ITAT Judgments - Page 3

Income from Subletting of Property is House Property Income

Akola Trading Company P. Ltd. v/s ITO (ITAT Mumbai)

Amount received by the assessee on account of subletting the property is only income from house property and has to be treated as such. In such circumstances there is no justification of allowing expenses against the house property income other than that provided as deduction under the scheme of computation of house property income....

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Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin)

Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

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Exclusion of comparables based on Turnover and size filter is valid

M/s. Logitech Engineering & Design India P. Ltd, (erstwhile M/s. Lifesize Communication P. Ltd) Vs. Deputy Commissioner of Income-tax (ITAT Bengaluru)

Bombay High Court decision upheld the DRP order in excluding 6 companies, from the list of comparables chosen by the TPO, on the basis of turnover and size. Following it , we uphold the DRP order in excluding the above 6 companies, from the list of comparables chosen by the TPO, on the basis of turnover and size. ...

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Section 254(2) cannot be applied to seek review of ITAT order

Ganjikunta Kishore Babu (HUF) Vs ITO (ITAT Hyderabad)

By section 254(4) of the IT Act, an order which has been passed by the Tribunal reaches finality the moment the same is passed: it cannot be touched thereafter. By section 254(2) of the act, the Tribunal, however, has been authorized to rectify mistakes in its orders, which are apparent on the face of the records. ...

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ITAT vacates stay on demand on flouting of terms of stay of demand

MSM Discovery Private Limited Vs The Asst. Commissioner of Income Tax (ITAT Mumbai)

This appeal, filed by the assessee, being ITA No. 971/Mum/2016 for assessment year 2011-12 has come up for hearing today i.e. 23-02.2017 whereby ld. Counsel Shri Hiten Chande,CA on behalf of the assessee and Mrs. Malathi Sridharan, CIT DR on behalf of the Revenue were present. The Assessing officer was also present during the course of he...

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Purchase not Bogus for dealing with traders declared as hawala dealers by sales tax department

DCIT Vs M/s. Allied Blenders and Distillers Pvt. Ltd. (ITAT Mumbai)

ITAT held that purchases cannot be treated as bogus merely on the basis of assessee’s dealing with parties who were found out to be hawala dealers by the sales tax department....

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Sec. 68 – Unexplained Credit Entries can only be added to the taxable income of the AY in which they occur

Rajesh Kumar Soni v. ITO (ITAT Jabalpur)

In a recent ruling, the ITAT Jabalpur, decided the case in favour of the assesse, deleting the additions made by the Assessing Officer towards sundry creditors amounting to Rs. 5.07 lacs. The court held that under Section 68 of the Income-Tax Act, 1961, only the amounts found credited during the impugned assessment year can be […]...

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Penalty not levaiable on Management Bonus not offered to tax as books of company not finalised

Vishal M. Chhabria Vs. ACIT (ITAT Mumbai)

In this case the bonus was determined after finalisation of accounts in the month of September 2009. The same related to income for the period ended 31st March 2009. The company which is the employer of the assessee did not deduct TDS of the said income till filing of income tax return by the assessee....

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Letter of allottment date must be taken as date of holding asset

Anita D Kanjani Vs ACIT (ITAT Mumbai)

ITAT held that holding period should be computed from the date of issue of allotment If we do so, the holding period becomes more than 36 months and consequently, the property sold by the assessee would be long term capital asset in the hands of the assessee and the gain on sale of the same would be taxable in the hands of the assessee as...

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Reinstatement of employees benefit obligation allowable in Computation of Book Profit U/s. 115JB

D.C.I.T. VS. M/s. McNally Bharat Engineering Co.Ltd.(ITAT Kolkata)

Amount withdrawn from General Reserve on account of reinstatement of employees benefit obligation is allowable while computing Book Profit u/ s 115JB as same is an obligation of the assessee as an employer and is an ascertained liability....

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