Tag: ITAT Lucknow

ITAT allows benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment u/s 10(10AA)(ii) In a recent judgment, ITAT Lucknow has allowed benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment amount u/s 10(10AA)(ii) of Act holding that increased limit is applicable with …

ITAT allows exemption u/s 54 allowed despite failure to deposit the amount in Capital Gains Accounts Scheme and new asset having a shop In a recent judgment, ITAT Lucknow has allowed exemption u/s 54F holding that the requirement to invest in Capital Gains Accounts Scheme is merely procedural …

If AO intends to disturb income returned by assessee, it is mandatory on his part to issue notice under section 143(2) of the Income Tax Act – ITAT In a recent judgment, ITAT Lucknow has held that if the Assessing Officer intends to disturb the income returned by …

ITAT allowed increased exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees in view of CBDT retrospective notification. In a recent judgment, ITAT Lucknow allowed benefit of CBDT retrospective notification enhancing the exemption u/s 10(10A) to Rs. 25 lakhs to non-government employees also. ABCAUS Case Law Citation:5074 …

Revenue can not take advantage of mistakes of assessee, ITAT remands claim of exemption u/s 10(23C)(iiiad) to AO In a recent judgment, ITAT Lucknow remanded the claim of exemption u/s 10(23C)(iiiad) to AO as assessee by inadvertent typographical mistake wrongly claiming exemption u/s 10(23C)(iv) instead of correct section …

Accounting principles and provisions of law do not permit the addition in relation to an opening balance – ITAT In a recent judgment, ITAT Lucknow has held that accounting principles and provisions of law do not permit the addition in relation to an opening balance. Adverse reference, if …

In considering disallowance u/s 40A(2) for payments to specified persons, genuineness of expenditure is not a relevant issue. In a recent judgment, ITAT Lucknow has held that when a disallowance u/s 40A(2) of towards payments made to specified persons is under consideration, the genuineness of the expenditure is …

Pursuing remedy through rectification application u/s 154 within time, is a reasonable cause for condonation of delay in filing of appeal before CIT(A). In a recent judgment, ITAT Lucknow has accepted the plea that pursuing remedy through application u/s 154 of Income Tax Act within time, should be …

Rejecting condonation of delay and dismissing appeal without verifying medical certificates – ITAT sets aside order of CIT(A) In a recent judgment, ITAT Lucknow set aside the order of the CIT(A) as he rejected the assessee’s request for condonation of delay without conducting any independent inquiry regarding the …

Amount of Rs. 6 lakh claimed to have been received as gift from parents in law not an excessively or unreasonably high amount – ITAT In a recent judgment, ITAT Lucknow has held that amount of Rs. 6,00,000/- claimed by assessee to have been received as gift from …