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ITAT Mumbai held that as and when the CPC has erred while processing the return of an assessee which causes tax liability on an assessee, then lawfully the appellate authorities should not cite procedure as a tool/ruse to deny the just claim of an assessee.
ITAT Mumbai held that deduction under section 54F of the Income Tax Act duly available as nexus between sale of gold jewellery and purchase of flat duly established.
YouTube requires all monetizing creators to provide tax information by submitting a tax declaration. This tax declaration is necessary for YouTube to comply with tax laws and regulations, and to report earnings to the relevant tax authorities.
ITAT Mumbai held that assessee furnished the return of income and audit report only after issuance of notice under section 148 of the Income Tax Act. Accordingly, penalty under section 271B of the Income Tax Act not leviable as failure was due to ignorance and misguidance.
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Mr A supposed to invest Rs 5 crores in start-up. He is holding 100% shareholding in his company(1% in the name of nominee to comply with the provision of Companies Act,2013).
Since assessee did not file the Audit Report in Form No.56F as required under the law, AO had rightly disallowed deduction claimed u/s.10AA.
Where income was offered on presumptive basis under section 44AD, there was no need to maintain books of accounts therefore addition made against the vegetable vendor was deleted for failure to substantiate the unexplained cash deposit.
ITAT Varanasi held that principles of natural justice demand that both the parties, i.e. assessee as well as AO, shall be given opportunity of being heard, before being condemned and any prejudice is caused. Impugned order not satisfying the same is liable to be set aside.
ITAT Kolkata held that denial of deduction under section 80IA of the Income Tax Act on the basis of vague and ambiguous reasons is unjustified. It is settled law that when assessee is entitled for deduction the same should not be disallowed merely because of any bona fide mistake or error.
