Tag: itat

ICAI coaching income exempt us 11. The institute is an educational institute and its activities falls within the meaning of charitable purpose u/s 2(15)-ITAT

ICAI coaching income exempt us 11. The institute is an educational institute and its activities falls within the meaning of charitable purpose u/s 2(15)-ITAT

June 4, 2016 ICAI, Income Tax, ITAT, Judgments
ICAI income exempt us 11. The institute is an educational institute and its coaching activities falls within the meaning of charitable purpose u/s 2(15). In a yet another case for AY 2010-11, ITAT following previous judgments of ITAT, High Court and Supreme Court has upheld the charitable status …
Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building-ITAT

Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building-ITAT

June 4, 2016 Income Tax, ITAT, Judgments
Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building, as a tenant cost of repairs to the premises is allowable whether they are accumulated or current this was held by ITAT Delhi in a recent judgment detailed as …
Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition.

Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition.

May 30, 2016 Income Tax, ITAT, Judgments
Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition. This was upheld by ITAT Chennai in a recent judgment as under: Case Details: ITA Nos. 300 to 303/Mds/2016 Assessment Years : 2010-11 to 2013-14 M/s. …
Self-made cash payment vouchers disallowance made for truck hire charges doubting genuineness of expenditure without any enquiry deleted by ITAT

Self-made cash payment vouchers disallowance made for truck hire charges doubting genuineness of expenditure without any enquiry deleted by ITAT

May 29, 2016 Income Tax, ITAT, Judgments
Self-made cash payment vouchers disallowance additions made for truck hire charges doubting genuineness of expenditure without making any enquiry was deleted by ITAT Kolkata. Case Law Details: I.T.A. No. 1182 /KOL/ 2013 Assessment Year: 2008-2009 Assistant Commissioner of Income Tax vs. Shyam Sundar Agarwal Date of Judgment/Order: 27/05/2016 Important …
Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales

Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales

May 29, 2016 Income Tax, ITAT, Judgments
Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales and make addition of projected expenses on the basis of increase in sale.  This was held by ITAT, Chandigarh while quashing additions …
FMV-No approach road and weaker sections society in colony. DVO directed to give 30% adjustments in calculating fair market value for disadvantnages-ITAT

FMV-No approach road and weaker sections society in colony. DVO directed to give 30% adjustments in calculating fair market value for disadvantnages-ITAT

May 15, 2016 Income Tax, ITAT, Judgments
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

Deemed consideration us 50C eligible for 54F exemption for capital gain purpose. Net consideration include Fair market value under deeming fiction

May 15, 2016 Income Tax, ITAT, Judgments
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-ITAT

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-ITAT

May 15, 2016 Income Tax, ITAT, Judgments
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 …