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Unrecorded Stock Surrendered Taxable as Business Income, Not Other Sources

December 10, 2023 1080 Views 0 comment Print

Read the ITAT Pune order on Vijay Shriram Gundale’s appeal. Excess stock during survey deemed as business income, not other source income. Detailed analysis provided.

ITAT Directs Readjudication of CA’s Classification of Medical Store as “Business” on Form 10AB

December 10, 2023 876 Views 0 comment Print

Explore the ITAT Ahmedabad ruling in Hasaniya Healthcare Sarvajanik Trust vs. CIT case. Learn how the CA’s interpretation error led to rejection and the subsequent order for reexamination.

ITAT Mumbai Allows Deduction for Interest Expenditure against rental income

December 9, 2023 1974 Views 0 comment Print

Explore the ITAT Mumbai order in Sujeev Sanjeev Kharwadkar Vs ACIT case. Learn how the ITAT allows deduction under section 24 for interest expenditure in Income Tax Act.

ITAT Grants Final Opportunity: Remits Unexplained Income Case to CIT(A) for Reexamination

December 9, 2023 738 Views 0 comment Print

Explore the ITAT Mumbai order in the Devang Jitendra Mashru vs ITO case for AY 2010-11. Uncover the addition under section 69 and the final opportunity granted due to transaction information absence.

Delayed Payment: No Deduction for Employee’s PF & ESIC Contribution

December 9, 2023 2949 Views 0 comment Print

Explore the ITAT Mumbai ruling in KMTC (India) Pvt Ltd vs CIT(A) case. Learn about deductions for employee contributions to PF & ESIC deposited belatedly. Full text included.

Plastic waste management is charitable purpose: ITAT allows Section 80G approval

December 8, 2023 1443 Views 0 comment Print

TAT Mumbai’s order on Huhtamaki Foundation’s Section 80G approval. Plastic waste management deemed charitable. Detailed analysis and conclusion.

Assessment Order/Addition Unsustainable if Solely based on AIR Information

December 8, 2023 8625 Views 0 comment Print

Bona Sera Hospitality Pvt. Ltd vs. DCIT (ITAT Mumbai) case analysis. Learn how additions based on AIR information without full details are not sustainable. Full text order included.

Corpus specific voluntary contributions are outside the scope of taxation

December 8, 2023 2919 Views 0 comment Print

Read ITAT Delhi order in ACIT vs Financial Inclusion Trust, highlighting the exemption of corpus-specific voluntary contributions from taxation. Learn about the legal implications and precedents cited in this case.

Sections 115BBE not applicable to Income not falling under section 69A  

December 8, 2023 7914 Views 0 comment Print

Explore the ITAT Delhi ruling in DCIT vs. Tapesh Tyagi case, clarifying that Section 115BBE doesn’t apply to surrendered income treated under Section 69A.

Books of Account cannot be rejected for mere Inadvertent Error in TAR

December 8, 2023 1590 Views 0 comment Print

ITAT Mumbai order on ITO vs. Sambhav Shelter, where books of account withstand scrutiny despite an inadvertent mistake in the tax audit report. Full analysis and conclusions revealed.

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