In an income tax penalty case, ITAT Chennai dismisses the appeal, upholding that advances received by Dr. M.N. Kumaresan constitute gifts and are exempt from penalty under section 271D.
Read about ITAT’s decision to allow bonus deduction under Section 43B of the Income Tax Act for Adani Power Ltd. for Assessment Year 2019-20.
The Income Tax department’s approach questioned by ITAT Pune. Read how they directed a re-adjudication in Kiran Vasant Pawar Vs ITO case. A detailed analysis.
ITAT Delhi’s decision regarding applicability of Section 56(2)(vii)(b) to companies before April 1, 2017 in case of Rhythm Polymers Pvt. Ltd. vs. PCIT.
ITAT’s decision on Rounak Farms Pvt. Ltd. vs. ACIT case where a section 69B addition was upheld due to the appellant’s non-appearance despite 20 notices.
Read about the ITAT Pune’s decision in Kirti Bipin Thorat vs. ITO case for A.Y. 2014-15, where additions on unaccounted cash income from share sales were upheld.
Nayagi Fireworks Ltd. vs. ACIT case, where cash deposits of Rs. 99.50 Lacs were disputed and ITAT provides an opportunity to substantiate source.
ITAT Delhi held that services are rendered without transfer of technical knowledge, skill, know-how, etc. and accordingly the receipts doesn’t qualify as FIS (Fees for Included Services) under Article 12(4)(b) of the India – USA Double Taxation Avoidance Agreements (DTAA).
ITAT Delhi held that addition u/s. 69A of the Income Tax Act unsustainable as cash found during search involves cash belonging to the family members and cash belonging to company.
ITAT Kolkata directs relief for Spandan Tradecom in a case of incorrect accounting and wrong grouping of investments, clarifying it’s not a bogus investment.
