Explore the Mandava Foundation vs. ITO case, where the Hyderabad ITAT condones an assessee’s mistake in registration, allowing them to rectify the error and granting regular registration.
Tribunal ruled that mere disallowance of expenses or enhancement of returned income does not automatically warrant the imposition of penalties under Section 271(1)(c)
ITAT considered the justification provided by the assessee, which referenced KITCO and Reuters databases for determining transaction prices. However, the Transfer Pricing Officer (TPO) argued that the London Bullion Market Association (LBMA) should be the primary source for estimating bullion trading prices.
ITAT held that if sales are not disputed and there is no discrepancy between purchases and declared sales, addition should be restricted to bring gross profit on alleged bogus purchases in line with other genuine purchases.
The tribunal emphasized that the CIT(E) should have evaluated the entire trust deed in conjunction with the actual charitable activities conducted by the trust to determine whether it solely served the Christian community or provided benefits to the broader community.
ACIT Vs Merchant Agri Global Private Limited – Detailed analysis of Mumbai ITAT’s decision regarding adhoc disallowance of expenses without rejecting books of account. Full text of the order provided.
Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income Tax Appellate Tribunal (ITAT) Mumbai revolves around the taxation of long-term capital gains (LTCG) from penny stock transactions, specifically involving shares of Essar (India) Ltd. The central question is whether the assessee […]
Section 54F nowhere envisages that sale consideration obtained by assessee from original capital asset is mandatorily required to be utilized for purposes of meeting cost of new asset. Section 54 Exemption allowable despite start of construction of new house before sale of old house
Explore the intricacies of Section 40A(2)(b) with insights from the M S Hostel Vs DCIT case. Learn why salary disallowance requires thorough examination of fair market value and legitimate business needs.
Read about Pahari Mata Sahkari Awas Samiti Ltd. Vs ACIT (ITAT Lucknow). The Commissioner (Appeals) cannot dismiss the appeal for non-prosecution and must decide on merits.
