21-10-2015
Penalty u/s 271D for accepting cash share application money quashed for difference of judicial opinion among High Courts. View beneficial to assessee adopted
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21-10-2015
ITAT-Non issue of notice u/s 143(2) after filing of the return by the Assessee u/s 148 would make the assessment order passed u/s. 143(3) 147 bad in law
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20-10-2015
ITAT-Step-wise Requirement to be Mandatorily observed by Assessing Officer for Valid Reopening and Reframing Income Tax Assessment u/s 147
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18-10-2015
ITAT-Interest Paid on Borrowed Capital for Major Renovation, Repair Work is not for Extension of Existing Business for Disallowance u/s 36(1)(iii)
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18-10-2015
ITAT-High Frequency of Shares Sale/Purchase Transactions or Dividend Amount Received no Critera for Treating SCTG/LTCG as Business Income not Investment
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17-10-2015
ITAT-Objects stated in Form-10 for Income Accumulation u/s 11(2) not Vague if same as per Objects in the Bye Laws of the Trust/Society Registered u/s 12A
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16-10-2015
ITAT-Additions u/s 68 of Income Tax Act is Legal Fiction, not necessarily result of Concealment of Particulars of Income for levy of Penalty 271(1)(c)
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15-10-2015
ITAT follows High Courts Judgment and allows depreciation to company on Vehicles Cars purchased and registered in the names of Directors
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15-10-2015
ITAT-Reopening Assessment u/s 147 Quashed. Supply of Incomplete, Unsigned and Undated Reasons to Assessee, Not Adjudicating Objections Raised
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15-10-2015
ITAT-Reopening Income Tax Assessment u/s 147 on the Ground of Giving Interest Free Loans/Advances Quashed as Mere Change of Opinion which is not allowed
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13-10-2015
ITAT-Income Tax Registration u/s 12AA Exemption Benefits to Charitable Trust/Society once Granted Available for Earlier Years unless Cancelled or Refused
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12-10-2015
ITAT-Incometax Reassessment Proceedings u/s 147 148 Quashed for Non Supply of Reasons Recorded and Non-application of Mind to Information received by CBI
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12-10-2015
ITAT-Assessment Reopening u/s 147 based on Audit Objection only for Difference of Income in TDS Statement Form 26AS already Available on Record invalid
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10-10-2015
ITAT-CIT-Appeals has power to consider assessees alternative claim of exemption u/s 10(23C)(iiiad) though not specifically raised in the ground of appeal
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10-10-2015
ITAT- If Penalty under Section 271A of the Income Tax Act is Levied against the Assessee, Penalty u/s 271B of the Act cannot be Levied simultaneously
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09-10-2015
ITAT-Penalty 271(1)(c) can not be imposed if Return of Income is filed within Prescribed Due Date disclosing the Income detected during Survey Conducted
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09-10-2015
ITAT-Trade advance written off not allowable u/s 36(1)(vii) or section 36(2) is allowable deduction as regular trading loss u/s 28 of the Income Tax Act
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09-10-2015
ITAT- Merely because Assessment order contain no details of enquiry/verification made it is not erroneous prejudicial to revenue fit for revision u/s 263
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08-10-2015
ITAT- No Addition u/s 68 Merely on the Basis that Fund Transferred to Assessee’s Account on Same Date/2-3 Days after Cash Deposit in Parties Accounts
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08-10-2015
ITAT-Short Term Capital Gains STCG can not treated as Business/Trading Income Merely due to High Frequency Transactions. Uniformity/Consistency to be seen
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08-10-2015
ITAT- No Addition for Cash Withdrawal from Bank Pre-recorded in Cash book on a Date Earlier to withdrawal if Existing Balance was Sufficient to meet Expenses
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07-10-2015
ITAT-There was no Requirement for Maintaining a Separate DEMAT Account when Shares/Securities were held by Portfolio Manager in a Pool
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06-10-2015
ITAT- No Capital Gain Chargeable to Income Tax on Sale of Asset acquired by way of Adverse Possession for no Cost of Acquisition u/s 55(2) despite Amendment
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05-10-2015
Partnership Deed Clause that Remuneration to Partners Payable in Accordance with Provisions of Section 40(b)(v) though shares not specified is allowable
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05-10-2015
Merely because supporting vouchers/bills for expenses not produced, it can not be said that assessee claimed bogus expenses and be penalized u/s 271(1)(c)
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05-10-2015
ITAT- Incometax Assessing Officer asking information of Customer PAN Addresses under KYC Norms, which is not Compulsory in case of Sale of Goods
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04-10-2015
ITAT-For 80P Deduction Cooperative Society providing Credit Facility to Members is not Coperative Bank u/s 80P(4) unless Recognised so by RBI as per Rules
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04-10-2015
v
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04-10-2015
ITAT-No Income Tax Liability on Adjustment of Excess Salary paid by the Employer in the earlier years but refunded/recovered during the present year
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03-10-2015
ITAT-Actual Cost of Acquisition of Asset is the Amount paid to Acquire it and does not include Interest on Loan Borrowed for Purchasing such Asset
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02-10-2015
ITAT- The Uniform Net Profit cannot be Adopted in Each and Every Case of Similar Business, Estimation must be on the basis of Facts involved
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02-10-2015
ITAT-Income Tax not justified for disallowance u/s 43B ignoring and refusing rectification of error in 3CD Report by Tax Auditor and Clarification issued
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02-10-2015
ITAT-Deemed Dividend Liability u/s 2(22)(e) is on Loans/Advances only till date of Sale of Shares by Shareholder Ceasing Beneficial Ownership of 10%
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01-10-2015
ITAT- Revision u/s 263 Permissible Only If Twin Conditions-Order is Erroneous and it is Prejudicial to the Interest of the Revenue Co-exist
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01-10-2015
ITAT- Payments for Packing Materials as per Specification if Materials not Supplied by customer are not works contract requiring TDS u/s 194C
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28-09-2015
ITAT-Income Tax Assessment Should be on the basis of Information Submitted in the ITR and not Inflated Figures as per Balancesheet made for Bank. Case Remanded Back
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28-09-2015
ITAT-Adjustment of seized cash with self assessment income tax payable with return of income is in order and in accordance with section 132B
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26-09-2015
ITAT-If no Addition is made on the issue the assessment was reopened, the reopening is invalid and re-assessment so made deserves to be quashed
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26-09-2015
ITAT- If Assessing Officer not satisfied in a Particular Item of Expenses, He Should Make Verification, Ad-hoc Disallowance not allowed under the Law
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26-09-2015
ITAT-Fixed Deposit Interest Income as per Profit and Loss Account not to be Excluded for Computing Book Profit for Partners Remuneration Ceiling us 40(b)
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25-09-2015
ITAT-Not Contractual but Employee Employer Relationship between Self Help Groups and Greater Municipal Corporation hence no TDS Liability u/s 194C
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25-09-2015
ITAT-Incometax Assessment Reopening Invalid if Solely Based on Information Received from Investigation without Application of Mind by the Assessing Officer
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24-09-2015
ITAT-Interest Payable for Delay in Deposit of TDS u/s 201(1A) to be Calculated taking a period of 30 days as a month instead of British Calendar Month
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24-09-2015
ITAT-Income Tax Reassessment Proceedings Invalid if Query Answered in Original Assessment but no Additions made by Assessing Officer in Assessment Order
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24-09-2015
ITAT-No Disallowance for not Specifying Income Accumulation Pupose in Form 10 if Information is Furnished Subsequently before Assessment Completion
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23-09-2015
ITAT- Penalty u/s 271(1)(b) Deleted for Non Attendence and Adjournment Sought in Month of September due to Assessee’s CA Busy in Tax Audits
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21-09-2015
ITAT- Provisions Related to Anonymous Donations u/s 115BBC are not Relevant for Granting Approval under Section 80G of the Income Tax Act 1961
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20-09-2015
ITAT-No Penalty u/s 272A(2)(k) can be levied for Delay in Filing TDS Return 26Q by Chartered Accountant due to Systems Error/Mismatch in Data File
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20-09-2015
ITAT-Air-conditioner to keep Showroom Cool is Requirement for day-to-day Running of Business and cannot be Considered Capital Expenditure in Nature
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18-09-2015
ITAT-Net Profit Estimates at 5% of Liquor Sales is in consonance with directions of High Court as against 124% of Cost of Goods sold adopted by AO
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18-09-2015
ITAT-It is settled position of law that assessment can be reopened under section 147/148 on the basis of reason to believe and not reason to suspect
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18-09-2015
ITAT-Difference in Sundry Debtors Balance due to non Accounting of Payment made by party not to be Treated Income as it would amount to Double Addition
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18-09-2015
ITAT-When assessee discharged onus u/s 68 by providing confirmation letter from sundry creditors, it shifted to AO to controvert it by cogent evidence
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18-09-2015
ITAT Kolkata-Exemption U/s 11 Denied for Donations made by Trusts under the Same Group to Each Other and No Charitable Activities were Carried Out
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14-09-2015
ITAT-If Assessee can Satisfy CIT to Pass Speaking and Well Reasoned Order without English Translation of Trust Deed, it need not be Furnished
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14-09-2015
ITAT Quashed Addition u/s 69A. Mother’s Birthday Cash Gifts 5 Lakhs Received from 28 Relative in Small Amounts when PAN, ITRs other Details given to ITO
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