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ITAT Allows Deduction for GST Paid Before Due Date of ROI Filing

July 15, 2023 1938 Views 0 comment Print

Delve into the case of Santi Kumar Oswal Vs ACIT where ITAT Kolkata ruled that no disallowance can be made for GST paid before the due date of filing ROI, emphasizing fair application of the Income Tax Act.

Disallowance of Section 54F Deduction for Assessee with Multiple Residential Houses

July 15, 2023 15354 Views 1 comment Print

Gain in-depth insights into the ITAT Kolkata’s landmark ruling on residential property deductions under Section 54F of the Income Tax Act. Learn how ownership of more than one house impacts tax deductions.

Section 56(2)(vii)(b) Inapplicable to Purchasers if transfer takes place prior to accounting year 2014-15

July 15, 2023 11070 Views 0 comment Print

Read the analysis of the ITAT Kolkata order in the case of Asha Vijay Vs ITO regarding the inapplicability of Section 56(2)(vii)(b) to transfers that took place before the accounting year 2014-15. Learn how the ITAT ruled in favor of the assessee, deleting the addition made under Section 56(2)(vii)(b) of the Income Tax Act.

Disallowance of Expenses: Consideration of Business Commencement – Case Analysis

July 15, 2023 2436 Views 0 comment Print

Explore the recent verdict by ITAT Delhi in the case of ACIT Vs Capricorn Identity Services P Ltd, where it supported the deletion of disallowance and acknowledged the revenue expenditure of business activities.

Assessee suffering from heart disease – ITAT directs CIT(A) to condone delay

July 15, 2023 699 Views 0 comment Print

Learn about the recent order of the ITAT Chennai in the V. Babu vs ACIT case, where the CIT(A) appeal rejection due to delayed filing by the assessee is set for re-adjudication.

ITAT Directs Re-adjudication on AO’s Oversight of Section 55A

July 15, 2023 672 Views 0 comment Print

Detailed review of the Satya Dharma Hotels Pvt Ltd vs ITO case, where the ITAT Delhi has directed a re-adjudication due to the AO not considering Section 55A of the Income Tax Act.

Business Promotion and Tour & Travels Expenses by a Firm’s Partner are Allowable

July 15, 2023 4014 Views 0 comment Print

Insightful review of the ITAT Delhi ruling on the case Bharat Anand vs ACIT, highlighting the judgement on allowing business promotion and tour & travel expenses of a professional partner in a firm.

TDS Credit on House Property Sale allowed to HUF despite deduction in Individual Account

July 15, 2023 1461 Views 0 comment Print

ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provides clarity on tax deductions and credits.

ITAT Quashes Reassessment initiated without Tangible Materials

July 15, 2023 765 Views 0 comment Print

Explore the detailed analysis of the judgment passed by ITAT Delhi in the case of Boston Scientific International Vs ACIT, where the tribunal quashed reassessment proceedings due to lack of tangible material.

ITAT dismisses Revenue Appeal Due to Tax Effect Below Prescribed Monetary Limit

July 14, 2023 528 Views 0 comment Print

Discussing the recent ITAT Guwahati order that dismissed a revenue appeal, citing that the tax effect involved was less than the CBDT-prescribed monetary limit. Exploring the case of ITO vs Hotchand Kalachand Loungani.

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