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Sections 36(1)(va) and 43B amendments applicable prospectively from April 1, 2021

February 6, 2024 2253 Views 0 comment Print

Review the ITAT Hyderabads decision favoring Crescent Roadways Pvt. Ltd. in their appeal against income tax additions for delay in remitting employees contributions to provident fund and ESI.

Urban Agricultural Land Sales Subject to Capital Gains Tax: ITAT Delhi

February 6, 2024 3327 Views 0 comment Print

Explore the ITAT Delhi’s decision in Dharam Pal Saini vs PCIT, upholding revision proceedings u/s 263 of the Income Tax Act. Learn about the assessment on sale of urban agricultural land and its implications on capital gains tax.

One Section 153C satisfaction note Sufficient if AO for Both Searched & Other Person is Same

February 5, 2024 3132 Views 0 comment Print

ITAT Bangalore held that in case where AO of the searched person and the other person is the same, there can be one satisfaction note prepared by AO. Preparation of one satisfaction note will satisfy the requirement of section 153C of the Income Tax Act.

Consistent Methodology and Adherence to Accounting Standards Render Additions Unsustainable

February 3, 2024 807 Views 0 comment Print

Read the detailed analysis of the ITAT Chennai order in the case of ST Engineering Electronics Ltd. vs ACIT regarding taxable contract income, addressing issues of revenue recognition and accounting standards.

Management Support Fees Not FTS under India-Singapore DTAA: ITAT Delhi

February 2, 2024 1338 Views 0 comment Print

Read the detailed analysis of ITAT Delhi’s order in Cameron (Singapore) vs ACIT case. Learn why management support fees are not considered FTS under India-Singapore DTAA. Get insights on grounds, TDS credit, interest, and penalty.

American Express (India) Wins Tax Battle: ITAT Delhi Grants Relief on Relocation Expenses

February 2, 2024 1092 Views 0 comment Print

Read the full text of the ITAT Delhi order on American Express (India) Pvt. Ltd. vs. JCIT. The decision grants relief on relocation expenses under section 40(a)(i) of the Income Tax Act.

ITAT Directs AO to Allow Indexed Cost of Improvement & Recompute Capital Gains

February 2, 2024 8688 Views 1 comment Print

Read the full text of the ITAT Delhi order in the Ashwin Kapur vs ACIT case. The ITAT directs the AO to allow the indexed cost of improvement and recompute capital gains under section 48 of the Income Tax Act.

ITAT delete Section 271A Penalty: AO Fails to Prove Appellant’s Business Mandating Books under Section 44AA

February 2, 2024 1416 Views 0 comment Print

Read the detailed analysis of Amey Pravinbhai Brahmbhatt Vs ITO case where ITAT Ahmedabad deleted the penalty under section 271A for failure to fulfill conditions u/s 44 AA of Income Tax Act.

Section 194C TDS on Common Maintenance Charges: ITAT remitts matter back to AO

February 2, 2024 1155 Views 0 comment Print

Explore the ITAT Delhi order in Paramount Restaurants’ appeal against National Faceless Appeal Centre’s decision on TDS deduction for Common Maintenance Charges under section 194C.

Bogus Purchase: No Penalty for Estimate-Based Additions

February 2, 2024 6165 Views 1 comment Print

ITAT concluded that the penalty levied under section 271(1)(c) of the Act was unsustainable due to the defect in the statutory notice and the fact that the penalty was imposed on additions made through estimation.

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