ITAT Cuttack held that claim of exemption of long term capital gains (LTCG), from sale of equity shares, under section 10(38) of Income Tax Act, 1961 allowable as requisite conditions satisfied.
In the landmark case of ACIT vs Kamal Kapoor, ITAT Delhi invalidates reassessment order for lack of thorough examination and due diligence
ITAT Hyderabad in case of Shri Vijay Kumar Reddy Vs ACIT held that section 271AAC penalty not applicable if tax under section 115BBE of Income Tax Act is nil
ITAT Chennai has ruled that a dissolved company is exempt from Income Tax Assessment proceedings. The judgement underscores the definitive end of a company’s existence post-dissolution, exempting it from any further legal proceedings.
ITAT Ahmedabad, in Kunvarji Fincorp Vs DCIT held that denial of TDS credit due to assessee’s mistake or misunderstanding is impermissible
ITAT Mumbai held that deduction under section 80P(2)(d) of the Income Tax Act duly available on interest income earned from FDs and RDs invested with cooperative bank.
ITAT Mumbai held that denial of exemption under section 10(23C)(vi) of the Income Tax Act justified as assessee has been found to be not ‘existing’ solely for the purposes of education.
ITAT Indore held that the deeming fiction created in section 50C cannot be extended to the provision of section 69 or 69B or any other of the Act in the case of purchaser to make the purchaser liable for tax.
Explore the landmark ruling by ITAT Pune on deductions for interest income from deposits with a nationalized bank, as illustrated in the Subordinate Engineers Association MSEB Co.op. Credit Society Ltd Vs ITO case.
ITAT Delhi held that as the original return was only processed u/s 143(1), AO can duly initiate re-opening of proceedings under section 147 of the Income Tax Act so as to bring the escaped income into tax.
