ITAT Chennai deletes Section 271B penalty for audit delay due to partner’s health issues in Balaji Logistics case. Learn about the key details and implications.
ITAT Mumbai held that passing of assessment order u/s. 144/147 making addition of alleged bogus purchase which is already added vide assessment order passed u/s. 143(3)/147 and has attained finality is unsustainable and liable to be quashed.
ITAT Bangalore held that advances given to the director by the company for commercial purpose is outside the ambit of provisions of deemed dividend as provided under section 2(22)(e) of the Income Tax Act.
Understand the Ahmedabad ITAT ruling that payments for certification services by foreign entities are not taxable in India without a fixed place of business. Full order analysis.
ITAT Mumbai held that no transfer pricing adjustment could have been made in the hands of assessee on account of ALP of specified domestic transactions as section 92BA(i) of Income Tax Act was omitted. Thus, since provisions of section 92D are not applicable, penalty u/s. 271G of the Income Tax Act untenable.
ITAT Hyderabad held that weighted deduction u/s 35(2AB) of the Income Tax Act in respect of clinical trials expenses incurred outside approved R&D facilities is allowable post approval by prescribed authority.
ITAT Mumbai held that provisions of section 56(2)(x) of the Income Tax Act does not apply to developer who has taken over the possession of lawn or building or both for the purpose of the development.
CIT(A) decides that interest income from FD linked to business activities is correctly classified as business income, not “Income from Other Sources.
Detailed analysis of the ITAT Delhi verdict in BSC C and C Kurali Toll Road Ltd. vs ACIT, addressing key tax dispute issues and depreciation claims.
ITAT Mumbai held that since the shares were acquired on or after 01.10.2004, the assessee would be entitled to claim exemption of LTCG u/s 10(38) of the Income Tax Act even if the Securities Transaction Tax (STT) was not paid at the time of acquisition.
