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Matter restored for AO’s disallowance which was not in terms with section 115JB for fresh verification

April 12, 2024 1050 Views 0 comment Print

Tribunal restored the matter of AO’s disallowance, which was deemed inconsistent with Section 115JB by directing assessee’s claim of deduction for computing book profit under Section 115JB required fresh verification in the light of the Chart furnished by assessee, which had been reproduced in the order.

ITAT allowed additional depreciation claim of Rs. 49.5 cr notwithstanding Authorities failed to appreciate Amended Provision of S. 36(1) (iia)

April 12, 2024 846 Views 0 comment Print

Tribunal allowed a claim of Rs. 49.5 crore in the interest of Principle of Natural Justice after finding that the respective authorities failed to appreciate the amended provision of Section 36(1)(iia) of the Income Tax Act, 1961, resulting in the denial of an additional depreciation claim.

ITAT upholds disallowance of Expense against rental/Interest income & Partnership Firm Profit Share

April 11, 2024 8211 Views 0 comment Print

ITAT Mumbai’s decision on Kanti Thermo Equip Pvt Ltd Vs ACIT. Disallowance of expenses against rental income, share of profit, and interest income upheld.

Stamp duty valuation on Allotment letter date should be considered for Section 56(2)(x)

April 11, 2024 3945 Views 0 comment Print

Mumbai ITAT orders stamp duty valuation on allotment letter date for Section 56(2)(x) of Income Tax Act, setting aside CIT(A) order against Assessee.

After initiation of resolution process appeal not maintainable if not filed by IRP

April 11, 2024 522 Views 0 comment Print

Since the appellant hadn’t filed the appeal through the Interim Resolution Professional as required under the resolution process, the ITAT deemed the appeal not maintainable and dismissed it.

Vessel Construction Contract Cancellation: Capital Receipt, Exempt from Section 28(iv)

April 11, 2024 447 Views 0 comment Print

Dive into the analysis of the Great Eastern Shipping Co. Ltd. Vs ACIT case regarding the taxation of foreign exchange gain written back on cancellation of vessel construction contracts under Section 28(iv) of the Act.

Routine establishment expenses & loan interest for general business allowable

April 11, 2024 1032 Views 0 comment Print

In a case of Gauri Construction vs. ACIT, ITAT Mumbai sets aside CIT(A) order, allowing deductions for routine establishment expenses and loan interest for general business purposes.

Transactions in Regular Books Not Incriminating Material; ITAT Deletes Addition

April 10, 2024 1125 Views 0 comment Print

ITAT Delhi states transactions in regular books cannot be deemed incriminating material, dismissing revenue’s appeal against CIT(A) order.

Assessee’s Accountant Left Job: ITAT Remanded Case to Assessing Officer

April 10, 2024 4314 Views 0 comment Print

ITAT Ahmedabad remands case of Ramakushna Kiritbhai Tripathi Vs ITO due to accountant’s departure and lack of proper representation, emphasizing procedural fairness.

Analysis of Carmel Convent Vs. ITO (Exemption) & Its Implications for Charitable Trust Exemptions

April 10, 2024 1194 Views 0 comment Print

Explore the legal intricacies of Carmel Convent vs. Income-tax Officer (Exemption) case decided by ITAT Cochin Bench, analyzing its implications for charitable trust exemptions.

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