ITAT Chandigarh held that invocation of revisionary power under section 263 of the Income Tax Act not sustainable since PCIT failed to establish that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, appeal of assessee allowed.
Delhi High Court held that exemption under section 54F of the Income Tax Act is allowed towards different floors of a house considering it as single residential house. Accordingly, appeal of the revenue dismissed.
Himachal Pradesh High Court held that petitioner/ university is not liable to pay taxes on supply of food stuff and other items to students since ancillary activities of providing canteen facilities to the inmates of the University would not amount to business as defined by the Act.
Chhattisgarh High Court held that imposing liability u/s. 201(1) of the Income Tax Act for failure to deduct TDS without providing opportunity of being heard is not sustainable in law. Accordingly, matter remitted back for fresh consideration.
ITAT Raipur held that the appeal is treated as withdrawn due to initiation of proceedings under Vivad Se Vishwas Scheme, 2024 (VSVS 2024) by filing of Form 1. Thus, present appeal dismissed as withdrawn.
ITAT Chandigarh held that addition by applying gross profit rate on alleged bogus purchases not justified since it was proved that alleged purchases were made at par and were not under-valued or inflated. Thus, appeal of assessee allowed.
ITAT Raipur held that the appeal is treated as withdrawn due to initiation of proceedings under Vivad Se Vishwas Scheme, 2024 (VSVS 2024) by filing of Form 1. Thus, present appeal dismissed as withdrawn.
ITAT Mumbai held that addition is unjustified and liable to be deleted since adjustment was made in between interest paid and interest received thus the entire adjustment had no tax effect i.e. it is tax neutral.
This is an appeal filed by the assessee against the order of Commissioner of Income Tax (Exemptions), New Delhi [CIT(E)] dated 28.06.2023 for cancellation of registration granted u/s 12A and u/s 12AB(4) of the Income Tax Act, 1961 (the Act).
ITAT Chennai held that liability to deduct Tax Deduction at Source [TDS] arise only on the amount of actual payment and not on the provision made. Accordingly, TDS liability reduced to that extent and appeal partly allowed.
