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
Category: Income Tax Cases
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
Section 80P2D–Judgement sent by CA Mr. Amey Sane*****
80P2D-Judgemen t sent by Society CA
Supreme Court rules Writ Petition can be entertained to examine if conditions for Issuance of Notice u/s 148 have been satisfied [Read Order]*****
Read More: https://www.taxscan.in/supreme-court-rules-writ-petition-can-be-entertained-to-examine-if-conditions-for-issuance-of-notice-u-s148-have-been-satisfied/244720/ Clipped from: https://www.taxscan.in/supreme-court-rules-writ-petition-can-be-entertained-to-examine-if-conditions-for-issuance-of-notice-u-s148-have-been-satisfied/244720/ Top Stories The Supreme Court of India in a major ruling held that writ petition can be entertained to examine if
Validity of Assessment order passed against dead person without brining on records his legal heirs*****
Clipped from: https://taxguru.in/income-tax/validity-assessment-order-passed-dead-person-brining-records-legal-heirs.html Legal Heirs of Late Sh Virendra Kumar Bhatnagar (Deceased) Vs ACIT (Delhi High Court) In the present case as admitted by the Respondent
Validity of Assessment order passed against dead person without brining on records his legal heirs*****
Clipped from: https://taxguru.in/income-tax/validity-assessment-order-passed-dead-person-brining-records-legal-heirs.html Legal Heirs of Late Sh Virendra Kumar Bhatnagar (Deceased) Vs ACIT (Delhi High Court) In the present case as admitted by the Respondent
Delay in filing of TDS Return due to Lack of Professional Assistance is Mere ‘Technical Breach’: ITAT deletes Income Tax Penalty*****
Clipped from: https://www.taxscan.in/delay-in-filing-of-tds-return-due-to-lack-of-professional-assistance-is-mere-technical-breach-itat-deletes-income-tax-penalty/237566/ Top Stories The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the delay in the filing of TDS returns due to
Interest Income not to be assessed When Assessee is Non-Resident: ITAT*****
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
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/ Top Stories The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), presided over by Judicial Member Vikas Awasthy, decided that the cooperative society is entitled
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/ Top Stories 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
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/ Top Stories 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
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/ Top Stories The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has held that TDS is not applicable in respect of payment of interest
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/ Top Stories The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of an Entire business amounts to
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/ Top Stories 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
