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Addition alleging rate difference of property sold without corroborative evidence unsustainable

August 10, 2023 4230 Views 0 comment Print

ITAT Delhi held that addition alleging different rates quoted/ booked for the same area and same property unsustainable as buyers to whom the space have been sold have admitted to have purchased at the price shown and no other cogent or corroborative evidence brought on record.

No section 148 Notice can be Issued before expiry of Period For Issuing Section 143(2) Notice

August 9, 2023 7707 Views 2 comments Print

Explore the recent ITAT Dehradun judgment in Uttarakhand Poorv Sainik Kalyan Nigam Ltd. vs. ITO case, challenging AO’s premature jurisdiction assumption under section 148

ITAT direct AO to find Every Month’ Definition in Clause 38 of EPF Scheme from PF/ESI Authority

August 9, 2023 1398 Views 0 comment Print

ITAT Delhi restored the issue to the file of AO with the direction to find out from the relevant PF authorities and ESI authorities about the term ‘every month’ as mentioned in clause 38 of the employees provident fund scheme.

ITAT: Interest on Loan for Repayment Deductible from House Property Income

August 9, 2023 6351 Views 0 comment Print

ITAT Mumbai’s decision in Shyamnarayan Trades Pvt Ltd vs ITO clarifies deductibility of interest on property loans, addressing loan repayment and share purchase.

ITAT Directs CIT(A) to Re-Adjudicate with due consideration of evidence & merits

August 9, 2023 504 Views 0 comment Print

ITAT Ahmedabad’s decision in Gunvantbhai Chhitubhai Nayak vs ITO emphasizes re-adjudication of a case with due consideration of evidence, after finding the CIT(A)’s order lacking in merits.

Section 12AA Registration can’t be denied for absence of Dissolution Clause

August 9, 2023 1290 Views 0 comment Print

ITAT Delhi orders that absence of a dissolution clause in Trust Deed shouldn’t deny registration u/s 12AA of Income Tax Act in Roop V.K Jain Foundation case.

Assessee’s Valid Claims Shouldn’t Suffer Due to Ignorance/Mistake: ITAT Chennai

August 9, 2023 1233 Views 0 comment Print

Read the full text of the ITAT Chennai order directing the re-computation of the income of Vivekananda Seva Trust due to inadvertent errors in filing the Income Tax Return forms.

ITAT Partially Allows Appeal on Cash Deposit during Demonetization Period

August 9, 2023 933 Views 0 comment Print

Read the ITAT Chennai order on cash deposit during demonetization. The appeal is partially allowed due to failure to produce documentary evidence for some deposits.

Goodwill acquired on Amalgamation is Eligible for Depreciation u/s 32 of Income Tax Act

August 8, 2023 1029 Views 0 comment Print

The assessee is a wholly owned subsidiary of GBT III BV, Netherlands and is engaged in the business of arranging travel for domestic customers within and outside India by facilitating services entailing booking of air tickets, accommodation, cab, conference rooms, catering services, management of corporate events, public relation services etc.

Salary to Vice President allowable u/s 37(1) as proved that business activity of company still subsists

August 8, 2023 723 Views 0 comment Print

ITAT Delhi held that were sufficient evidence on record that the business activity of the company was still subsisting and the service of the Vice President are indispensable. Accordingly, salary paid to Vice President is allowable u/s. 37(1).

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