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NSE’s Core SGF Contribution is allowable expense, not Contingency Reserve

March 28, 2024 1158 Views 0 comment Print

Discover the detailed analysis of the case National Stock Exchange of India vs. DCIT where ITAT Mumbai ruled that NSE’s contribution to Core SGF is not considered a contingency reserve.

Allowability of Out of Court Settlement & Legal Expenses: ITAT Directs Re-adjudication

March 28, 2024 1647 Views 0 comment Print

AC Chokshi Share Brokers Pvt Ltd appeals against disallowed legal expenses for out-of-court settlement & defense. ITAT Mumbai orders readjudication. Details here.

ITAT Quashes Assessment Order for Lack of Property Valuation Report

March 28, 2024 1623 Views 0 comment Print

Read the detailed analysis of the ITAT Hyderabad order quashing the assessment for A.Y. 2009-10 due to absence of property valuation report. Learn about the case of Khairunnisa Vs ITO.

Depreciation not claimed as application of income U/s 11: ITAT directing re-adjudication

March 27, 2024 1122 Views 0 comment Print

Explore the ITAT Bangalore case involving depreciation income versus deferred grant income, directing re-adjudication for proper application under Section 11.

Section 2(22)(e) of Income Tax Act is applicable only to registered shareholders

March 27, 2024 2820 Views 0 comment Print

Read about the ITAT Chennai case between DCIT and Gemini Traze RFID Pvt. Ltd. regarding deemed dividend status under Section 2(22)(e) of the Income Tax Act.

ITAT upholds disallowance for delayed Deposit of Employees’ PF & ESIC

March 27, 2024 936 Views 0 comment Print

Read the full text of the order of ITAT Pune regarding the disallowance of late deposit of Employees’ share of PF and ESIC by Kothari Wheels vs DCIT.

Section 56(2)(x): Consider Stamp duty value on agreement date – ITAT Kolkata

March 27, 2024 1914 Views 0 comment Print

ITAT Kolkata scrutinized the provisions of section 56(2)(x) of the Income Tax Act, 1961, and observed that the AO had not considered the stamp duty valuation of the property on the date of agreement, which was in 2015. As per the proviso to the section, the stamp duty value on the date of agreement should have been taken into account.

ITAT Directs AO to Verify & Allow Assessee’s Depreciation Claim on Assets from Demerged Company

March 27, 2024 537 Views 0 comment Print

In the case of DCIT Vs Avichal Buildcon Pvt. Ltd., ITAT Delhi allows depreciation claim under section 80IC for building, factory, furniture, and plant machinery blocks, settling a crucial taxation dispute.

ITAT quashes Section 263 revision order in absence of any invalidity in JDA amendment 

March 27, 2024 612 Views 0 comment Print

Read the full text of the ITAT Ahmedabad order where the revision order against Rameshlal Bullchand Ambwani is quashed due to lack of valid reasons for JDA amendment.

Mere classification of a supplier as a “bogus concern” doesn’t invalidate transactions outright

March 27, 2024 1116 Views 0 comment Print

Explore case of Polyspin Filteration India Pvt. Ltd. vs ITO, Delhi, shedding light on legal principle that VAT authorities’ classification of a supplier as bogus doesn’t automatically invalidate transactions, requiring factual scrutiny.

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