Tag: ITAT Hyderabad
ITAT restored the application for approval u/s 80G observing that CIT(E) did not discuss the objects and activities carried-out by the trust In a recent judgment, ITAT Hyderabad observing that CIT(E) did not discuss the objects and activities carried-out by the trust which showed that he dismissed the …
If a contribution is not voluntary, it cannot be taxed as income u/s 11 r.w.s. 12(1) – ITAT In a recent judgment, ITAT Hyderabad has held that under section 12(1), any contribution which is voluntary, can only be treated as income in the hands of the assessee. if …
Bounced cheque can not be treated unexplained credits u/s 68. Onus to prove identity, genuineness and creditworthiness of the party out of question – ITAT ABCAUS Case Law Citation: ABCAUS 2385 (2018) 06 ITAT In a recent judgment, ITAT Hyderabad has held that bounced cheque can not be …
FMV-No approach road and weaker sections society in colony. DVO directed to give 30% adjustments in calculating fair market value for disadvantages-ITAT Hyderabad Case Law Details: ITA.No.1782/Hyd/2011 Assessment Year 2008-2009 Smt. M. Nagarathnamma Madanapalle vs. Income Tax Officer date of Judgment/Order: 13/05/2016 Brief Facts of the Case: During …
Deemed consideration us 50C eligible for 54F exemption for capital gain purpose. Net consideration include Fair market value under deeming fiction. This was held by ITAT hyderabad in a recent judgment as under: Case Law Details: ITA.No.848/Hyd/2015 Assessment Year 2010-2011 Income Tax Officer (Appellant) vs. Kondal Reddy Mandal Reddy …
DVO Reference us 50C2 must when assessee requested. It was wrong to say that since stamp value was not challenged there was no such need. This was held in a recent judgment by ITAT Hyderabad. Case Law Details: ITA.No.708/Hyd/2014 Assessment Year 2008-2009 T. Vijayasaradhi vs. Addl. CIT Date of …
Bedridden person can have agriculture income, advance loan. Summarily Rejecting creditworthiness despite pattadar passbook without verification wrong-ITAT. This was held by ITAT Hyderabad in a recent judgment as under: Case Law Details: ITA No. 1535/Hyd/2014 (Assessment year: 2009-10) Chenna Reddy Sesha Reddy (Appellant) vs. Income Tax Officer (Respondent) Date …
DVO Valuation report taking 2 Percent per month escalation for determining the value of property relying on nine month old sales instance was not based on any Income Tax Rules. This was held by the ITAT Hyderabad in a recent judgment. It also pointed out that if the DVO has not …
AO if not satisfied must compute FMV 56(2)(viia) Rule 115UA himself. Where a method has been prescribed by the legislature, that method alone shall be followed for computation of the fair market value INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A” : HYDERABAD ITA.No.871/Hyd/2015 Assessment Year 2011-2012 M/s. Medplus …
