The Income Tax Appellate Tribunal (ITAT) issues a corrigendum addressing typographical errors in the tribunal order related to Deutsche Asset Management India Pvt Ltd.
In the case of Talshibhai B Narola vs. ITO, ITAT Ahmedabad ruled that income from nursery activities growing lawns, flower plants, and vegetable plants is agricultural, not business income.
Read full text of ITAT Delhi order in Ajay Kumar vs. ACIT, where disallowance of bad debt was upheld as assessee was not involved in a real estate business
ITAT Jaipur’s decision on Sakku Devi’s penalty u/s 271(1)(b) of the Income Tax Act due to non-compliance with notices sent to an incorrect address.
Explore Kalpesh Ganpatlal Patel Vs ITO case involving TDS on freight charges in trading business. Detailed analysis and conclusion of ITAT Ahmedabad’s decision.
ITAT Mumbai held that CIT(A) deleted the additions/ disallowances on the basis of information/ evidences filed before him without providing any opportunity to AO is in violation of rule 46A of the Income Tax Rules. Accordingly, matter restored back to CIT(A).
ITAT Mumbai held that addition u/s 68 unsustainable as department failed to establish that assessee was involved in price manipulation even after purchasing and selling the shares on the stock exchange through SEBI registered stock.
ITAT Ahmedabad held that initiation of reassessment proceedings under Section 148 of the Income Tax Act on the same issue/ claim which was already decided and accepted during the course of regular assessment, without bringing any new material facts on records, is not valid as per law.
ITAT Delhi held that forfeiture of share application money being forfeiture of a kind of deposits cannot be treated as revenue receipt. The same is capital in nature and hence not taxable.
ITAT Bangalore held that deduction u/s. 80P(2)(a)(i) of the Income Tax Act in respect of credit facilities provided by Souharda Co-operative Society to its members if requirement of mandatory maintaining of funds as per Karnataka Souharda Sahakari Act, 1997 is satisfied.
