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  • Income Tax

Penalty 271B-Statutory auditor not tax auditors delay. Delay in completing statutory audit by Cooperative auditor was sufficient cause not imposing penalty

Penalty 271B-Statutory auditor not tax auditors delay. Delay in completing statutory audit by Cooperative auditor was sufficient cause not imposing…

8 years ago
  • Income Tax

Payments to franchisees held liable to TDS us 194C not 194J. Modus operandi for fee collection and revenue sharing not determine for tds on amount remitted

Payments to franchisees held liable to TDS us 194C not 194J. The modus operandi for collection of the fees as well as of…

8 years ago
  • Income Tax

STCG-LTCG of NBFC held as capital gains not business income based on broad principles as laid down by various judicial pronouncements

STCG-LTCG of NBFC held as capital gains not business income based on broad principles as laid down by various judicial…

8 years ago
  • Income Tax

Share STCG not become business income by employment of Portfolio Management Service (PMS) for investment in shares-ITAT held so relying on 2 HC Judgments

Share STCG not become business income by employment of Portfolio Management Service (PMS) for investment in shares. This was held…

8 years ago
  • Income Tax

Sale of shares was not business income but investment income ITAT held so quoting CBDT latest circular no. 6/2016, F.No. 225/12/2016/ITA.II dt. 02/5/2016

In a recent judgment, ITAT has held that the sale of shares by the assessee was not business income but…

8 years ago
  • Income Tax

Notional interest Perquisite on Security deposit paid to landlord. Notional Interest on amount paid by employer for employee’s accommodation not perquisite

Notional interest Perquisite on Security deposit paid to landlord. Notional Interest on amount paid by employer for employee's accommodation not…

8 years ago
  • Income Tax

Interest 234B invalid if TDS deductible on entire income us 195 as there is no failure on the part of the assessee in payment of advance tax-ITAT

Interest 234B invalid if TDS deductible on entire income us 195 as there is no failure on the part of…

8 years ago
  • Income Tax

AO bound to furnish reopening reasons recorded us 147 within a reasonable time for initiation of reassessment proceedings u/s 147/148

AO bound to furnish reopening reasons recorded us 147 within a reasonable time for initiation of reassessment proceedings u/s 147/148…

8 years ago
  • Income Tax

Addition us 68 remanded back for short time lag between inquiry initiation and conclusion when the evidence was to be produced in just 10 days

Addition us 68 remanded back by ITAT for short time lag between inquiry initiation and conclusion when the evidence was…

8 years ago
  • Income Tax

Gift received from Step Father not taxable us 56(2)(vi) as income from other sources in view of meaning of relatives as per Explanation to section 56(2)

Gift received from Step Father not taxable us 562vi as income from other sources. The Explanation to section 56(2) would indicate…

8 years ago