Explore ITAT Chennai’s ruling in Smt. Chandrasekaran Valarmathi vs. ITO case. Section 56(2)(vii)(b)(ii) of the Income Tax Act won’t apply when property is purchased for business use of a partnership firm.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
Read the full text of ITAT Mumbai’s order in Rohinton Homi Sanga Vs DCIT case. No income tax addition for an employee acting on behalf of company directors. Analysis and conclusion provided.
ITAT Chennai rules in favor of Mahasakthi Mills Pvt. Ltd., stating no cash credit addition when the assessee proves the genuineness of business transactions. Full order analysis.
Explore the ITAT Bangalore ruling in Shaon Paul vs. ITO case. Addition under section 69A upheld due to imprudent retention of a sum for a long period. Details here.
Explore the ITAT Bangalore ruling in Sri Kanyakaparameshwari Vividoddesha Sahakara Sangha Niyamita vs. ITO case. AO’s 15% flat rate on ad-hoc basis for cost of funds deleted. Details here.
Explore the TVS Srichakra Limited vs. DCIT case at ITAT Chennai, where failure to file Form 10CCB results in disallowance of deduction under Section 80IC. Read the detailed analysis and conclusion.
ITAT’s decision favored Candor Kolkata One Hi-Tech Structures, allowing deductions under Section 80-IAB for on various incomes, including car parking, health club, food court, and interest.
ITAT Raipur held that delayed deposit of employees share of contribution towards ESI/PF for A.Y. 2018-19 allowed as deduction.
ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards long term capital gain treating sale of scrip as bogus on the basis of report unearthed in case of third party without any cogent material brought against assessee is unsustainable in the eye of law.
