ITAT Pune held that initiation of revisionary proceeding under section 263 of the Income Tax Act on a fishing and roving enquiry in the matter without bringing on record any material or evidence is liable to be quashed.
ITAT Bangalore held that if deduction under section 80P(2)(a)(i) of the Income Tax Act is rejected then the deduction on account of expense is allowable.
ITAT Chennai held that replacement/ substitution of HF Reactor is capital expenditure and eligible for depreciation only. Such replacement couldnt be considered as current repairs
ITAT Mumbai held that entire interest paid on loan for acquiring commercial property is allowable as deduction. Restriction as provided in 2nd proviso to section 24(b) is not applicable. Hence, the amount of loss under the head ‘income from house property’, which is not set off against the income under the other head of income be allowed to be carried forward as per provisions of section 71B of the Act.
CESTAT Delhi upholds the absolute confiscation of disputed gold as it was reasonably believed to be smuggled and appellant failed to discharge his burden to prove that the golds was not smuggled gold.
ITAT Rajkot held that conversion of agricultural land into non-agricultural land and sale thereof, such sale consideration is received from sale of non-agricultural land and hence the same is taxable under income tax.
ITAT Delhi held that notional interest on debit balance of partners account not sustainable in absence of information of diversion of interest bearing borrowed funds for non-business purpose. Further, notional interest cannot be charged for taxing in the partners debt balance specifically when there is no discussion in the partnership deed
ITAT Delhi held that merely making a claim which is not sustainable in law will not amount to furnishing inaccurate particulars entailing levy of penalty under section 271(1)(c) of the Income Tax Act automatically.
ITAT Pune held that the statutory provisions of interest on refund (section 244A of the Act) cannot be altered by issue of circular by CBDT to the extent they are beneficial to the taxpayer.
ITAT Kolkata held that sale of software is transfer of ‘copyrighted article’ and not transfer of any ‘copyright’ and hence cannot be characterized as ‘Royalty’. Hence, the same is not taxable in terms of India-Ireland DTAA.
