ITAT Pune held that amount refunded back to the employer on account of breach of non-compete agreement by the employee cannot be construed as salary for the purpose of charging income tax.
ITAT Delhi held that shortfall in interest adjusted from principal amount on principle of first appropriation towards interest before principal. Then, assessee being in lending business, the shortage towards principal is allowable as bad debt.
ITAT Indore held that when one possible view has been taken by AO the same cannot be treated as erroneous and prejudicial to the interest of the revenue. Accordingly, revisionary order under section 263 of the Income Tax Act based on mere change of opinion is unsustainable in law.
ITAT Pune held that as on the date of agreement, the building was not constructed, the date of possession will be considered as actual date of purchase for the purpose of claiming exemption under section 54 of the Income Tax Act.
ITAT Ahmedabad held that loss on account of non-repayment of loan advanced to subsidiary company for the purpose of incorporation of business is an allowable business loss.
ITAT Delhi held that as per specific provisions covered under section 178(6), Insolvency and Bankruptcy Code, 2016 has an overriding effect on all the acts including Income Tax Act.
ITAT Chandigarh held that claiming of wrong depreciation on the advice of auditor is bona fide claim and hence penalty under section 271(1)(c) of the Income Tax Act not leviable.
Unlocking the essence of capital vs. revenue expenditure through Faurecia Emissions vs. DCIT, ITAT Chennais verdict on royalty payments for technical know-how.
ITAT Delhi held that assessment order passed in violation of the directions of Dispute Resolution Penal (DRP) is against the provisions of sub-section (10) and (13) of section 144C of the Act and hence liable to be quashed
ITAT Bangalore held that expenditure towards ESOP is wholly and exclusively for the purpose of business and it satisfies all the conditions referred to in section 37(1). Accordingly, expenditure towards ESOP is eligible for deduction u/s 37 of the Income Tax Act.
