The issue involved in the present appeal relates to deduction of TDS in case of payment of External Development Charges [EDC]. Notably, TDS was not deducted by the assessee.
In the matter above mentioned ITAT deleted the addition made by the AO after observing that the provision invoked by the AO was introduced introduced w.e.f. 01.04.2014 only, whereas the assessee had entered into the transaction on 01.08.2012.
Addition against unexplained cash deposit of ₹49.50 lakh was remanded back to AO for verification if the deposits were from business activities, the addition under Section 69A could not stand.
As the AO had not allowed certain credits of advance tax, TDS and also interest on excess payment of self-assessment tax, assessee filed an appeal before CIT(A) who issued necessary directions to the AO.
ITAT Delhi ruled on Section 14A disallowance and its impact on MAT under Section 115JB in ACIT vs. Vireet Investment Pvt. Ltd. Key case details and outcome.
ITAT Mumbai dismissed the Revenue’s appeal in DCIT Vs. Welspun Steel Ltd., ruling that Section 14A disallowance cannot exceed exempt income. Read case details.
ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resolution (MAP) as decided by competent authority of India & USA. Accordingly, appeal allowed partially.
ITAT Delhi deleted penalties under Section 271(1)(b) for Balram Kumar Mahendra & Prem Mahendra, citing non-receipt of notices as a reasonable cause. Read details.
ITAT Mumbai ruled on Neville J Pereira vs. ITO, addressing Section 54 exemption for multiple residential flats. Analysis of capital gains and judicial precedents.
ITAT Chandigarh remands the appeal regarding the rejection of registration u/s 80G to CIT for fresh consideration along with pending 12A registration.
