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Delhi directs CBDT to process section 10(46) Exemption application of NOIDA  Authority

July 19, 2024 867 Views 0 comment Print

Read the detailed Delhi High Court judgment where NOIDA’s loans are deemed non-commercial, making it eligible for Section 10(46) IT Act exemption.

Addition for loans taken in earlier years: ITAT remands matter back to AO 

July 19, 2024 1470 Views 0 comment Print

Explore Arun Babulal Shah Vs CIT (ITAT Mumbai) case where unsecured loans and business losses are analyzed. Detailed ITAT Mumbai order overview, analysis, and conclusion.

Reopening Based on Wrong Facts or assumptions is Invalid: ITAT Mumbai

July 19, 2024 1218 Views 0 comment Print

Read the full text of the ITAT Mumbai order in Laxman Gore Shreshtha Vs DCIT. Analysis of reassessment based on incorrect details and implications for assessment under Income Tax Act.

Kolkata ITAT Rules Technical Error No Basis to Deny Section 80G Approval

July 19, 2024 597 Views 0 comment Print

Detailed analysis of North Eastern Social Research Centre vs. CIT(Exemption) case by Kolkata ITAT. Learn how technical errors in application didn’t affect Sec 80G benefits.

Section 56(2)(vii)(c) not applicable to bonus shares as no Transfer of Property

July 19, 2024 1875 Views 0 comment Print

Detailed analysis of DCIT vs Tangi Facility Solutions Pvt Ltd case by ITAT Chennai regarding taxation of bonus shares under Income Tax Act. Understand ITAT’s ruling and implications.

Cash deposits during demonetization alone cannot justify income addition

July 18, 2024 1683 Views 0 comment Print

In the case of Anil Champalal Jain vs ITO (ITAT Mumbai), learn why Mumbai ITAT ruled that cash deposits during demonetization alone cannot justify income addition without clear evidence of accounting errors. Read the full text of the order for detailed insights.

Reassessment cannot be based merely on suspicion or unverified information

July 18, 2024 1950 Views 0 comment Print

Read the full text of the ITAT Kolkata order on Alosha Marketing Pvt Ltd Vs ACIT, discussing reopening of assessment under sec 147 and challenges on merit.

Filing CGST Appeal Post Writ Proceedings Conclusion is Abuse of Process: AP HC

July 18, 2024 1023 Views 0 comment Print

Read the full judgment of Andhra Pradesh High Court on Reddy Enterprises vs. Appellate Authority. Analysis of abuse of process in CGST Act appeal after writ petition.

Section 254(2) Applies Only for Rectification, Not for Order Recall: ITAT Ahmedabad

July 18, 2024 1275 Views 0 comment Print

Read the detailed analysis of ITO Vs Neetaben Snehalkumar Patel (ITAT Ahmedabad) where Section 254(2) was scrutinized for rectification versus recall of orders.

Tax Effect Appeals Below Monetary Limit: Kerala HC Dismisses Dept’s Appeal

July 18, 2024 657 Views 0 comment Print

Kerala High Court dismisses Income Tax Department’s appeal below Rs.1 crore limit, involving Kunhitharuvai Memorial Charitable Trust.

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