Tag: itat

Bedridden person can have agriculture income, advance loan. Summarily Rejecting creditworthiness despite pattadar passbook without verification wrong-ITAT

Bedridden person can have agriculture income, advance loan. Summarily Rejecting creditworthiness despite pattadar passbook without verification wrong-ITAT

May 15, 2016 Income Tax, ITAT, Judgments
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 none month old sales instance was not based on any Income Tax Rules-ITAT

DVO Valuation report taking 2 Percent per month escalation for determining the value of property relying on none month old sales instance was not based on any Income Tax Rules-ITAT

May 15, 2016 Income Tax, ITAT, Judgments
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 …
15% deduction for CPWD and State PWD rate variation allowable when AO estimated construction cost based on valuation cell report using CPWD Rates

15% deduction for CPWD and State PWD rate variation allowable when AO estimated construction cost based on valuation cell report using CPWD Rates

May 10, 2016 Income Tax, ITAT, Judgments
15% deduction for CPWD and State PWD rate variation allowable when AO estimated the cost of building construction based on the report of the valuation cell. This was stated by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: I.T.A.No.430/Vizag/2014  Assessment Year: 2007-08 B. Madhusudhana Reddy  vs. ACIT Date …
The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake-ITAT

The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake-ITAT

May 10, 2016 Income Tax, ITAT, Judgments
The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake. Meaning of the word “record” was clarified by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: ITA No.727/Vizag/2013  Assessment Year: 2008-09 M/s. Y.V.R. & …
No Violation us 269SS-loan accepted passing journal entries. Penalty 271D can not be levied for acknowledgment of loan by passing journal entries

No Violation us 269SS-loan accepted passing journal entries. Penalty 271D can not be levied for acknowledgment of loan by passing journal entries

May 10, 2016 Income Tax, ITAT, Judgments
No Violation us 269SS-loan accepted passing journal entries. When the loan is accepted by acknowledgement of debt by passing journal entries in the books of accounts it cannot be considered as acceptance of loan in violation of the provisions of section 269SS of the Act, consequently, no penalty …
Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment for 68 years aged retired scientist not conversant with Income Tax Act

Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment for 68 years aged retired scientist not conversant with Income Tax Act

May 9, 2016 Income Tax, ITAT, Judgments
Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment in the case of 68 years aged retired scientist not very much conversant with the provisions of the Income Tax Act by ITAT Kolkata in its recent judgment as under: Case Law Details: ITA No.1900/Kol/2014 Assessment year : 2006-07 Dr.S.N.Ganguly vs. ACIT Date …
DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement-ITAT

DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement-ITAT

May 8, 2016 Income Tax, ITAT, Judgments
DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement. This was held by ITAT Mumbai in its recent judgment as under: Case Law Details: ITA No. 5133/Mum/2014  Assessment Year : 2009-10 Dy. Commissioner of Income Tax vs. M/s Shree Aditya …
Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return.

Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return.

May 8, 2016 Income Tax, ITAT, Judgments
Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return. This was ruled by ITAT Mumbai in a recent judgment as under. Case Law Details: ITA No. 5977/Mum/2013  Assessment Year : 2010-11 …
Reopening u/s 147/148. Post mortem exercise of analysing materials will not cure an order invalid due to non satisfaction of jurisdictional requirement

Reopening u/s 147/148. Post mortem exercise of analysing materials will not cure an order invalid due to non satisfaction of jurisdictional requirement

May 4, 2016 Income Tax, ITAT, Judgments
Reopening of a case u/s 147/148, a post mortem exercise of analysing materials produced subsequently will not cure an inherently defective reopening order from invalidity due to non satisfaction of jurisdictional requirement. ITAT Delhi has relied on Delhi High Court judgment and quashed the reassessment proceedings and allowed the legal issue in …