ITAT Delhi held that long term capital gain on sale of shares in case of the assessee company, being resident of Mauritius, is not liable to be taxed in India.
ITAT Delhi held that disallowance u/s. 14A of the Income Tax Act unjustified as sufficient interest free funds were available for investment. Also held that inclusion of bank charges and bank guarantee charges for making disallowance u/s. 14A unjustified.
ITAT Chennai held that section 23 of the Central Act provides for exemption of Income-tax to the Advocates Welfare Fund of the State. Accordingly, exemption granted and appeal of revenue dismissed.
ITAT Mumbai held interest income earned by a cooperative society from its investment in cooperative bank is eligible for deduction u/s 80P(2)(d) of the Income Tax Act even after insertion of section 80P(4) of the Income Tax Act.
Tribunal ruled that the relevant date for acquisition should be when the possession is handed over, not merely the agreement date.
Detailed analysis of the Sujauddian Kasimsab Sayyed Vs ITO (ITAT Mumbai) case involving immovable property and tax implications under Section 56(2)(vii)(b) of the Income Tax Act.
ITAT Delhi held that penalty u/s 271(1)(c) of the Income Tax Act unsustainable as allowability of deprecation on non-compete fee is highly contentious as different views are taken by various High Courts and matter is pending before Supreme Court.
ITAT held that agreement to sell coupled with possession constituted a valid transfer for the purposes of claiming deduction under Section 54.
ITAT Chennai confirmed penalty imposed under section 271B of the Income Tax Act for non-furnishing audit report, in absence of any reasonable or sufficient cause for not complying with legal provisions of section 44AB of the Income Tax Act.
ITAT Chennai held that addition towards on-money sale amount based on the third-party statement without any cogent positive evidence to sustain addition is unsustainable in law.
