ITAT Bangalore held that penalty under section 271F of the Income Tax Act leviable as assessee being a habitual defaulter filed income tax return for four years filed belatedly
Bablu Kumar Harinarayan Gupta Vs ITO (ITAT Pune) ITAT held that it is not fit case for levy of penalty u/s 271B merely because the appellant was unable to substantiate the submission that the appellant is only commission agent because there is no obligation on the part of the assessee to get the accounts audited […]
ITAT held that provisions of sub-section (4) would be applicable in respect of agreement to sell for transfer of an asset which has been executed on or after 1st April, 2013.
ITAT held that if advances received by the assessee from customers on which TDS Credits has been claimed, has been offered as income of subsequent financial years, then the same needs to be recognized as income as and when such income accrues to the assessee.
In the present case, it has been categorically established that, the amount of bogus purchases ₹64,33,495/- is debited to P&L by fictitious tax invoices
ITAT held that assessee cannot be denied benefit of exemption for which it is entitled merely on the lapse of procedural requirement i.e. delay in filing audit report in prescribed form.
CIT(E) lacked jurisdiction to impose any conditions on his own (other than what is stipulated in law) while granting approval under section 80G of Income Tax Act
ITAT Delhi held that income derived from the property held under the trust is wholly for a charitable purpose and hence exemption under section 11 of the Income Tax Act is allowable.
ITAT Chennai held that before concluding with regard to applicability of provisions of section 195 of the Income Tax Act, all necessary and relevant documents like cost sharing agreement/ auditor’s report/ other evidences need to be examined thoroughly. Accordingly, matter set aside with direction to AO to re-examine the claim.
ITAT Pune held that customs duty drawback relating to preceding assessment years can be written-off ‘as prior period item’.
