Tied-up grants received from donor for specific purpose do not form part of total income of the charitable institution/trust u/s 11-ITAT

In a recent judgment, Hyderabad ITAT has held that grants or contribution in the nature of tied-up grants cannot be taken into consideration for the purpose of computing total income of the charitable institution/trust u/s 11 of the Income Tax Act, 1961. Case Law Details: ITA No. 1443/Hyd/2014 Assessment …

Foreign visit travel expenses, delegate fee and related expenses incurred for spouse of the chartered accountant firm’s partners disallowance

Disallowance made for foreign visit travel expenses, delegate fee and related expenses incurred for the spouses of the chartered accountant partners upheld by ITAT Mumbai. Case Law Details: ITA No. 5088/Mum/2014  Assessment Year : 2010-11 M/s. Sharp & Tannan vs. ACIT Date of Judgment/Order: 29/04/2016 Brief Facts of the Case: The …

No penalty imposable u/s 271(1)(c) where High Court accepted substantial question of law u/s 260A against quantum appeal showing that issue is debatable

In a recent judgment, ITAT Delhi has stated that where High Court accepted substantial question of law u/s 260A, against the quantum appeal, itself shows that issue was debatable and in such a case no penalty was imposable u/s 271(1)(c) of the Income-tax Act, 1961. Case Law Details: ITA …

Penalty u/s 271(1)(c) for mistake of not disclosing Long Term Capital Gain LTCG on the land part comprised in the block of Factory Building sold

In a recent judgment, ITAT Delhi has set aside penalty u/s 271(1)(c) and remanded the matter to CIT(A) for mistake of assessee not disclosing Long Term Capital Gain LTCG on the land comprised in the block of Factory Building sold. Case Law Details: ITA No. 5939/Del./2013 : Asstt. Year : 2009-10 …