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ITAT deletes addition of Cash Deposit against Opening Balance during demonetization

May 24, 2024 4605 Views 0 comment Print

Discover why ITAT Jodhpur ruled that cash deposits made by a 77-year-old assesse during demonetization couldn’t be added under section 68 of the Income Tax Act.

ITAT allows filing of Form No. 10AB despite exclusion from timeline extension Circular

May 24, 2024 606 Views 0 comment Print

Learn how ITAT Chennai extended the timeline for filing Form 10AB for recognition under section 12A of the Income Tax Act up to 30.09.2023, allowing appeals against denial of registration under section 80G(5).

No Section 56(2)(viib) Addition Required for Discrepancy of less than 10%

May 24, 2024 738 Views 0 comment Print

Discover the ITAT Delhi’s ruling on Sakshi Fincap Pvt. Ltd. vs. ITO, addressing valuation discrepancies and retrospective amendments under Section 56(2)(viib) of the Income Tax Act.

Depreciation Claim on Fixed Assets by Trust – ITAT Directs reconsideration

May 24, 2024 501 Views 0 comment Print

Discover ITAT Bangalore’s directive on re-evaluating depreciation disallowance claimed on asset acquisition in the case of ACIT vs. Raghavendra Educational for the assessment year 2016-17.

No section 271(1)(c) penalty for mere section 35(2)(AB) claim disallowance

May 24, 2024 330 Views 0 comment Print

xplore DCIT Vs Polyplex Corp. Limited case. Learn why penalty for disallowed tax claim isn’t justified. Details & key takeaways here.

House’ Refers to Single Residential Unit for Section 54 Deduction: ITAT Chennai

May 24, 2024 1737 Views 0 comment Print

Detailed analysis of ITAT Chennai order on Shri Srikanth appeal against the disallowance of Section 54 deductions in the computation of Long Term Capital Gains.

Employee Salary Reimbursement Not Taxable as FTS under India-Japan DTAA

May 24, 2024 417 Views 0 comment Print

Understand the grounds of appeal in the case against the final assessment order under the Income Tax Act, 1961, for AY 2017-18, involving taxability of employee cost reimbursements and more.

Section 69 not applies to Loan & Advances recorded in the books

May 23, 2024 4749 Views 0 comment Print

Learn about the ITAT Kolkata ruling in Manohar Dealcom vs ITO, addressing jurisdiction issues and the applicability of Section 69 of the Income Tax Act.

ITAT Allows Section 54F Deduction for Multiple Units received pursuant to JDA

May 23, 2024 6546 Views 0 comment Print

ITAT Bangalore allows Section 54F deduction for all apartment units from JDA, dismissing Revenue’s appeal. Learn about the significant tax ruling.

Core Issues of Property Ownership, Leasehold Rights & Sale Remain Unexamined: ITAT Directs Readjudication

May 23, 2024 327 Views 0 comment Print

In the case of Rajni Dua Vs ACIT, ITAT Delhi orders reassessment due to discrepancies in property ownership and leasehold rights. Detailed analysis provided.

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