14-11-2015
ITAT-Deduction allowed for Foreign Medical Treatment/Travel Expenses of Managing Director (MD) of Company on which FBT paid treating them Perquisites
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14-11-2015
ITAT-Deduction u/s 80IA(4) of the Income Tax Act, 1961 for developing/operating infrastructure facility. Individual proprietor/HUF/Firms not eligible
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13-11-2015
ITAT-Revenue wrong in holding that only running schools directly amounts to imparting education u/s 2(15). Education can be imparted through affiliated schools
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13-11-2015
ITAT-Before passing revision order u/s 263 Commissioner must make enquiry and form a prima-facie opinion after recording of facts that order is erroneous
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12-11-2015
ITAT-Land Purchase Brokerage Charges arbitrararily restricted and disallowed without rebutting evidences provided by assessee bad hence allowed
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12-11-2015
ITAT Uphelds disallowance u/s 43B(f) of the Income Tax Act on account of unpaid provision of leave encashment payable to employees
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12-11-2015
ITAT-It is well settled law that for the negligence of counsel, assessee should not be made to suffer. Additional evidences admiited, matter remanded to AO
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12-11-2015
ITAT-Excess application of income u/s 11(1)(a) by Charitable Institution can be carried forward for set off as application of the income of future years
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11-11-2015
ITAT-Advances from clients for expenses to be done by solicitor/advocate as his agent can not be taxed as income under cash basis of accounting
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11-11-2015
ITAT-Printed Show cause notice u/s 274/271(1)(c) defective as it did not striked out/specified if it was for concealment/furnishing inaccurate particulars
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11-11-2015
ITAT-Satisfaction u/s 271(1)(c) need not be recorded in particular manner but reading the assessment order as a whole it should be clearly discernible
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11-11-2015
ITAT-Penalty u/s 271(1)(c) can not be imposed for non disclosure of Paintings sold believing them as tax exempt personal effects on professional advice
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09-11-2015
ITAT-Higher Interest paid on unsecured loans to related parties was held reasonable in view that bank loans are taken against the charge on the property
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09-11-2015
ITAT-Stock valuation FIFO method nowhere in Income Tax prescribed as compulsory. Generally accepted accounting policy should be adopted consistently
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09-11-2015
ITAT-No disallowance of interest u/s 36(1)(iii) for advancing interest-free loans advances out of own funds. Borrowed capital should be used for business
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08-11-2015
ITAT-No Penalty u/s 271(1)(c) imposition merely for difference in Stock as per ITR/Books and inflated value in bank statement to avail higher credit limits
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07-11-2015
ITAT-Reopening u/s 148 Reassessment u/s 147 disallowing Long Term Capital Loss on Shares of Company wound up under MCA Easy/Simplified Exit Scheme quashed
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07-11-2015
ITAT-Land Devlopment Expenses allowed 50% in view of the fact neither assessee proved actual work nor authorities carried out spot inspection
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07-11-2015
ITAT-Managing Director is an agent of company, expenses incurred through his credit card for business of the company can not be said to be not allowable
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07-11-2015
ITAT-Peak theory Addition applicable when cash continuously withdrawn and re-deposited in bank account, if amounts used for purchases it can not be applied
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06-11-2015
ITAT-Revised/Supplementary Partnership Deed along with income tax return u/s 184(2) or 184(4) can be filed at any time before Completion of Assessment
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06-11-2015
ITAT-Revision Order u/s 263 directing Assessing Officer to make Specific Additions/Disallowances Bad in Law as CIT had Exceeded his Jurisdiction
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05-11-2015
ITAT uphelds that there is no bar in incometax keeping cash at home according to requirements. The cash was kept by assessee for purchasing property
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04-11-2015
ITAT-Additions for amount Surrendered merely on the basis of Statement Recorded u/s 132(4) under Distress, Mental Pressure during Search Seizure Quashed
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03-11-2015
ITAT-Interest Free amount given for purchasing Exim License are Trade Advances given in the ordinary course of business not in the nature of Loans
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02-11-2015
ITAT- Appeal Dismissed on the ground of Appeal Form-36 not signed by a Member or Principal Officer of the Society
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02-11-2015
ITAT-If Books of Accounts Rejected u/s 145(3) then Gross Profit/Book Results for that year cannot be Considered for Working out the Estimated Average GP
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01-11-2015
ITAT-consultancy services rendered by the institute through its professors constituted non-charitable business income and hence taxable under section 11(4A)
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01-11-2015
ITAT-Registration u/s 12AA and Exemption u/s 11 can not be denied to Trust/Society on the Ground of Mixed Objects ; Partly Cahritable Partly Religious
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31-10-2015
ITAT-Loan and Current accounts are different and provisions of Section 2(22)(e) are not applicable to transactions in the nature of current account
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31-10-2015
ITAT-Reopening of Assessment u/s 147/148 even within 4 years on mere Change of Opinion not permitted as per the case law of CIT vs. Kelvinator of India Ltd
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30-10-2015
ITAT-No unexplained investment addition to be made merely on the basis of Valuation Officer Report unless there are some other incriminating material
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30-10-2015
ITAT-Assessment Order Served with Demand notice to assessee with wrong Name, PAN and wrong status mentioned as company instead of firm invalid
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30-10-2015
ITAT-CIT(A) not Justified in Admitting Additiona/New Evidence without Examination by Assessing Officer as per Sub Rule (3) of Rule 46A
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29-10-2015
ITAT sets aside Order Rejecting Registration u/s 12A merely on the ground of having a Supplementary Trust Deed adding further Objects found Charitable
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29-10-2015
ITAT-CIT Exemption wrong in Rejecting Application for Registration u/s 12A merely on the ground of Advertisement Expenses claimed by the Trust/Society
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28-10-2015
ITAT-CIT(A) not Justified in Dismissing Appeal for Repeated Adjournments and non appearance without adjudicating issues on merit
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28-10-2015
ITAT Follows Allahabad High Court Vector Shipping Case to hold Disallowance u/s 40(a)(ia) for TDS non-deduction applies only to Amount Payable at Year End
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28-10-2015
ITAT-TDS Non Deduction Disallowance u/s 40(a)(ia) Merilyn Shipping Case not followed by ITAT due to Contrary Judgment of Jurisdictional Calcutta High Court
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28-10-2015
ITAT-Commission payable to director based on net profits of the company is taxable in the hands of director in the year in which it gets approved in AGM
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27-10-2015
Long Term Capital Gain (LTCG) on Sale of Plots held as Investment but Taxed vy Assessing Officer as Real Estate Business Income, Order Quashed by ITAT
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27-10-2015
ITAT-Sale of agricultural land situated out of notified area and claimed exempt, Addition made without considering Khasra Girdawari held as erroneous
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26-10-2015
ITAT-Expenditure incurred in connection with carrying out due diligence for acquiring/taking over a company are Revenue Expenditure allowable u/s 37
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26-10-2015
ITAT-Mere making of wrong claim in return of income would not amount to furnishing of inaccurate particulars of income for levy of penalty u/s 271(1)(c)
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25-10-2015
ITAT-Foreign exchange derivative contract loss on Balance Sheet Date held non-speculative u/s 43(5), Authorised Capital Increase ROC Fee Capital not Revenue
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25-10-2015
ITAT-Broad Guidelines Tests to determine if Transactions of Sale and Purchase of Shares are Short Term Capital Gain (STCG) or Business/Trade Income
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25-10-2015
ITAT-Portfolio Management Fee Paid not Liable to TDS u/s 194J hence no disallowance 40aia. Only Listed/Notified Professions means Professional Services
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25-10-2015
ITAT-Order of Assessing Officer for payment of incorrectly computed interest on refunds u/s 244A of Income Tax Act 1961 is appealable as held by Bombay HC
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23-10-2015
ITAT directs CIT(A) to give assessee one more hearing opportunity when Chartered Accountant failed to appear six times being punishment disproportionate to negligence
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23-10-2015
ITAT-Penalty u/s Section 271(1)(c) can not be imposed for Disallowance for Expenses u/s 40(a)(ia) for Non Deduction of TDS if proper disclosure was made
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22-10-2015
ITAT-Revision Order u/s 263 passed on the Ground that Change in Accounting Policy/Methods by the Assessee resulted in Lowering Profits Quashed
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22-10-2015
ITAT-Addition u/s 68 for cash deposits claimed as earlier withdrawal from bank merely on ground of time gap between deposit and withdrawal quashed
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22-10-2015
ITAT-No Penalty u/s 271(1)(c) can be imposed on mere disallowance of a deduction which was claimed by assessee after making proper disclosures
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