Clipped from: https://taxguru.in/income-tax/interest-income-assessed-assessee-non-resident-itat.html JCIT (OSD)(IT) Vs Rahul Rajnikant Parikh (ITAT Mumbai) Interest income need not to be assessed when assessee is a Non-resident The Income Tax
Category: Income Tax Cases
Co-Operative Society Eligible to Claim Deduction of Interest from Deposits in Co-Operative Banks: ITAT*****
Clipped from: https://www.taxscan.in/co-operative-society-eligible-to-claim-deduction-of-interest-from-deposits-in-co-operative-banks-itat-read-order/233522/ The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), presided over by Judicial Member Vikas Awasthy, decided that the cooperative society is entitled to claim
Income Tax Return Filed after Due Date under Section 80AC: ITAT denies Deduction*****
Clipped from: https://www.taxscan.in/income-tax-return-filed-after-due-date-under-section-80ac-itat-denies-deduction/233312/ The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has denied the claim for deduction as the income tax return was filed after the due date mentioned
Shares can be hold as both investment and stock-in-trade*
Clipped from: https://taxguru.in/income-tax/shares-hold-investment-stock-in-trade.html Dipakbhai Harishchandra Shah Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that as per CBDT circular no.4/2007 dated 15.6.2007 and 6/2016 dated 29-2-2016, person
Capital Gains derived from Sale of Property set off under current year Business Loss: ITAT upholds Disallowance of Loss on account of write-offInventory of Cotton*
Clipped from: https://www.taxscan.in/capital-gains-derived-from-sale-of-property-set-off-under-current-year-business-loss-itat-upholds-disallowance-of-loss-on-account-of-write-off-inventory-of-cotton/236732/ The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has upheld the disallowance of loss on account of write-off inventory of cotton whenthe capital gains derived
AO cannot travel beyond selected reasons for limited scrutiny
lipped from: https://taxguru.in/income-tax/ao-travel-selected-reasons-limited-scrutiny.html Duckwoo Autoind Pvt. Ltd. Vs PCIT (ITAT Chennai) ITAT Chennai held that it is not open for the Assessing Officer to travel beyond
Date of service and not dispatch is to be considered for period of limitation
lipped from: https://taxguru.in/excise-duty/date-service-dispatch-considered-period-limitation.html Shree Cement Limited Vs Commissioner Central Excise & CGST (CESTAT Delhi) CESTAT Delhi held that period of limitation should be calculated from the
High Court rules on Advance Payment to claim section 54 Exemption***
Clipped from: https://taxguru.in/income-tax/high-court-rules-advance-payment-claim-section-54-exemption.html Madras High Court in Moturi Lakshmi vs ITO in Tax Case Appeal No.181 Of 2019 on 17 August 2020 issued its decision that where an
Section 54F exemption allowed despite non-completion of construction as assessee invested the entire net consideration
Clipped from: https://taxguru.in/income-tax/section-54f-exemption-allowed-despite-non-completion-construction-assessee-invested-entire-net-consideration.html CIT Vs Sardarmal Kothari (Madras High Court) There is no dispute about the fact that the assessees have invested the entire net consideration
Re-assessment proceedings against dissolved entity is unsustainable
Clipped from: https://taxguru.in/income-tax/re-assessment-proceedings-dissolved-entity-unsustainable.html Pranshu Buildwell LLP Vs ITO (Delhi High Court) Delhi High Court of the petitioner is that the impugned proceedings for reassessment have been
No TDS applicable on Payment of Interest to its Member by Co-operative Bank: ITAT
lipped from: https://www.taxscan.in/no-tds-applicable-on-payment-of-interest-to-its-member-by-co-operative-bank-itat/241442/ The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has held that TDS is not applicable in respect of payment of interest to its
Sale of Entire Business amounts to Slump Sale, Taxable under Capital Gain: ITAT
Clipped from: https://www.taxscan.in/sale-of-entire-business-amounts-to-slump-sale-taxable-under-capital-gain-itat/241355/ The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of an Entire business amounts to a slump
Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption
Clipped from: https://www.taxscan.in/depositing-unutilized-capital-gain-in-deposit-account-scheme-itat-grants-capital-gain-exemption/241026/ The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), granted exemption under Section 54 of the Income Tax Act, 1961 (capital gain exemption) on depositing unutilized
Completion of assessment based on notices served to e-mail address of dissolved firm is unsustainable
Clipped from: https://taxguru.in/income-tax/completion-assessment-based-notices-served-e-mail-address-dissolved-firm-unsustainable.html P.A. Logistics Vs The Additional (Kerala High Court) Kerala High Court held that completion of the assessment on the basis of best judgment
HC quashes Reassessment order passed without Considering Objections of Assessee
Clipped from: https://taxguru.in/income-tax/hc-quashes-reassessment-order-passed-considering-objections-assessee.html Kailash Kedia Vs ITO (Orissa High Court) Learned counsel for the Petitioners have also assailed both the notice under Section 148-A(1)(b) of the
Income Tax addition based on mere doubt and suspicion not sustainable***
Clipped from: https://taxguru.in/income-tax/income-tax-addition-based-doubt-suspicion-sustainable.html Narender Kumar Vs ITO (ITAT Delhi) Undisputedly, in course of assessment proceeding, the assessee had explained the source of cash deposits in the
Statutory Benefit of Capital Gain Exemption cannot be denied for Mere Inclusion of Wife’s Name on Purchase of New Property: Delhi HC quashes Re-Assessment*
Clipped from: https://www.taxscan.in/statutory-benefit-of-capital-gain-exemption-cannot-be-denied-for-mere-inclusion-of-wifes-name-on-purchase-of-new-property-delhi-hc-quashes-re-assessment/210147/ By Rasheela Basheer – On October 6, 2022 4:40 pm In a significant ruling, a division bench of the Delhi High Court has held that the
25 Important Income Tax High Court Judgments of 2022***
Clipped from: https://www.taxscan.in/25-important-income-tax-high-court-judgments-of-2022/241279/ By Manu Sharma A S – On January 1, 2023 2:57 pm The Himachal Pradesh High Court had held that, the assessee-Kangra Central Co-operative Bank Limited
ITAT orders Re-examination on Applicability of TDS u/s 195 of Income Tax Act on Payment made to Non-Residents*
Clipped from: https://www.taxscan.in/itat-orders-re-examination-on-applicability-of-tds-u-s-195-of-income-tax-act-on-payment-made-to-non-residents/240542/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=ITAT%20orders By Kalyani B Nair – On December 30, 2022 1:26 pm The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), ordered re-examination on applicability of TDS under Section 195
Payment of Rs. 22 Lakh in Cash to Wholesale Dealer attracts Disallowance u/s 40A(3): ITAT
Clipped from: https://www.taxscan.in/payment-of-rs-22-lakh-in-cash-to-wholesale-dealer-attracts-disallowance-u-s-40a3-itat/240288/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Payment%20of%20Rs.%2022%20Lakh%20in%20Cash%20to%20Wholesale%20Dealer%20attracts%20Disallowance%20u/s%2040A(3):%20ITAT By Navasree A M – On December 30, 2022 12:06 pm The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) disallowed the tax deduction on grounds that an
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