ITAT Judgments - Page 4

Section 54 exemption cant be denied for delayed cheque deposit by builder

ITO (IT) 3(3)(1) Vs Akansha Ranju Pilani (ITAT Mumbai)

In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal recently held that if a cheque is encashed by the builder after the deadline for filing income-tax return, it will not debar the taxpayer from claiming I-T exemption under section 54 of the Income Tax Act, which is available on reinvestment of long term capital...

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Duly executed Transaction in shares cannot be treated as Bogus

Asst. CIT Vs. Bhavik Bharatbhai Padia (ITAT Ahemdabad)

When the shares were found to be credited and debited in the DEMAT account and sale of shares were found to be genuine, then what is the basis to contend that purchases of the said shares were not made by the appellant. ...

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Rent-Free Accommodation cannot be taxed if Salary is NIL

ITO Vs Sri Raghu Nandan Modi (ITAT Kolkata)

As the assessee was not drawing any salary from POL then in our considered view the perquisites cannot be determined in terms of the provision of Sec. 17(2) r.w.r. 3 of the Rules. ...

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Exemption to State Cricket Association cannot be denied for providing stadium to conduct matches

DCIT (Exemptions) Vs M/s Tamil Nadu Cricket Association, (ITAT Chennai)

Whether the activity of conducting one-day matches'T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade? ...

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Deemed Dividend- Shares held by Subsidiary Co. is irrelevant

D.C.I.T Vs M/s. The Hooghly Mills Co.Ltd. (ITAT Kolkata)

In DCIT v. M/s. The Hooghly Mills Co.Ltd, the ITAT Kolkata held that shareholding by Subsidiary Company is irrelevant while considering ‘deemed dividend’ liability of Holding Company under section 2(22)(e) of the Income Tax Act....

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Broken period interest is allowable as deduction

Prathamik Shikshak Sahakari Bank Ltd Vs ACIT, (ITAT Pune)

Hon’ble High Court of Rajasthan In CIT Vs. Bank Rajasthan Ltd (supra) and had held that broken period interest is allowable as deduction. Following the same parity of reasoning, we hold that the assessee is entitled to the claim of broken period interest of Rs.16,97,027/-. The ground of appeal No.1 raised by the assessee is thus, allow...

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Income from Assignment of patent for exploiting it commercially is Capital Gain

Bharat Serums & Vaccines Ltd. Vs. ACIT (ITAT Mumbai)

Section 55(2)(a) talks of right to manufacture, produce or process any article or thing. Therefore, as per the amended provisions, the right to manufacture/produce/process would be taxable under the head capital gains and cost has to be taken at Rs. Nil. ...

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University Employee to be treated as Govt Employee for Tax Benefits

Sh. Dev Raj Sood Vs Income Tax Officer (ITAT Delhi)

If a case falls under clause (i) of section 10(10), the entire amount of death-cum-retirement gratuity becomes exempt. Au contraire, if a case falls under sub-clause (iii) of section 10(10), then, the exemption is limited to the amount as the Central Government may notify in official gazette. ...

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House property Income cannot be assessed as business Income without valid reasons

Banzai Estates P. Ltd. Vs Dy. CIT (ITAT Mumbai)

Supreme Court in the case of Raj Dadarkar & Associates vs. ACIT [2017] 81 193 (SC) has clearly held that in case the provisions of Section 22 are applicable the property is to be assessed as income from house property....

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No Penalty for mere Non enclosure of audit report to return of income

M/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)

In a recent ruling, the Hyderabad ITAT ruled that non- enclosure of audit report to the return of income would not attract penalty under section 271B of the Income Tax Act....

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