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  • Income Tax

CIT Revision u/s 263- the word ‘erroneous’ includes the failure to make an inquiry when circumstances would make such it prudent

In a recent judgment, ITAT held that  the word ‘erroneous’ in section 263 includes the failure to make an inquiry when…

8 years ago
  • Income Tax

Credit of self assessment tax paid can not be denied for charging interest under section 234A

In a recent order, ITAT Ahmedabad has held that the credit of self assessment tax paid which has the same effect…

8 years ago
  • Income Tax

Penalty 271(1)(c) quashed-Assessee forget to declare interest income due to old age

In a recent judgment, ITAT Amritsar has quashed penalty imposed u/s 271(1)(c) for non declaration of bank fixed deposit interest…

8 years ago
  • Income Tax

Unregistered agreement to sell amounts to transfer u/s 2(47) for capital gain purpose

In a recent judgment, ITAT Delhi has held that land possession given and major sales consideration received through unregistered agreement to…

8 years ago
  • Income Tax

Mere AIR information that deposits made in bank account not indicative that income has escaped assessment u/s 147

In a recent judgment, ITAT Amritsar has upheld that the mere AIR information that deposits were made in a bank account do…

8 years ago
  • Income Tax

Additions u/s 69A upheld for maximum peak bank deposits instead of closing balances for the day

In a recent judgment, ITAT, Amritsar has ruled that CIT(A) was right in taking the the highest amount of cash deposits…

8 years ago
  • Income Tax

Keyman Insurance Policy (KIP) Premium is an allowable business expenditure

In a recent judgment, ITAT Amritsar has endorsed that Premium of Keyman Insurance Policy (KIP) is an allowable business expenditure. Case…

8 years ago
  • Income Tax

Shipping charges using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995

ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor,…

8 years ago
  • Income Tax

Disallowance u/s 14A/Rule 8D upheld where major part of partners capital, bank and unsecured loans were stuck up in receivables

In a recent judgment, ITAT, Amritsar has upheld the disallowance u/s 14A read with Rule 8D where major part of partners…

8 years ago
  • Income Tax

Assessment u/s 263 based on judgement delivered after the date of original assessment bad

Assessment in pursuance of order u/s 263 based on a judgement subsequent to the date of original assessment cannot be…

8 years ago