ITAT Delhi passed a significant judgment in ITO Vs Essjay Enterprises, focusing on classification of income derived from sale of agricultural land and shares.
ITAT Mumbai ruling in DCIT Vs Sai Sugam Enterprises. declares penalty notices under section 274 as invalid if not specifying charge against assessee.
ITAT Delhi held that as there is no copyright on live events, the license fees for live and non-live transmission right cannot be taxed as royaty in terms of section 9(1)(vi) of the Income Tax Act. Accordingly, addition deleted.
ITAT questioned whether notice issued under section 263 of the Act was properly served to assessee, as this is fundamental for upholding principles of natural justice.
ITAT Mumbai held that deduction claimed u/s. 80P(2)(d) of the Income Tax Act cannot be denied by invoking another sub-section of 80P. Accordingly, disallowance of deduction claimed u/s 80P deleted.
ITAT Bangalore held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act based on information received by AO from DDIT (investigation) justified subject to fulfilment of conditions as envisaged u/s 147/148.
ITAT Mumbai held that disallowance on account of delayed payments of PF and ESI contribution unjustified as payment made well before the due date of filing of income tax return u/s. 139(1).
ITAT Jaipur held that ignorance of law and bona fide belief cannot be termed as sufficient cause and hence condonation of delay in filing of an appeal not granted.
Assessee sold property for Rs. 50 Lacs, receiving Rs.45 Lacs through cheques and only Rs.5 Lacs in cash. Given transaction’s transparency and intent of Sec.269SS to curb black money, this case isn’t suitable for a Section 271D penalty.
