ITO Vs. Sudhir Satnaniwala (ITAT Kolkata) It is observed that the deduction claimed by the assessee on payment of municipal tax arrears was disallowed by the A.O. on the ground that the said expenditure pertained to the earlier years and the assessee was not liable to pay the same. Since the corresponding rental income received […]
Mrs. Ramesh K. Patel C/o. Vs ITO (ITAT Ahmedabad) It is come on record that the assessee has not filed even a single satisfactory documentary or oral evidence or confirmation to the satisfaction of the lower authorities so as to prove genuineness of the above two cash deposits. We therefore quoting Hon’ble Apex Court’s judgment […]
AO relied on copies of certain bank statement not bearing any signature of bank official–Authenticity of documents in question Where AO relying on certain loose papers, which were the copies of the bank statement not bearing any signature of the bank official, or the name of the bank or the place or the country where the branch was situated, made addition under section 68 as undisclosed income of assessee in Swiss bank, AO was not justified since the information was not obtained from Swiss bank and documents relied on were not authentic.
JCIT (Asst.) Vs. M/s. Bharath Beedi Works Ltd. (ITAT Bangalore) Objection of the AO is that borrowing from Directors and shareholders is not for business purpose. The AO has noted that even as per the assessee’s contention, if the assessee had an intention of starting a branch in Orissa, the same appears to have remained […]
While allowing the appeal filed by the assessee Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently declared that penalty under Section 271C of the Income Tax Act would not attract when there is a short deduction of tax due to bonafied confusion.
The Income Tax Appellate Tribunal (ITAT) Chennai, on Wednesday, brought in further clarity to one of its previous orders regarding the inclusiveness of private open terrace in build-up area of a flat, for the purpose of deductions as per Section 80-IB(10) of the Income Tax Act.
The Kolkata bench of Income Tax Appellate Tribunal recently ruled that Amusement Tax paid before the due date of filing of Income Tax Return is eligible for deduction under the Income tax Act, 1961.
We are of the view that donation given by assessee trust to a university approved under section 10(23C)(vi) is for charitable purpose subject to verification of the basic information which were not available on record, as per Ld. DR, such as:(i) Property from which the rental income of the trust has derived, that is rental agreement and assessee`s Trust entitlement to receive rental income.
ACIT Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) This appeal is filed by the Revenue against the order of CIT(A) – 5, Hyderabad dated 30/01/2016 relates to the AY 2012-13 wherein the revenue has raised the following grounds of appeal: “1. The ld. CIT(A) erred in holding that the surcharge and education cess is to be […]
The Income Tax Appellate Tribunal (ITAT) Hyderabad on Wednesday ordered that the allowances received by a Member of Legislative Assembly is to be exempted from Income Tax.
