the assessee requested an opportunity to explain the case and to submit all the necessary information & documents to the Assessing Officer since his counsel did not attended the decided hearings to solve the case.
The issue under consideration is whether the benefit of section 54 of the Income Tax Act, being a beneficial provision, can be denied to the assessee due to non-compliance of procedural requirements?
ITAT Mumbai: Anjana Sandeep Rathi vs. ACIT – Disputed LTCG on share sale. Violation of natural justice. Detailed analysis of the judgment and impact.
The issue under consideration is whether as per Section 43CB, profits and gains of a construction company mandatorily be determined on the basis of percentage completion method for revenue recognition?
Bharat Chimanlal Parekh Vs ITO (ITAT Mumbai) Undisputedly, the assessee has voluntarily filed his return of income within the time prescribed under section 139(1) of the Act and the assessment was completed under section 143(3) of the Act. On a perusal of the documents placed in the paper book, it is very much evident, in […]
Keshav Industries Pvt. Ltd. Vs ITO-TDS (ITAT Indore) Amendment dated 01.06.2015 in Section 200A of the Income Tax Act, 1961 is prospective in nature and cannot be applied retrospectively to previous TDS instances The ITAT Indore in Rajendra Prasad Tiwari (through Aakash Tiwari) Vs. Income Tax Department, had on 14/07/2020 brought a landmark finding on retrospective […]
Sugota Industries Pvt. Ltd Vs ITO (ITAT Mumbai) The AO in this case has only disallowed expenses u/s 14A of the Act r.w. Rule 8D of the Income Tax Rules. No other aspect or issue has been touched by the AO in the assessment order. The ld. CIT(A) enhanced the assessment by disallowing the claims […]
ITAT quashed reopening where reasons recorded by the assessing officer produced before the higher authority are quite different and whereas the extract given to the assessee was merely of two paragraphs
Renu T Tharani Vs DCIT (ITAT Mumbai) The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her US $ 4 million, and in any case, Cayman Islands is not known for philanthropists operating from there; if Cayman Islands is known for […]
The issue under consideration is whether the disallowance made on account of depreciation on payment of brand license fees is justified in law?
