02-03-2016
Rule 8D Disallowance u/s 14A not compulsory or automatic on rejection of computation made by assessee. Revision 263 quashed-ITAT
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02-03-2016
TDS certificate nomenclature used as rent not decisive or determinative factor if the income is business income or income from house property-ITAT
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01-03-2016
Deemed dividend 222e-Fund Transfers due to business exigencies among group/sister companies wherein assessee had substantial interest-addition deleted
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25-02-2016
Reassessment u/s 147 void if CIT permission u/s 151 to reopening notice u/s 148 given by only affixing signature not amounting to satisfaction as required
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25-02-2016
Additions u/s 68 quashed for chartered accountant assessee for imprest received from trust. Revenue failed to make inquiry even after request to summon u/s 131
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21-02-2016
Deemed Dividend 2(22)(e)-Amount wrongly debited to directors account by mistake of the bank and reversed subsequently not deemed dividend-ITAT
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20-02-2016
Assessment 147 bad as notices u/s 148 were back dated and handed over to postal authorities beyond the prescribed period of limitation
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20-02-2016
Penalty 271(1)(c)-When disclosure made in return of income (ITR) or annexures, there is no concealment or furnishing of inaccurate particulars of income
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20-02-2016
No Penalty 271(1)(c)-Excess cost of acquisition claimed not detected by ITO suo motu voluntarily brought to notice of the Assessing Officer by assessee
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20-02-2016
At registration u/s 12A exemption grant stage CIT has to satisfy objects/genuineness of trust activities not fund utilization or commercial nature of activity
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20-02-2016
Section 14A indirect admin expenditure disallowance Rule 8(D)(2)(iii) upheld where no investment portfolio associated cost claimed in personal accounts
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19-02-2016
Stock exchange admission fee is revenue expenditure not capital. The payment is like a license fee and it is paid only for carrying on the business-ITAT
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17-02-2016
No Penalty u/s 271(1)(c) for concealment-assessee under bonafide belief that listed company share sold off market without STT exempt from capital gain
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17-02-2016
Additional depreciation allowance u/s 32(1)(iia) on plant and machinery used for less than 180 days in the succeeding assessment year-ITAT
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14-02-2016
Res Judicata not apply to income-tax proceedings but consistency and definiteness has to be maintained unless there is a manifest distinguishable feature
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14-02-2016
Expenditure on an upgradation or buying of computer software application is revenue in nature not capital.
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14-02-2016
Eight years limit for carry forward, set off not apply to unabsorbed depreciation in view of amended section 32(2) and CBDT Circular No. 14-2001
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11-02-2016
Penalty u/s 271D-271E not imposable for violation of section 269SS or 269T. Cash loan/repayment from/to director not deposits
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11-02-2016
Merely because agricultural land is sold at exorbitant price to real estate dealer, it does not become taxable capital gains as non agricultural income
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10-02-2016
TDS is deductable even if the payment made is income exempt in the hands of the payee u/s 11, 12
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10-02-2016
TDS u/s 194C(6) not deductible on payments to transport cooperative societies before amendment made wef 01-06-2015 providing for ownership condition
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08-02-2016
Long Term Capital Gain Deduction u/s 54 for investment in residential house property situated outside India in foreign country is also allowable-ITAT
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08-02-2016
Penalty 272A2c for non submission of form no. 52A u/s 285B related to production of films deleted. Female assessee being not aware of the provisions
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07-02-2016
Dismissal of writ petition by High Court do not forecloses assessee’s right to appeal before CIT-A and ITAT as per maxim ‘actus curiae neminem gravabit’
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07-02-2016
Revision 263-unless proved that AO did not applied mind, it is presumed that he has gone through details filed by assessee and taken a conscious decision
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07-02-2016
Exemption u/s 12AA denied for having both charitable, non-charitable objects with no legally binding clause to apply income only for charitable objects
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07-02-2016
Government subsidy from Ministry of Textile under Technology Upgradation Fund (TUF) Scheme is Capital Receipt not Revenue
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06-02-2016
Penalty 271(1)(c) quashed for not producing old payment record not in possession due to time passage/lapse and explanation not found to be false
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06-02-2016
Assessment Proceedings set aside for not providing reasonable opportunity of hearing and cross examination of witnesses and rebut the evidences
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06-02-2016
AO not justified disallowing labour charges without giving fact finding if the assessee carried out work or not for which the expenses were claimed
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06-02-2016
Notional interest on security deposit received cannot be added to derive fair rent or market rent for determining house property annual value u/s.23
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04-02-2016
Interest paid on Partner’s capital covered for disallowance u/s 14A and Rule 8D for expenditure incurred in relation to exempt income-ITAT
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04-02-2016
Electricity Expenses of factory allowed despite meter and bills not in the name of the assessee-ITAT
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04-02-2016
Company audit fee can not be proportionately disallowed by apportioning between business and rent income because it is for the very existence of company
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04-02-2016
Penalty 271D levied for cash business advances accepted wrongly classified as cash loans in tax audit report u/s 44AB deleted-ITAT
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02-02-2016
Appeal Filing Delay condoned for procedural defects in notice served through affixture for want of signature of independent witness, manner of affixture
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02-02-2016
Section 80A(5) nowhere suggests that claim should be in original return. Deduction u/s 80IB not claimed in original return but in revised return allowed
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31-01-2016
Principles of mutuality-voluntary donation by member of co-operative housing society for building repairs and renovation covered-ITAT
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31-01-2016
Addition u/s 68 for Share Application Money. Assessee should be confronted with information in possession, given opportunity to cross examine witness
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31-01-2016
Additions u/s 41(1) for liability remission/cessation without stating deductions/benefits taken earlier quashed. Time does not affect contractual rights
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27-01-2016
TDS levy at flat 20 percent rate u/s 260AA on salary payments for non-furnishing PAN by employees without basic exemption limit/deductions not justified
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27-01-2016
Revision u/s 263 justified if assessment order is silent, does not record reasons for conclusion reached for issues under consideration by Assessing Officer
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26-01-2016
Penalty u/s 2711c for non-filing of income tax return-there is no provision in the income tax act for levying such penalty for concealment-ITAT
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26-01-2016
Deemed dividend u/s 2(22)(e) not applicable on the ground of a common shareholder of both the payer company and the receiver company-ITAT
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26-01-2016
Issue of regular assessment order without draft assessment order u/s 144C in DRP Reference is illegality and corrigendum can not be issued there-after
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24-01-2016
Date of acquisition of shares for capital gains purposes is the date of allotment and not when the shares becomes fully paid-up-ITAT
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20-01-2016
One more opportunity given to produce books of account before AO for the fact that accounts are duly audited and audit report already furnished with return
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19-01-2016
CIT revisionary order u/s 263 for inadequate enquiry by assesssing officer quashed. There is distinction between lack of enquiry and inadequate enquiry
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19-01-2016
Assessee not obliged to prove source of source of the unsecured loan creditor. The burden is to prove source of the credit only-ITAT
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17-01-2016
Rejection of Application for Approval u/s 80G(5) due to undelivered notice returned back without considering documents already filed restored back-ITAT
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14-01-2016
Penalty u/s 271(1)(c) for failure to add back expenses u/s 40ia 43b in income tax computation when TDS, service tax deposited late after return filing date
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14-01-2016
Penalty 271B for non tax-audit u/s 44AB of salary/remuneration of CA partner not imposable u/s 273B for bonafide belief of non tax-audit requirement
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13-01-2016
ITAT explains and illustrates Rule-27 of ITAT Rules 1963. Two Essential Elements are Condition Precedent and Scope of Interference
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13-01-2016
ITAT explains and illustrates Rule-27 of ITAT Rules 1963. Two Essential Elements are Condition Precedent and Scope of Interference
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12-01-2016
Depreciation u/s 32(1)(ii) on NSE Stock Exchange Card allowed by ITAT following Supreme Court Judgment
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11-01-2016
For making Disallowance us/ 14A, satisfaction is to be recorded by Assessing Officer only. CIT(A) have no power to correct such jurisdictional defects-ITAT
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10-01-2016
Film abandoned written off but continued in stock in trade. Assessee cannot claim something in income return and follow something in books of account-ITAT
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10-01-2016
Revision order u/s 263 unjustified without specifying how disallowance u/s 14A would be more than voluntarily made and disclosed by the assessee itself-ITAT
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10-01-2016
Condonation of delay in filing appeal-illness and accident of the counsel drafting the appeal held as reasonable cause by ITAT
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09-01-2016
Ad-hoc disallowance for labour charges without pointing out any specific defect in self-made vouchers and wage-sheets produced not justified-ITAT
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09-01-2016
No penalty imposable u/s 271B where assessee could not comply with tax audit provisions u/s 44AB because of non-audit of preceding assessment years-ITAT
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08-01-2016
Rent for installation of cellular/mobile tower at the roof/terrace is chargeable to tax under the head income from house property not other sources-ITAT
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08-01-2016
CIT-Appeals u/s 250(6) passing an order even ex parte is required to dispose appeal stating points for determination decision thereon and the reason-ITAT
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08-01-2016
Levy of Penalty u/s 221 rws 140A(3) for non-payment of self assessment tax before filing return of income ITR due to financial hardship deleted-ITAT
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07-01-2016
Long Term Capital gain deduction u/s 54F for two joined together, adjacent flats is not violation of condition of not more than one residential house-ITAT
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07-01-2016
Dharamshala room rent charges not business activity u/s 2(15) as dominant motive not profit but charitable service providing affordable rate accommodation
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06-01-2016
Interest and Remuneration u/s 40(b) to Partners allowable from the undisclosed business income surrendered during survey and added to book profit-ITAT
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05-01-2016
Penalty u/s 271(1)(c) can not be imposed when addition made or income determined is on estimated basis and it is a settled legal position-ITAT
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04-01-2016
No Penalty 2711c if assessee during assessment proceedings himself and voluntarily revised calculations and brought to Assessing Officer notice-ITAT
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04-01-2016
Penalty u/s 272A(2)(k) deleted for delay in filing TDS returns due to shortage of funds and TDS deposited with interest being reasonable cause u/s 273B
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03-01-2016
Advance booking instalment amount for sale of land plots from customer. Additions made u/s 68 as unexplained cash credit deleted-ITAT
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03-01-2016
Limitation period of Six Months u/s 275(1)(c) for passing penalty order has to be computed from the date of issuance of first show cause notice-ITAT
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03-01-2016
Admission of additional grounds purely legal in nature, going to the root of matter and requiring no new facts should be accepted for adjudication-ITAT
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03-01-2016
Wrong-non advice by chartered accountant counsel was a reasonable ground for condonation of the delay in filing the cross objections/appeals-ITAT
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01-01-2016
Bank Term deposits on maturity become demand deposits qualifying for savings bank interest rate as per RBI guidelines hence TDS u/s 194A(1) not applicable
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