ITAT Delhi held that depreciation on Solar Power Plant installed on office building which is part of factory and electricity so generated is used for factory only is allowable as per provision of law.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act after four years without bringing on record that escapement of income was occurred by reason of omission or failure on the part of the assessee to disclose fully or truly all the material facts is bad-in-law and liable to be quashed.
ITAT Chennai held that as capital profit are to be excluded while computing book profit u/s 115JB, similarly, the adjustment of loss could also not be allowed u/s 115JB. Hence, loss on sale of investment could not be reduced from Book Profits u/s 115JB of the Income Tax Act.
ITAT Indore held that the penalty levied u/s 271D of the Income Tax Act without any assessment proceedings in the case of the assessee is not valid and liable to be quashed.
Noorul Hasan Baig Vs DCIT/ACIT case at ITAT Indore, exploring necessity of remand for an assessee’s second chance to present relevant documents.
ITAT Chandigarh’s ruling on assessment of surrendered income under section 69 of Income Tax Act. Jaspreet Singh Mauj’s case offers insights into legitimacy of such assessments.
Dive into the ITAT Chandigarh’s ruling in case of Manjeet Singh vs. ITO, which deliberates on validation of unexplained cash deposits.
ITAT Delhi ruling on ACIT vs. Liberty Shoes Ltd. case. Expenditure to avoid reputation damage and litigation costs allowed as valid business expense under Section 37 of Income Tax Act.
Read a detailed analysis of case of Apeejay Shipping Ltd. vs ACIT in ITAT Kolkata regarding jurisdiction of CIT (A) to raise new tax issues and enhance taxable income.
ITAT Delhi held that that the departmental authorities cannot question the validity of Tax Residency Certificate. Once the assessee holds a valid TRC, it proves the residential status of the assessee as resident of Mauritius, hence, it will be eligible to treaty benefits.
