ITAT Ahmedabad held that addition on the basis of statement of director without independent finding given by the Assessing Officer is unsustainable in law.
ITAT Mumbai held that that the interest paid by the Indian branch-PE to the head office-GE is not taxable in India in terms of India-France DTAA.
ITAT Pune held that as assessee does not satisfy the condition of advancement of any other object of general public utility, its eligibility for benefit of exemption under section 11 of the Income Tax Act is doubtful.
ITAT Kolkata held that condonation of delay of 927 days in filing of the appeal not granted as explanation available in the affidavit is totally vague and not specific. Further, assessee neither complied with a single notice nor submitted any details.
Penalty leviable u/s.271AAA was 10% of the concealed income whereas under section 271(1)(c), the penalty was leviable at 100% of the tax sought to be evaded, therefore, the claim of AO that show cause notice had been issued under both under section 271AAA and section 271(1)(c) was not correct and it was not a typographical error.
Section 54F exemption would be granted to assessee on its residential properties and assessee cannot be said to have not ‘Purchased’ properties for not having sale deed executed in its favour.
ITAT Chennai held that benefit under section 54F of the Income Tax Act not deniable for technical lapse like non-registration of agreement to sale.
ITAT Jaipur held that CIT(Exemption) not justified in denying the registration under section 12AB of the Income Tax Act as the foundation/ trust duly supplied all the desired information as per the query letter.
ITAT Pune held that amount refunded back to the employer on account of breach of non-compete agreement by the employee cannot be construed as salary for the purpose of charging income tax.
ITAT Delhi held that shortfall in interest adjusted from principal amount on principle of first appropriation towards interest before principal. Then, assessee being in lending business, the shortage towards principal is allowable as bad debt.
