Examination of the recent ITAT order in the case of Smt Ganigara Rekha Venugopal Vs ACIT, regarding the claim of deduction under the Income from Other Sources, providing an in-depth analysis of the facts and rulings.
ITAT Pune held that that the amount surrendered under unrecorded stock has to be brought to tax under the head “business income” and no provision u/s. 115BBE of the Income Tax Act is attracted.
ITAT Mumbai held that adjustment of notional interest for extended credit period to the associated enterprises unsustainable as assessee extended credit period to its non-associated enterprises without charging any interest.
ITAT Chennai held that delay in filing of tax audit report due to dispute between the directors of the assessee company is just a technical breach without any malafide intention. Hence, penalty u/s 271B not leviable.
ITAT Chennai held that penalty under section 271B of the Income Tax Act cannot be levied for venial technical breach without any mala fide intention of the assessee as tax audit report submitted before completion of assessment proceedings.
Analysis of Jigna Chetan Mehta Vs ACIT case about the validity of assessment proceedings in absence of a proper notice under section 143(2) of IT Act.
Uncover the details of the ITAT Ahmedabad ruling in Surendra Ramdhar Yadav vs ITO, where the tribunal condoned a 259-day delay in filing an appeal due to medical treatment. Explore the implications and impact of this case on the legal landscape.
Examination of the case between Tripoto Travel Private Limited and the ACIT, where ITAT directed re-adjudication on the income tax deduction claim for late deposit of employees’ contributions to PF/ESI.
In Lease Plan India P Ltd vs. ITO, the ITAT Delhi deletes disallowance of guarantee commission deduction claimed on payment to Associate Enterprise. Understand the impact of this case on associated tax implications.
Greenstar Fertilizers Limited wins case against ACIT in ITAT Chennai, clarifying that payments made to dealers for sales of fertilizers are rebates, not subject to TDS.
