ITAT Mumbai held that technical know-how fee received by the assessee falls under the category of royalty as defined in Section 80-O of the Income Tax Act and hence is eligible for deduction u/s. 80-O of the Income Tax Act, 1961.
ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed by AO without proper inquiry and verification with regard to claim of deduction u/s. 80IA(4).
ITAT Delhi held that once long term capital gain along with cost of acquisition and indexation accepted in the hands of one of the co-owner of the property, the same needs to be allowed/ accepted for other co-owner of the property too.
This article discusses case of Gayatri Devi vs. PCIT (ITAT Jaipur) regarding Section 263, highlighting importance of genuine errors in assessments.
Explore significant ITAT Jaipur ruling in case of Kunan Mal Kalu Ram Jain vs. ITO, highlighting rejection of profit estimation without rejecting books of accounts.
ITAT Delhi held that when the assessee has shown cash withdrawals during pre demonetization period more than the cash deposited during demonetization then the source cannot be disputed. Accordingly, addition u/s. 68 deleted.
ITAT Ahmedabad held that Sale/ conversion of business of assessee-firm as a going concern to company for consideration of paid up share capital does not amount to transfer liable to tax as capital gains.
ITAT Delhi quashed the penalty order passed under section 271(1)(b) of the Income Tax Act as service of notice by way of affixture on the Assessee cannot be construed as sufficient Service of Notice.
Analysis of Purushottam Sharma vs. DCIT (ITAT Jodhpur) case. Is income from LIC commission considered business income or other sources? Explore the legal arguments and conclusions.
ITAT Ahmedabad held that assessee is entitled to claim weighted deduction on all expenditure incurred by it, on in-house research & development facility. Accordingly, restricting claim of weighted deduction u/s 35(2AB) to the extent approved by the prescribed authority i.e. DSIR unjustified.
