Read ITAT decision on the eligibility of a cooperative society for a deduction under Section 80P(2)(d) of the Income Tax Act. The case, Keyyur Primary Agricultural Co-operative Society Ltd. Vs ITO, addresses interest income on investments in a cooperative bank without a banking license.
ITAT Chennai’s in Ethiraj Hotel Mart Vs DCIT held that as assessee declared excess stock as business income and provided a plausible explanation for its source, it should be taxed as ‘normal business income’ and not as ‘unexplained investment’ under section 69B.
ITAT Delhi rules in favor of taxpayer Simran Bagga, allowing deduction under section 54 for property registered in spouse’s name. Full text and analysis here.
In the case of Raj Auto Wheels (P) Ltd vs ACIT, ITAT Jaipur meticulously analyzed additions based on customer advances and sales deferment, emphasizing legal principles and fair assessment. Tribunal’s rulings underscore the importance of genuine transactions and consistent legal application in tax assessments.
The issue involved the contention that disallowance under Section 40(a)(ia) should not be made if the payee has already paid taxes. Noteworthy payees included public limited companies such as Maruti Udhyog Ltd., and Non-Banking Finance Corporations like Sundaram Finance, AU Finance, and Mahindra & Mahindra Finance.
Tribunal concluded that the enhancement of the sale amount and the application of a higher GP rate of 3.25% lacked justification. The resultant addition of Rs. 2,26,41,521/- was deleted. However, to cover possible income leakage, an ad hoc addition of Rs. 2,00,000/- was allowed.
Mumbai ITAT rules in favor of assessee in residential status dispute. Case details of ACIT vs. Nishant Kanodia for AY 2013-14. Complete analysis and judgment.
In-depth analysis of ITAT Kolkata order on Income Tax Department’s misuse of Section 68 powers. Dismissal of appeal for unexplained cash credit of Rs.3 Cr.
Explore the ITAT Mumbai order on DCIT vs. Ronak Gems – Section 153A. Analysis of grounds challenging validity and scope of assessment. Full text of the order included.
The recent ruling by the Delhi ITAT in the case of Aggarwal Vidya Pracharni Sabha vs. PCIT has brought to light significant issues regarding the jurisdictional authority in registration cancellation under Section 12AB(4). The order, dated 08.01.2024, has declared the cancellation by PCIT Central as without jurisdiction.
