltd., …
Sale of land situated within 8 KM of local municipality limit. Difference in certificate issued by Tahsiladar and internet details remitted back to AO. ABCAUS Case Law Citation: ABCAUS 3022 (2019) (06) ITAT This appeal of the assessee was directed against the order of the Commissioner of Income …
Non-cultivation of land due to vagaries of nature will not change the character of land from agriculture to non- agricultural land – ITAT allowed exemption u/s 54B ABCAUS Case Law Citation: ABCAUS 3021 (2019) (06) ITAT During the year, the assessee had sold land and claimed deduction under …
Additional depreciation on small items engaged in manufacturing of food products allowed. It cannot be denied for installing items at retail outlets ABCAUS Case Law Citation: ABCAUS 3020 (2019) (06) ITAT The appeal by the assessee was directed against the order passed by the Commissioner of Income-tax (Appeals) …
Depreciation on intangible assets on conversion of proprietorship into private limited company allowed as the transaction was not considered sham ABCAUS Case Law Citation: ABCAUS 3019 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. Sandvik Chokshi Ltd. 55 taxmann.com 453 (Gujarat) Commonwealth Trust …
Addition made in the present year to work-in-progress to be considered as opening stock next year-ITAT directs AO ABCAUS Case Law Citation: ABCAUS 3018 (2019) (06) ITAT The assessee was a private limited company engaged in civil construction. The Return of income of the company was processed u/s …
On statutory disallowances u/s 40(a)(ia) 40A(3) there cannot be any penalty u/s 271(1)(c) especially when assessee not claimed deduction of these expenses ABCAUS Case Law Citation: ABCAUS 3016 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT v. Manjunatha Cotton & Ginning Factory, 359 ITR …
Repairs to preserve and maintain already existing asset and to improve its longevity eligible eligible as current repairs ABCAUS Case Law Citation: ABCAUS 3015 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. M/s MAC Charles (India) Ltd. CIT vs. TS Tech Sun India …
AO not required to issue draft rectification order for assessment completed u/s 144C. Only a proposed “order of assessment” can be challenged before DRP ABCAUS Case Law Citation:ABCAUS 3014 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:CIT Vs C Sam India Pvt Ltd Dimension Data …