Deduction u/s 54F allowed for residential house purchased in the name of wife – ITAT In a recent judgment, the ITAT Chennai has allowed Deduction u/s 54F for residential house purchased in the name of wife holding that assessee and his wife would have commonality of interest to …

TDS 194IA not applicable if individual share of assessee is less than 50 lakhs in property purchased – ITAT In a recent judgment, the ITAT Indore held that TDS u/s 194IA not applicable if assessee’s individual share of payment was less than 50 lakhs in property purchased. Law …

ICAI competent to impose restriction on number of tax audits u/s 44AB per year  – Supreme Court settles the pending controversy. In a recent judgment, the Hon’ble Supreme Court has upheld the competence of ICAI to impose a restriction on the maximum number of tax audits that could …

CIT(A) should decide the issue on merit rather than suggesting remedial action In a recent judgment, the ITAT Ahmedabad has stated that CIT(A) should decide the issue on merit rather than suggesting remedial action as the powers of CIT(A) are co-terminus with that of the Assessing Officer. ABCAUS …

Not striking-off of limb of penalty u/s 271AAB – ITAT deleted penalty as assessee was not made aware of the specific charge on which the penalty proceedings will be initiated. In a recent judgment, the ITAT Chandigarh has deleted penalty u/s 271AAB for non striking off the limb …

ITAT is required to follow the Hon’ble Jurisdictional High Court instead of orders of Co-ordinate Bench – ITAT In a recent judgment, the ITAT Kolkata has held that Tribunal being subordinate to Hon’ble High Court is required to follow the judgment of the Hon’ble Jurisdictional High Court instead …