Read More: https://www.taxscan.in/downfall-in-gross-profit-ratio-cannot-be-sole-basis-for-addition-itat/247807/ Clipped from: https://www.taxscan.in/downfall-in-gross-profit-ratio-cannot-be-sole-basis-for-addition-itat/247807/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Downfall%20in%20Gross%20Profit%20Ratio%20cannot%20be%20Sole%20basis%20for%20Addition:%20ITAT The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) in a recent ruling has held that the downfall in Gross Profit Ratio could not be
Category: Income Tax Cases
Violation of natural justice in Administrative Body cannot be cured by natural justice at the Appellate Stage: Rajasthan HC
Read More: https://www.taxscan.in/violation-of-natural-justice-in-administrative-body-cannot-be-cured-by-natural-justice-at-the-appellate-stage-rajasthan-hc-read-order/247698/ Clipped from: https://www.taxscan.in/violation-of-natural-justice-in-administrative-body-cannot-be-cured-by-natural-justice-at-the-appellate-stage-rajasthan-hc-read-order/247698/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Violation%20of%20natural%20justice%20in%20Administrative%20Body%20cannot%20be%20cured%20by%20natural%20justice%20at%20the%20Appellate%20Stage:%20Rajasthan%20HC A Division Bench of the Rajasthan High Court recently set aside the orders passed against the assessee, both in adjudication and
👍Builder’s Fault might cost you Additional Capital Gains Tax Liability u/s 54 IT Act: Here’s What You Need to Know
Read More: https://www.taxscan.in/builders-fault-might-cost-you-additional-capital-gains-tax-liability-u-s-54-it-act-heres-what-you-need-to-know/247623/ Clipped from: https://www.taxscan.in/builders-fault-might-cost-you-additional-capital-gains-tax-liability-u-s-54-it-act-heres-what-you-need-to-know/247623/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Builder%E2%80%99s%20Fault%20might%20cost%20you%20Additional%20Capital%20Gains%20Tax%20Liability%20u/s%2054%20IT%20Act:%20Here%E2%80%99s%20What%20You%20Need%20to%20Know Section 54 of the Income Tax Act allows for an exemption on long-term capital gains tax for individuals and HUF (Hindu
Loss from Sale of Shares and Mutual Funds on which STT paid can’t be set off against LTCG arising out as per S.70(3): ITAT
Read More: https://www.taxscan.in/loss-from-sale-of-shares-and-mutual-funds-on-which-stt-paid-cant-be-set-off-against-ltcg-arising-out-as-per-s-703-itat-read-order/247446/ Clipped from: https://www.taxscan.in/loss-from-sale-of-shares-and-mutual-funds-on-which-stt-paid-cant-be-set-off-against-ltcg-arising-out-as-per-s-703-itat-read-order/247446/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Loss%20from%20Sale%20of%20Shares%20and%20Mutual%20Funds%20on%20which%20STT%20paid%20can%27t%20be%20set%20off%20against%20LTCG%20arising%20out%20as%20per%20S.70(3):%20ITAT In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Loss from the sale of shares
Housing Loan and Interest Paid thereon for Construction of Rented House Eligible for Deduction u/s 2(24)(b) of Income Tax Act: ITAT
Clipped from: https://www.taxscan.in/housing-loan-and-interest-paid-thereon-for-construction-of-rented-house-eligible-for-deduction-u-s-224b-of-income-tax-act-itat-read-order/247466/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Housing%20Loan%20and%20Interest%20Paid Income Tax Appellate Tribunal (ITAT) Kolkata Bench ruled that the housing loan and interest paid for construction of the rented house is eligible for Deduction under
Alternative remedy is not an absolute bar if there is violation of natural justice
Clipped from: https://taxguru.in/goods-and-service-tax/alternative-remedy-absolute-bar-violation-natural-justice.html Mahendra Sponge and Power Limited Vs Assistant Commissioner State Tax (SGST) (Chhattisgarh High Court) The Hon’ble Chhattisgarh High Court in the matter of M/s
👍S. 40A(3) of Income Tax Act cannot be Invoked When No Single Transaction Exceeds Rs. 20,000: ITAT
Clipped from: https://www.taxscan.in/s-40a3-of-income-tax-act-cannot-be-invoked-when-no-single-transaction-exceeds-rs-20000-itat/245269/ The Income Tax Appellate Tribunal (ITAT), Kolkata ruled that the provisions of section 40A(3) of the Income Tax Act, 1961 cannot be attracted when there is not
Re-Assessment cannot be based on “Reason to Suspect”: ITAT
Clipped from: https://www.taxscan.in/re-assessment-cannot-be-based-on-reason-to-suspect-itat-read-order/245245/ The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the re-assessment under sections 147/148 of the Income Tax Act, 1961 shall be based on
🙏Co-op societies engaged in banking business eligible for section 80P deduction on interest income on bank deposits*
Clipped from: https://taxguru.in/income-tax/co-op-societies-engaged-banking-business-eligible-section-80p-deduction-interest-income-bank-deposits.html M.P. Police Sakh Sahkari Sanstha Maryadit Vs PCIT (ITAT Indore) Co-operative societies engaged in banking business are eligible for deduction u/s. 80P on
Invocation of section 147 untenable in absence of new/ fresh material indicating escapement of income***
Clipped from: https://taxguru.in/income-tax/invocation-section-147-untenable-absence-new-fresh-material-indicating-escapement-income.html Global Arkitekts P. Ltd. Vs ITO (ITAT Chennai) ITAT Chennai held that AO having chosen not to scrutinize the return cannot resort to
Adjustment of incorrect claim apparent from any information in return is permissible u/s 143(1)
Clipped from: https://taxguru.in/income-tax/adjustment-incorrect-claim-apparent-information-return-permissible-u-s-143-1.html Sree Gokulam Chit and Finance Co. P. Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai held that post amendment w.e.f. 01.04.2008, the scope of
Order sent on old address without any effort from AO to send on correct address is barred by limitation
Clipped from: https://taxguru.in/income-tax/order-old-address-effort-ao-send-correct-address-barred-limitation.html DSV Solutions Pvt Ltd Vs DCIT (ITAT Mumbai) There was no forwarding, not even an effort to forward, the draft assessment order to
Sufficiency/ correctness of material relied by AO for re-opening not to be considered
Clipped from: https://taxguru.in/income-tax/sufficiency-correctness-material-relied-ao-re-opening-considered.html Pavan Kishanchand Tulsiani Vs Union of India (Gujarat High Court) Gujarat High Court held that when AO has reason to believe and have
Any Action of Income Tax Dept Violating CBDT Instructions Untenable in Law: ITAT
lipped from: https://www.taxscan.in/any-action-of-income-tax-dept-violating-cbdt-instructions-untenable-in-law-itat/245094/ The Income Tax Appellate Tribunal (ITAT), Pune bench has held that any action of the income tax department violating the instructions of the CBDT is untenable under
Deduction of interest on loan to purchase a residential home for which possession is pending*
lipped from: https://taxguru.in/income-tax/deduction-interest-loan-purchase-residential-home-possession-pending.html Mr. Abeezar Faizullabhoy Vs CIT (ITAT Mumbai) Appeal Number : ITA No.4831/MUM/2019, Date of Order : 01/09/2021 Issues Whether or not the assessee
No addition towards notional rent as residential asset held as stock-in-trade
Clipped from: https://taxguru.in/income-tax/addition-notional-rent-residential-asset-held-stock-in-trade.html ACIT Vs Balkrishna Shanmugham Chettiar Alias S. Balan (ITAT Pune) ITAT Pune held that addition of notional rental not sustainable as the residential
Mere issuance of SCN or letters of personal hearing is not adequate*******
Clipped from: https://taxguru.in/service-tax/issuance-scn-letters-personal-hearing-adequate.html Sai Construction Vs Assistant Commissioner of Central Tax (Telangana High Court) HC held that Mere issuance of show cause notice or letters of
HC upheld section 68 addition as Assessee failed to prove 3 conditions*****
Clipped from: https://taxguru.in/income-tax/hc-upheld-section-68-addition-assessee-failed-prove-3-conditions.html Rupal Jain Vs CIT (Allahabad High Court) Considering the provision of Section 68 that the assessee has to prove three conditions i.e. (i)
Deduction u/s 54 is eligible in respect of more than one property
Clipped from: https://taxguru.in/income-tax/deduction-u-s-54-eligible-respect-more-one-property.html K. Gopalakrishnan Vs ITO (ITAT Chennai) ITAT Chennai held that as per the ratio of decision of jurisdictional High Court in CIT V/s Gumanmal
Assessee can challenge reopening notice at the stage of challenging consequential Assessment order: HC
Clipped from: https://taxguru.in/income-tax/assessee-challenge-reopening-notice-stage-challenging-consequential-assessment-order-hc.html Auroglobal Comtrade Private Limited Vs Chairman, CBDT & Others (Orissa High Court) HC declined to accept challenge to the Reopening notices under Section
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