https://taxguru.in/income-tax/rejection-books-accounts-gross-profit-rate-unsustainable.html Clipped from: https://taxguru.in/income-tax/rejection-books-accounts-gross-profit-rate-unsustainable.html ACIT Vs Omshree Agrotech Private Ltd (ITAT Pune) ITAT Pune held that rejection of books of accounts invoking provisions of section 145(3)
Category: Income Tax Cases
👍👍👍👍👍Reopening of assessment before disposing of objections filed by assessee is unsustainable
https://taxguru.in/income-tax/reopening-assessment-disposing-objections-filed-assessee-unsustainable.html Clipped from: https://taxguru.in/income-tax/reopening-assessment-disposing-objections-filed-assessee-unsustainable.html General Electric Company Vs ADIT (ITAT Mumbai) ITAT Mumbai held that reopening of assessment prior to disposing of the objections filed by
Delay in Filing Appeal due to Medical Treatment: ITAT Condones Delay of 259 Days
Clipped from: https://www.taxscan.in/delay-in-filing-appeal-due-to-medical-treatment-itat-condones-delay-of-259-days/299600/ Top Stories The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that delay in filling appeal due to medical treatment and condones a
Excess Stock and Excess Cash found during Survey Proceedings are recorded in Books of Account: ITAT Upholds surrendered income as Business Income
Clipped from: https://www.taxscan.in/excess-stock-and-excess-cash-found-during-survey-proceedings-are-recorded-in-books-of-account-itat-upholds-surrendered-income-as-business-income/300751/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Excess%20Stock%20and%20Excess%20Cash%20found%20during%20Survey%20Proceedings%20are%20recorded%20in%20Books%20of%20Account:%20ITAT%20Upholds%20surrendered%20income%20as%20Business%20Income Top Stories By Aparna. M – On July 17, 2023 5:30 pm – 2 mins read The Income Tax Appellate Tribunal (ITAT) Pune Bench while upholding the business income which surrendered
👍👍👍👍👍Reopening untenable in absence of tangible material concluding that income has escaped assessment
https://taxguru.in/income-tax/reopening-untenable-absence-tangible-material-concluding-income-escaped-assessment.html Clipped from: https://taxguru.in/income-tax/reopening-untenable-absence-tangible-material-concluding-income-escaped-assessment.html Maharashtra State Power Generation Company Limited Vs ACIT (Bombay High Court) Bombay High Court held that reopening of assessment, in the exercise
Once income is shown the assessee has every right to get credit of TDS
https://taxguru.in/income-tax/income-shown-assessee-credit-tds.html Clipped from: https://taxguru.in/income-tax/income-shown-assessee-credit-tds.html BAE Systems Information & Electronic Systems Integration Inc Vs ADIT (ITAT Delhi) ITAT Delhi held that if the assessee has shown the
👍👍👍👍👍Unverified Information: ITAT upholds quashing of Re-assessment Order
https://taxguru.in/income-tax/unverified-information-itat-upholds-quashing-re-assessment-order.html Clipped from: https://taxguru.in/income-tax/unverified-information-itat-upholds-quashing-re-assessment-order.html ITO Vs Tarik Tondon (ITAT Delhi) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Delhi upheld the order of the
👍👍👍👍👍Ex-parte order passed without considering submission is non-speaking order
https://taxguru.in/income-tax/ex-parte-order-passed-submission-non-speaking-order.html Clipped from: https://taxguru.in/income-tax/ex-parte-order-passed-submission-non-speaking-order.html Leela Devi Jain Vs ITO (ITAT Jaipur) ITAT Jaipur held that ex-parte order passed without considering and dealing with the submission of
👍👍👍👍👍The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the income earned by the co-operative society is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961.
Clipped from: https://www.taxscan.in/income-earned-by-co-operative-society-is-eligible-for-deduction-u-s-80p2ai-of-income-tax-act-itat/298355/ Top Stories Income Earned by Co-operative Society is eligible for Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT [Read Order] The Kolkata bench Section 80P(2)(a)(i) of
Addition due to mismatch in 26AS and in books of account unsustained as difference duly explained
https://taxguru.in/income-tax/addition-due-mismatch-26as-books-account-unsustained-difference-duly-explained.html Clipped from: https://taxguru.in/income-tax/addition-due-mismatch-26as-books-account-unsustained-difference-duly-explained.html DCIT Vs Connect Residuary Pvt Ltd (ITAT Mumbai) ITAT Mumbai held that addition on account of mismatch between the income reported under
Capital Goods imported under Zero Duty EPCG Scheme is Eligible for Exemption : CESTAT Dismisses Appeal of Revenue
Clipped from: https://www.taxscan.in/capital-goods-imported-under-zero-duty-epcg-scheme-is-eligible-for-exemption-cestat-dismisses-appeal-of-revenue/299823/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Capital%20Goods%20imported%20under%20Zero%20Duty%20EPCG%20Scheme%20is%20Eligible%20for%20Exemption%20:%20CESTAT%20Dismisses%20Appeal%20of%20Revenue Top Stories The Chennai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) dismissed the appeal filed by the revenue on the ground of imported
Revisionary Powers u/s 263 of Income Tax Act not prevails if AO Conducts Inquiry and Verification during Assessment: ITAT quashes Revision Order
Read More: https://www.taxscan.in/revisionary-powers-u-s-263-of-income-tax-act-not-prevails-if-ao-conducts-inquiry-and-verification-during-assessment-itat-quashes-revision-order-read-order/299162/ Clipped from: https://www.taxscan.in/revisionary-powers-u-s-263-of-income-tax-act-not-prevails-if-ao-conducts-inquiry-and-verification-during-assessment-itat-quashes-revision-order-read-order/299162/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Revisionary%20Powers%20u/s%20263%20of%20Income%20Tax%20Act%20not%20prevails%20if%20AO%20Conducts%20Inquiry%20and%20Verification%20during%20Assessment:%20ITAT%20quashes%20Revision%20Order Top Stories The Pune Bench of Income Tax Appellate Tribunal has quashed the revisionary order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263
Rent Paid to Wife Eligible for HRA Deduction u/s 10(13A) of Income Tax Act: ITAT
Read More: https://www.taxscan.in/rent-paid-to-wife-eligible-for-hra-deduction-u-s-1013a-of-income-tax-act-itat/300201/ Clipped from: https://www.taxscan.in/rent-paid-to-wife-eligible-for-hra-deduction-u-s-1013a-of-income-tax-act-itat/300201/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Rent%20Paid%20to%20Wife%20Eligible%20for%20HRA%20Deduction%20u/s%2010(13A)%20of%20Income%20Tax%20Act:%20ITAT Top Stories In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the rental amount paid to wife is eligible
Depreciation Allowable only on Fixed Assets not used for Commercial Purpose: ITAT
Clipped from: https://www.taxscan.in/depreciation-allowable-only-on-fixed-assets-not-used-for-commercial-purpose-itat/299193/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Depreciation%20Allowable%20only%20on%20Fixed%20Assets%20not%20used%20for%20Commercial%20Purpose:%20ITAT Top Stories The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that depreciation is allowable only on fixed assets not used for commercial
👍👍👍👍👍👍👍No income Escapment when Assessee paid STCG and LTCG: Gujarat HC quashes Reassessment Order
Clipped from: https://www.taxscan.in/no-income-escapment-when-assessee-paid-stcg-and-ltcg-gujarat-hc-quashes-reassessment-order/299680/ Top Stories The High Court of Gujarat quashed the reassessment order as there was no income escapement when the assessee paid Short Term Capital
Incorrect Claim of Deduction or Expenses Made in ITR does not Amount to Concealment of Income or Furnishing Inaccurate Particulars : ITAT Sets Aside NFAC Order
Clipped from: https://www.taxscan.in/incorrect-claim-of-deduction-or-expenses-made-in-itr-does-not-amount-to-concealment-of-income-or-furnishing-inaccurate-particulars-itat-sets-aside-nfac-order/299465/ Top Stories By Ipsita Das – On July 14, 2023 11:30 am – 2 mins read The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that rejection of
👍👍👍👍👍Capital gain not computable on execution of sale deed in favour of daughter-in law
https://taxguru.in/income-tax/capital-gain-computable-execution-sale-deed-favour-daughter-in-law.html Clipped from: https://taxguru.in/income-tax/capital-gain-computable-execution-sale-deed-favour-daughter-in-law.html Hanuman Prasad Tambi Vs ITO (ITAT Jaipur) ITAT Jaipur held that capital gain not computable in respect of sale deed executed in
Appellate Authority Bound by Show Cause Notice Allegations: Calcutta High Court
https://taxguru.in/goods-and-service-tax/appellate-authority-bound-show-cause-notice-allegations-calcutta-high-court.html Clipped from: https://taxguru.in/goods-and-service-tax/appellate-authority-bound-show-cause-notice-allegations-calcutta-high-court.html Calcutta High Court holds Appellate Authority cannot travel beyond allegations made in Show Cause Notice and quashes order for rejection of refund
👍👍👍👍👍👍👍👍Reassessment proceedings in absence of adequate reasoning is erroneous
https://taxguru.in/income-tax/reassessment-proceedings-absence-adequate-reasoning-erroneous.html Clipped from: https://taxguru.in/income-tax/reassessment-proceedings-absence-adequate-reasoning-erroneous.html Anilaben Rohitbhai Modi Vs ITO (High Court Gujarat) Gujarat High Court held that in absence of adequacy of reasons and its relevancy
Notice issued to ceased entity is fundamentally illegal and without jurisdiction
https://taxguru.in/income-tax/notice-issued-ceased-entity-fundamentally-illegal-jurisdiction.html Clipped from: https://taxguru.in/income-tax/notice-issued-ceased-entity-fundamentally-illegal-jurisdiction.html Adani Estate Management Private Limited Vs ITO (Gujarat High Court) Gujarat High Court held that if the company has ceased to exist
