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Archive: 24 June 2022

Posts in 24 June 2022

Statement in Form-67 shall be furnished on or before Income Tax Return Due Date

June 24, 2022 1641 Views 0 comment Print

Explore ITAT Visakhapatnam ruling on non-filing of Form 67, denial of foreign tax credit. Analysis of Rule 128(9), mandatory nature, and grounds for disallowance.

Reopening of assessment based on wrong & non-existent premises was bad in law

June 24, 2022 708 Views 0 comment Print

Explore Vrajeshkumar Chokshi vs. ITO case: Invalid assessment reopening, challenged LTCG addition. Detailed analysis of unfounded premises, Short Term Capital Loss, and quashing the assessment.

ITAT restricts addition to 50% for non-furnishing of requisite detail related to refund of advances from customers

June 24, 2022 363 Views 0 comment Print

Explore Ravindra Dattu Jadhav vs. ITO case: Uncovering undisclosed income in land trading, agricultural activity dispute. ITAT Pune modifies CIT(A) order, restricts addition to 50%.

In absence of Evidence Proving Creditworthiness of Creditors additions justified

June 24, 2022 324 Views 0 comment Print

Explore the case of Nitin Madhukar Rathi vs. DCIT at ITAT Pune involving unsecured loans and unexplained cash deposits. CIT(A) partially grants relief, but Rs. 38,00,000 addition confirmed.

No liability to pay Service Tax Until receipt of Consideration

June 24, 2022 771 Views 0 comment Print

Explore the ITAT Chennai ruling in Col. D. Pradeep Kumar vs. DCIT regarding the disallowance of Service Tax under section 43B. ITAT directs the AO to verify and limit the disallowance

ITA allows withdrawal of appeal as appellant decide to avail benefit of VSV Scheme

June 24, 2022 576 Views 0 comment Print

The assessee has reqeusted to withdraw the appeal on the ground that with the introduction of Vivad Se Vishwas Scheme, the appellant has decided to avail the Scheme with respect to the said appeal and therefore the appeal of the Assessee is required to be withdrawn in terms of scheme.

Lease Rental cannot be allowed on container shown in books as assets, depreciation allowed

June 24, 2022 411 Views 0 comment Print

Explore the ITAT Chennai decision in Tristar Container Services case. Analysis of lease rental disallowance, treatment of containers as assets, and alternative depreciation claim.

ITAT Deletes Addition for failure of Revenue to Provide Cross-Examination of Witness

June 24, 2022 507 Views 0 comment Print

Explore the ITAT Delhi ruling in Garg Acrylics Ltd case. Detailed analysis of alleged bogus purchases, challenges to statement validity, and successful reversal of unjustified additions.

ITAT deletes arbitrary & highly immaterial addition for undervaluation of stock

June 24, 2022 687 Views 0 comment Print

Explore the ITAT Ahmedabad ruling in Chirai Salt (India) Pvt. Ltd case. In-depth analysis of the stock undervaluation dispute, challenges to methods, and successful deletion of additions.

Citizenship cannot be decided based on Definition of ‘Resident’ under Income Tax Act

June 24, 2022 738 Views 0 comment Print

Explore the residency dispute in Smt. Kamla vs Hindustan Petroleum Corp. Detailed analysis of the court view on residency criteria under Foreign Exchange Management Act and Income Tax Act.

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