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Archive: 19 March 2024

Posts in 19 March 2024

Interest expense on loans borrowed during the course of real estate and finance business is allowable: ITAT Delhi

March 19, 2024 300 Views 0 comment Print

ITAT Delhi held that interest paid on loans borrowed during the course of business of real estate and finance business is allowable as deduction. Accordingly, disallowance of the same deleted.

Section 80G registration cannot be denied merely for Delay Due to Technical Glitches

March 19, 2024 534 Views 0 comment Print

Delve into the analysis of a trust appeal against the rejection of its 80G registration under the Income Tax Act, 1961, due to limitation issues. Learn about technical glitches, legal arguments, and the final verdict.

Failure to substantiate identity & fund source: Kolkata ITAT Remits Matter for Re-adjudication

March 19, 2024 198 Views 0 comment Print

Kolkata ITAT remits case of Dahisar Traders Pvt Ltd vs ITO due to failure in substantiating identity & fund source, demanding re-adjudication. Full order details.

Addition which is not based on reasons for reopening is un-sustainable sans notice u/s 148

March 19, 2024 981 Views 0 comment Print

Read the detailed analysis of Manu Stock Broking Pvt Ltd Vs ACIT case by Mumbai ITAT. Learn how additional issues impacted proceedings under section 147/148 of the Income Tax Act.

Section 50(C)(2): If taxpayer objects to valuation, AO must refer valuation to valuation officer

March 19, 2024 567 Views 0 comment Print

Mumbai ITAT orders AO to follow Sec 50C if stamp values exceed property FMV, in Rakhmabai Mhatre Mukkam Bhalgaon vs ITO case. Full text available.

AOs failed to complete Assessment within time limit: Deposited Amounts cannot be retained

March 19, 2024 342 Views 0 comment Print

Delhi High Court rules that Income Tax Officer cannot withhold taxpayer’s deposited amount without framing final assessment order during stay period. Full judgment analysis.

Direction of DRP should be followed by TPO for calculation of TP adjustment: ITAT Kolkata

March 19, 2024 270 Views 0 comment Print

ITAT Kolkata held that TPO should follow the direction of Hon’ble Dispute Resolution Panel (DRP). Accordingly, matter to the file of ld. TPO/AO for further calculation of TP adjustment by considering the direction of the Hon’ble DRP.

Reopening of assessment u/s. 148 based on reason to suspect is unsustainable-in-law: ITAT Delhi

March 19, 2024 1065 Views 0 comment Print

ITAT Delhi held that reopening of assessment under section 148 of the Income Tax Act based on reason to suspect unsustainable as AO failed to demonstrate live link between tangible material and formation of reason to believe that income had escaped assessment.

Non-filing of financial statements: Penalty imposed on Nadesh Trade Impex

March 19, 2024 393 Views 0 comment Print

Explore the adjudication order under Section 137 of the Companies Act, 2013 against M/s Nadesh Trade Impex Pvt Ltd for non-filing of financial statements. Details of penalties imposed and appeal process included.

Tax Recovery Officer doesn’t have jurisdiction to declare sale of property as void: Madras High Court

March 19, 2024 423 Views 0 comment Print

Madras High Court held that Tax Recovery Officer cannot declare sale made by the assessee in favour of 3rd party as void. It is the function of civil court to declare a transaction as null and void and the Tax Recovery Officer cannot exercise the said function.

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