In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark decision
ITAT Mumbai held that it is settled legal position that when income is estimated, then there can be no question of imposing penalty u/s 271(1)(c) of the Act.
ITAT Delhi held that assessment order based on notice issued under section 148 not by the jurisdictional AO is unsustainable and liable to be quashed.
ITAT Chennai Held that the provisions of section 43A of the Act specifically provides that the amount of increase or decrease in the liability due to fluctuation in exchange rate should be adjusted against the actual cost of the capital expenditure or the cost of acquisition of capital asset.
ITAT Raipur held that exemption under section 11 of the Income Tax Act duly denied to trust as audit report in Form 10B e-filed/ uploaded beyond the date specified u/s 139 of the Income Tax Act.
ITAT Delhi held that expenditure towards gift to persons who work for the assessee company during Diwali occasion is held for the purpose of business as per the principle of commercial expediency and accordingly allowable as business expenditure.
ITAT Chennai held that additions made towards disallowance u/s. 14A r.w.r. 8D of the I.T. Rules, 1962 to book profit computed u/s. 115JB(2) of the Income Tax Act is unsustainable.
ITAT Pune held that difference between average price of sugar sold in the market and that sold to members at concessional rate is appropriation of profit or not needs re-consideration. Accordingly, matter restored.
ITAT Mumbai held that interest income earned by the assessee on account of surplus funds placed in FD is eligible for deduction under section 10AA of the Income Tax Act.
ITAT, held that if assessee voluntarily declares income during a survey and later includes it in their regular income tax return, no penalty under Section 271(1)(c) can be imposed.
