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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.

ITAT Deletes Share Premium Addition Due to Blatantly Anomalous Valuation by AO

April 10, 2024 651 Views 0 comment Print

Read the full text of the ITAT Kolkata’s order in the case of Maa Biddeswari Agro Products Pvt. Ltd. vs ITO. Learn how the ITAT ruled to delete the addition of share premium due to the AO’s flawed valuation.

Peak Credit Statement Should be Considered in Cash Deposit Addition: ITAT Indore

April 10, 2024 1878 Views 0 comment Print

ITAT Indore held that the peak credit theory should be adopted for determining income of assessee. Under this theory, only peak balance in bank account should be considered for taxation

Trust Registration application under wrong section: ITAT directs Re-adjudication

April 10, 2024 1944 Views 0 comment Print

Sri Jeyamkonda Choleeswara Soundaranayaki Amman Kumbhabisheka Malar Kyushu vs ITO (ITAT Chennai) case: Trust’s error in applying for registration under the Income Tax Act leads to ITAT’s directive for reevaluation.

ESOP: ITAT allows difference between fair market value at vesting & exercise dates

April 10, 2024 1620 Views 0 comment Print

Delve into the verdict of ITAT Mumbai regarding ESOP expenses, highlighting the difference in fair market value and its allowance as deductible expenditure. Learn from the case of Lupin Limited Vs DCIT.

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