ITAT Hyderabad held that addition under section 56(2)(viib) of the Income Tax Act sustained as method adopted for determination of FMV of equity shares by the assessee is not as per method prescribed under rule 11UA of Income Tax Rules.
ITAT Mumbai held that reopening of assessment unsustainable as there is no satisfaction of the competent authority before issuance of notice under section 148 of the Income Tax Act.
ITAT Mumbai held that once it is established that the funds are used wholly and exclusively for the purpose of business interest paid on such borrowed funds is allowed u/s. 36(1)(iii) of the Income Tax Act.
ITAT Delhi held that expenditure towards clinical trial incurred solely and exclusively for the business purpose is allowable expenditure.
DCIT Vs British Agro Products (India) Pvt. Ltd. (ITAT Chennai) Mushrooms grown under controlled conditions constitutes ‘Agricultural Activity’, exemption from tax : – [DCIT v. British Agro Products (India) Pvt. Ltd. (05.04.2023) ITAT Chennai Chennai ITAT dismisses Revenue’s appeal, holds that cultivation and sale of white button mushrooms is an ‘agricultural activity’ and income derived […]
Marvelore Mining & Allied Industries Pvt. Ltd. Vs ITO (ITAT Surat) Sec. 41(1) can’t be invoked for liability against purchase of defective machinery that was never put to use: Marvelore Mining & Allied Industries (P.) Ltd. v. ITO – [2023] (Surat-Trib.) Assessee was a private limited company. It was engaged in the business of Calcium […]
Section 273B of the Act, squarely applies and since assessee has a reasonable cause for not getting books of account audited, he should not be visited by penalty u/s 271B
If sales are not disputed, entire alleged bogus purchases cannot be disallowed and only the gross profit on the alleged purchases to be disallowed. No penalty under section 271(1)(c) is leviable on estimated additions.
ITAT held that if a Penalty notice is vague then penalty proceedings initiated under section 271(1)(c) on that basis were vitiate
Manjulata Sahoo Vs PCIT (ITAT Cuttack) It was the submission that against the order of the Tribunal, the assessee has filed appeal before the Hon’ble Jurisdictional High court of Orissa and the Hon’ble Jurisdictional High Court of Orissa was pleased to admit the appeal of the assessee in ITA No.8 of 2021 vide order dated […]
