Clipped from: https://www.taxscan.in/ao-shall-conduct-independent-investigation-without-relying-on-third-party-statements-and-facts-itat-upholds-deletion-of-additions-u-s-68/273139/ AO shall Conduct Independent Investigation without relying on Third Party Statements and Facts: ITAT upholds Deletion of Additions u/s 68 [Read Order] The
Category: Income Tax Cases
👍Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance
lipped from: https://www.taxscan.in/forfeiture-of-earnest-money-is-expenditure-itat-deletes-disallowance/272866/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Forfeiture%20of%20Earnest%20Money%20is%20Expenditure:%20ITAT%20deletes%20Disallowance The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held thatthe forfeiture of earnest money from OMDC is an expenditure and deleted the disallowance. Vardhaman
👍👍👍👍👍Reassessment beyond four years is invalid if no failure to disclosure by Assessee during original assessment
Clipped from: https://taxguru.in/income-tax/reassessment-years-invalid-failure-disclosure-assessee-original-assessment.html S. Ramamirtham Vs ITO (ITAT Chennai) It is an admitted fact that the original assessment has been completed u/s. 143(3) of the Act
👍👍👍👍👍Depreciation on goodwill cannot be rejected merely because performance didn’t match projection
Clipped from: https://taxguru.in/income-tax/depreciation-goodwill-rejected-performance-didnt-match-projection.html DCIT Vs Global Fairs & Media Pvt Ltd. (ITAT Delhi) ITAT Delhi held that depreciation on goodwill cannot be rejected merely because performance
👍👍👍👍👍👍👍Denying cross examination of witnesses and non-supplying of records renders proceeding untenable
Clipped from: https://taxguru.in/excise-duty/denying-cross-examination-witnesses-non-supplying-records-renders-proceeding-untenable.html Gopi Biri Factory Vs Commissioner of CGST & Excise, Siliguri (CESTAT Kolkata) CESTAT Kolkata held that denial of cross examination of witnesses and
👍👍👍👍👍👍👍Notice u/s 148 of Income Tax Act lacks record
Clipped from: https://www.taxscan.in/notice-u-s-148-of-income-tax-act-lacks-record-of-reasons-to-believe-for-initiating-proceedings-itat-quashes-re-assessment-order/272837/ According to the counsel, it is a prerequisite that reasons to believe recorded by the AO for initiating the proceedings under Section 148
👍👍👍Issuance of Notice under Section 148 without Approval of Higher Authorities: ITAT quashes Assessment Order
Clipped from: https://www.taxscan.in/issuance-of-notice-under-section-148-without-approval-of-higher-authorities-itat-quashes-assessment-order/272958/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Issuance%20of%20Notice%20under%20Section%20148%20without%20Approval%20of%20Higher%20Authorities:%20ITAT%20quashes%20Assessment%20Order The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, on finding about the issuance notice under Section
👍No TDS Default on Interest Payments, if Form 15G/15H Submitted by Assessee before Year-end: ITAT
Read More: https://www.taxscan.in/no-tds-default-on-interest-payments-if-form-15g-15h-submitted-by-assessee-before-year-end-itat/272400/ Clipped from: https://www.taxscan.in/no-tds-default-on-interest-payments-if-form-15g-15h-submitted-by-assessee-before-year-end-itat/272400/ The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that no TDS default can me imposed
👍👍👍👍👍👍👍Compensation paid by builder during redevelopment of flats is capital receipt
lipped from: https://taxguru.in/income-tax/compensation-paid-builder-redevelopment-flats-capital-receipt.html Ajay Parasmal Kothari Vs ITO (ITAT Mumbai) ITAT Mumbai held that compensation paid by the builder for facing hardship during redevelopment of flats
👍👍👍👍👍👍👍Delay condone period due to covid 👍plus👌 Dept Appeal Below Tax Effect of Rs. 50 Lakhs: ITAT dismisses Appeal as per CBDT Circular
Read More: https://www.taxscan.in/dept-appeal-below-tax-effect-of-rs-50-lakhs-itat-dismisses-appeal-as-per-cbdt-circular/272444/ Clipped from: https://www.taxscan.in/dept-appeal-below-tax-effect-of-rs-50-lakhs-itat-dismisses-appeal-as-per-cbdt-circular/272444/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Dept%20Appeal%20Below%20Tax%20Effect%20of%20Rs.%2050%20Lakhs:%20ITAT%20dismisses%20Appeal%20as%20per%20CBDT%20Circular The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has recently, in an appeal filed before it, on finding the same to be a dept
👍No TDS Default on Interest Payments, if Form 15G/15H Submitted by Assessee before Year-end: ITAT
Clipped from: https://www.taxscan.in/no-tds-default-on-interest-payments-if-form-15g-15h-submitted-by-assessee-before-year-end-itat/272400/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=No%20TDS%20Default%20on%20Interest%20Payments,%20if%20Form%2015G/15H%20Submitted%20by%20Assessee%20before%20Year-end:%20ITAT The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that no TDS default can me imposed on interest
👍👍👍👍👍Claim of Deduction u/s 80P of Income Tax Act is Conditional on filing Return within Due Date: Kerala HC
Claim of Deduction u/s 80P of Income Tax Act is Conditional on filing Return within Due Date: Kerala HC https://www.taxscan.in/claim-of-deduction-u-s-80p-of-income-tax-act-is-conditional-on-filing-return-within-due-date-kerala-hc/272064/ The Kerala High Court has
👍👍👍ITAT restore matter to AO as matter was not properly argued before AO for bonafide reasons
Clipped from: https://taxguru.in/income-tax/itat-restore-matter-ao-matter-properly-argued-ao-bonafide-reasons.html Kishoresinh Hemantsinh Chudasama Pipali Vs DCIT (ITAT Ahmedabad) Undisputedly, before the ld. CIT(A), none-appeared on behalf of the assessee and the appeal was
👍Adjudicating Authority cannot go beyond the Scope of SCN: CESTAT
Clipped from: https://taxguru.in/custom-duty/adjudicating-authority-scope-scn-cestat.html Suraj Electronics P. Ltd. Vs Commissioner of Customs (Imports) (CESTAT Chennai) It is noticed by Commissioner (Appeals) that stay was granted waiving the
👍Cross examination cannot be denied stating that no purpose will be achieved
Clipped from: https://taxguru.in/custom-duty/cross-examination-denied-stating-purpose-achieved.html Pravin Tex Vs Commissioner of Customs (Seaport – Export) (CESTAT Chennai) It is seen that there is complete violation of the principles of
👍👍👍Assessee has to prove that more than one residential house is not owned at the time of claiming deduction u/s 54F
Clipped from: https://taxguru.in/income-tax/assessee-prove-one-residential-house-owned-time-claiming-deduction-u-s-54f.html DCIT Vs Smt. Syama Reddy Malireddy (ITAT Hyderabad) ITAT Hyderabad held that for the purpose of claiming deduction u/s 54F of the Act,
👍👍👍👍👍Amendment to Section 43B by Finance Act 2023 & its implication on business
Clipped from: https://taxguru.in/income-tax/amendment-section-43b-finance-act-2023-implication-business.html CA Mahesh Agarwal Through the Finance Act 2023 a new clause (h) has been added to Sec. 43B of the Income Tax Act and is
👍👍👍👍👍Courts shall not go strictly by the Rulebook to deny justice
Clipped from: https://www.taxscan.in/courts-shall-not-go-strictly-by-the-rulebook-to-deny-justice-to-deserving-litigant-as-it-would-lead-to-miscarriage-of-justice-itat/270859/ Courts shall not go strictly by the Rulebook to deny Justice to Deserving Litigant as it would lead to Miscarriage of Justice: ITAT
👍Interest paid on delayed payment of TDS not penal in nature: ITAT Allows Deduction u/s 37
Clipped from: https://www.taxscan.in/interest-paid-on-delayed-payment-of-tds-not-penal-in-nature-itat-allows-deduction-u-s-37/270819/ The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 37 of the Income Tax Act 1961 holding that the interest paid
Distributor Not Required to Deduct TDS on Payment of Turnover Discount to Dealers u/s 194H of Income Tax Act: ITAT
Clipped from: https://www.taxscan.in/distributor-not-required-to-deduct-tds-on-payment-of-turnover-discount-to-dealers-u-s-194h-of-income-tax-act-itat-read-order/271284/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Distributor%20Not%20Required%20to%20Deduct%20TDS%20on%20Payment%20of%20Turnover%20Discount%20to%20Dealers%20u/s%20194H%20of%20Income%20Tax%20Act:%20ITAT The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the discount paid to dealers by the distributor in the nature of turnover discount is not
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