In absence of details regarding rental receipt from property, explanation of assessee is that cash deposits into bank account is out of rental income, cannot be accepted
Foreign Tax Credit – ITAT held that Rules cannot override the Act and therefore the filing of Form. No 67 is not mandatory but it is directory.
Retention of revenues by assessee society as grant in aid by Government of Punjab and assessee society thus continue to remain wholly funded by Government & assessee is thus held eligible for exemption under section 10(23C) (iiiab).
Assessee cannot be faulted if the seller is not traceable and also that it is not the burden of assessee to investigate genuineness of seller or their business transaction.
It is well settled that no one should be condemned unheard. Therefore, principle of natural justice should be given due consideration while adjudicating the tax dispute.
DCIT Vs Enexio Power Cooling Solutions India Pvt. Ltd. (ITAT Chennai) It could be seen that the nature of assessee’s work is such that a part of the contract amount is retained by the customers and the same is released on satisfactory performance of the project. Therefore, the assessee, following consistent method of accounting, defer […]
Deduction of gratuity is available in substantive law and it cannot be disallowed merely by reference of inconsistent entries in explanation of s. 143(1)(a) of Income Tax Act being a procedural provisions, it shall not take away right confirmed in s. 37 r/w s. 40A(7) and s. 36(1)(v).
ACIT Vs Amit Tiwari (ITAT Indore) The submissions of the assessee are that penalty proceedings u/s 271AAB as initiated is bad in law on account of firstly penalty notice so issued is defective as it does not disclose specific charge and secondly there is no concealed income as search took place prior to due date […]
Dr. Shri Gurunath Shankarappa Wachche Vs ITO (ITAT Pune) Section 292BB provides that where an assessee has appeared in any proceedings etc., it shall be deemed that any notice under any provision of this Act, has been duly served upon him in time and such assessee shall be precluded from taking any objection in any […]
The ITAT allowed the appeals and have sustained that, the demand under Section 200A for computation and intimation for the payment of fee under Section 234E could not be made in purported exercise of power under Section 200A by the respondent for the period of the respective assessment year prior to 1.6.2015.
