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Depreciation Claim on Fixed Assets by Trust – ITAT Directs reconsideration

May 24, 2024 1176 Views 0 comment Print

Discover ITAT Bangalore’s directive on re-evaluating depreciation disallowance claimed on asset acquisition in the case of ACIT vs. Raghavendra Educational for the assessment year 2016-17.

No section 271(1)(c) penalty for mere section 35(2)(AB) claim disallowance

May 24, 2024 840 Views 0 comment Print

xplore DCIT Vs Polyplex Corp. Limited case. Learn why penalty for disallowed tax claim isn’t justified. Details & key takeaways here.

House’ Refers to Single Residential Unit for Section 54 Deduction: ITAT Chennai

May 24, 2024 2220 Views 0 comment Print

Detailed analysis of ITAT Chennai order on Shri Srikanth appeal against the disallowance of Section 54 deductions in the computation of Long Term Capital Gains.

Employee Salary Reimbursement Not Taxable as FTS under India-Japan DTAA

May 24, 2024 1377 Views 0 comment Print

Understand the grounds of appeal in the case against the final assessment order under the Income Tax Act, 1961, for AY 2017-18, involving taxability of employee cost reimbursements and more.

Section 69 not applies to Loan & Advances recorded in the books

May 23, 2024 6585 Views 0 comment Print

Learn about the ITAT Kolkata ruling in Manohar Dealcom vs ITO, addressing jurisdiction issues and the applicability of Section 69 of the Income Tax Act.

ITAT Allows Section 54F Deduction for Multiple Units received pursuant to JDA

May 23, 2024 7767 Views 0 comment Print

ITAT Bangalore allows Section 54F deduction for all apartment units from JDA, dismissing Revenue’s appeal. Learn about the significant tax ruling.

Core Issues of Property Ownership, Leasehold Rights & Sale Remain Unexamined: ITAT Directs Readjudication

May 23, 2024 855 Views 0 comment Print

In the case of Rajni Dua Vs ACIT, ITAT Delhi orders reassessment due to discrepancies in property ownership and leasehold rights. Detailed analysis provided.

ITAT Upholds Cancellation of Registration for Trust Building Leasing Income

May 23, 2024 3195 Views 0 comment Print

ITAT Pune upheld the cancellation of Golden Charitable Trust’s registration, citing commercial activity from leasing property. Read the detailed analysis of the order.

Non-resident’s salary/allowances for services rendered abroad not taxable in India

May 23, 2024 5628 Views 0 comment Print

ITAT Delhi rules non-resident’s salary for services rendered abroad not taxable in India, providing significant relief under India-Australia DTAA.

Non-appearance of directors cannot form sole basis for Section 68 addition

May 23, 2024 1905 Views 0 comment Print

ITAT Kolkata rules in favor of Sati Promoters Pvt. Ltd., deleting Rs. 1.98 Cr Section 68 addition due to AO’s reliance on non-production of subscribing company directors.

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