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Cost of funds for earning interest income, assessed under section 56 is allowable

February 20, 2024 1086 Views 0 comment Print

Dive into the ITAT Bangalore judgment – Deepa Credit Co-op vs ITO. Learn about interest income, deduction claims, and the impact on the Assessment Year 2017-18.

Section 43B doesn’t apply to service tax not routed through P&L

February 20, 2024 2880 Views 0 comment Print

Explore the ITAT Delhis decision on the disallowance of service tax by ACIT in the case of S & A Finman Ltd. for the assessment year 2012-13. The article provides insights into the legal arguments and precedents.

ITAT deletes addition for Long Term Capital Gain from shares of Pine Animation Ltd.

February 20, 2024 1758 Views 0 comment Print

Delve into the detailed analysis of the ITAT Mumbai ruling in ACIT Vs Priyanka Ankit Miglani case regarding long-term capital gains from share sales and the application of Section 10(38) of the Income Tax Act.

Proviso to Section 56(2)(vii)(b): Stamp Duty Value on Date of Agreement applies

February 19, 2024 6567 Views 0 comment Print

Explore the details of Shyamkumar Madhavdas Chugh Vs ACIT case at ITAT Delhi. Analysis of additions, considerations, and legal perspectives leading to the verdict.

No Section 194J TDS if Consultancy Charges not exceeds Rs. 30,000: ITAT

February 19, 2024 4356 Views 0 comment Print

Read the full text of ITAT Delhi’s order in Sunil Ghorawat vs ACIT case. Analysis of no TDS on consultancy charges under Sec 194J and short term capital loss disallowance.

UAE Resident Assessee: Mutual Fund STCG Tax Exemption under India-UAE DTAA

February 19, 2024 5103 Views 0 comment Print

Explore the DCIT vs K.E. Faizal case where the ITAT Cochin ruled on taxation of mutual fund gains, analyzing the application of India-UAE Double Taxation Avoidance Agreement.

Section 14A Disallowance & Additional Depreciation in Section 115JB Book Profit Calculation

February 18, 2024 2334 Views 0 comment Print

ITAT Mumbai decides on disallowances under Section 14A and additional depreciation in book profits under Section 115JB in ATC Global Logistics vs ACIT case.

ITAT deletes Section 69A and 69C addition due to insufficient evidence

February 18, 2024 4143 Views 0 comment Print

Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3).

Violation of Section 269SS by Excess Capital Withdrawal in cash from Partnership

February 18, 2024 5235 Views 0 comment Print

Kalpana Sunil Vaid’s appeal against a penalty under Section 271D of the Income Tax Act for loans taken from partnership firms is dismissed by ITAT Ahmedabad.

ITAT Allows Section 80-IC Deduction as ITR filed with Form 10CCB

February 18, 2024 1083 Views 0 comment Print

In the case of Supreme Treon Pvt. Ltd. Vs DCIT, ITAT Mumbai allows deduction under section 80-IC of the Income Tax Act for ITR filed with Form 10CCB.

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