Sanjay Kumar Sharma Vs PCIT (ITAT Delhi): ITAT’s ruling on interest under Land Acquisition Act as capital receipt and exempt under Section 10(37) analyzed.
Rugby Regency P. Ltd appeals against denial of depreciation on windmills and addition of income under Section 56(2)(viib) of Income Tax Act. Detailed analysis of the case from ITAT Delhi.
ITAT Mumbai held that non-examination of the details clearly makes the order of AO erroneous and prejudicial to the interest of revenue. Accordingly, PCIT correctly assumed the revisional jurisdiction under section 263 of the Income Tax Act.
ITAT Mumbai ruled that no addition is warranted under Sec 56(2)(x)(b)(B)(ii) of Income Tax Act when difference between purchase value and fair market value is less than 10%.
Explore the legal dispute between Kaarya Facilities and ITO over the interpretation of Section 36(1)(va). Due date for wages under scrutiny. ITAT Mumbai ruling analyzed.
Reassessment proceedings on the ground that assessee was one of the beneficiary of Client Code Modification (CCM) by some broker was quashed as there was no material to infer that such client code modification had been done with the malafide purpose of shifting the profit or evasion of the tax.
Jaipur ITAT directs CIT(A) in Zila Parisad Vs ACIT to permit taxpayer to file a revised appeal memo for correction of error in mentioning assessment year in Form No. 35
TDS was not to be deducted on payments to Manthan Systems Inc. (MSI) for sales commission under section 40(a)(i) as services rendered to assessee by the said Manthan Systems Inc. was not falling within the ambit of FTS or under Article 12 of the treaty, assessee was not liable to deduct TDS on the payment made to the MSI.
Analysis of ITAT Mumbai’s ruling on void-ab-initio notice under Section 148 & assessment order. Non-recording of satisfaction renders proceedings unsustainable.
Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed income, and partnership firm transactions.
