ITAT Surat held that mere deduction of TDS or mere payment by account payee cheque doesn’t make non-genuine transaction a genuine one.
ITAT Rajkot held that as notices were served to e-mail ID of old income tax practitioner of the assessee, assessee was not aware of the issuance of the same and hence didn’t replied Held that penalty u/s 271(1)(b) of the Income Tax Act cannot be imposed when assessee proves that there was reasonable cause for the failure.
ITAT Mumbai held that London Inter-Bank Offered Rate (LIBOR) cannot always be the rate at which intra-bank transactions must take place.
ITAT Chandigarh held that the amount of monthly assured return received till the time of possession of units is in nature of interest is taxable @15% under Article 12 of India-UK DTAA
ITAT Bangalore held that from clause (5) of Guidance Note issued by ICAI that the cost of construction and also saleable project area needs to be taken into account while recognizing revenue under the Percentage Completion Method.
ITAT Delhi held that as service tax amount is not routed through P&L account, the provisions of section 43B of the Income Tax Act are not applicable to the service tax liability.
ITAT Kolkata held that rejection of deduction claimed under section 80JJAA of the Income Tax Act on the basis of minor technical defect is unsustainable. Moreover, audit report has given complete clarity of the deduction.
Balaji Janakiraman Vs ACIT (OSD) (ITAT Chennai) In the case of Smt. NS. Lakshmi, the assessee had taken a sum of Rs.20 lakhs through bank, and out of Rs.20 lakhs, the AO has accepted a sum of Rs.6 lakhs as genuine, and the remaining amount of Rs.14 lakhs has been added as unexplained credit. The […]
ITAT held that expenses incurred for pre- operative nature cannot be set-off against the interest income. Held that, expenditure incurred by a company during the setting up of new business and its commencement can be allowed as deduction.
ITAT Mumbai held that approved sanctioned scheme of amalgamation is binding on the authorities and the same cannot be permitted to be challenged in a collateral proceeding.
