Category: ITAT

Assessee not liable to LTCG as registered owner where land leased to builder for flats construction and payments received directly by builder

Assessee not liable to Long Term Capital Gain for being registered owner where the land was leased out to a builder company for construction of flats and payments for flat sales were received directly by the builder. Case Details: INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI I.T.A. No 4518/Mum/2012 Assessment …

Additions made for non furnishing name address details of raddi-wallas for purchases made deleted

In case of purchases made from small raddi-walas/kabadi-walas  it is not practically possible to have them supported by bills. It is equally not possible to furnish details of such small raddi-walas/kabadi-walas. Case Details: INCOME TAX APPELLATE TRIBUNAL AHMEDABAD ITA. No: 1360 & 1552/AHD/2012 (Assessment Year: 2006-07) ITA. No: 1361 & 1553/AHD/2012 …

Peak Negative Cash Balance Addition u/s 69C without giving benefit of capitalisation of sums disclosed in earlier assessment years deleted

Unexplained expendiure addition u/s 69C made for peak negative cash balance without giving benefit of capitalisation of sums disclosed in earlier assessment years deleted INCOME TAX APPELLATE TRIBUNAL, DELHI BENCHES, NEW DELHI (CIRCUIT BENCH AT MEERUT) ITA No. 6787/DEL/2011 (Asstt. Year: 2011-12) Rajeev Rastogi vs. ACIT Date of …

Deduction 33AB first allowed from composite income before apportionment under Rule 8(1) between agricultural non-agricultural

The deduction u/s 33AB of the Income Tax Act, 1961 shall be allowed from the total composite income derived from growing and manufacturing tea and only after such deduction is made, Rule 8(1) shall be applied to apportion income between agricultural and non-agricultural income . HIGH COURT AT CALCUTTA ITA 360 …

Loans Advance given on interest not deemed dividend u/s 2(22)(e) as the shareholder do not derive any benefit from the funds of the company

When the company was compensated by way of interest on loan taken, the assessee shareholder in real sense did not derive any benefit from the funds of the Company so as to attract the provisions deemed dividend under section 2(22)(e). INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘C’ BENCH, KOLKATA I.T.A. …