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Penalty Order for Misreporting Income Unjustified When Under-Reporting Alleged

May 5, 2024 585 Views 0 comment Print

Analysis of ITAT Hyderabad’s ruling on a penalty order, questioning misreporting of income when the issue was under-reporting, in Mohd. Sarwar Vs ITO case.

Assessee eligible for vacancy allowance under section 23(1)(c) for vacant commercial units

May 5, 2024 495 Views 0 comment Print

Explore the detailed analysis of Mack Star Marketing Private Limited Vs National Faceless Appeal Centre Delhi regarding taxing unsold flats in real estate business, applicable from AY 2018-19. ITAT deletes notional rent addition for AY 2014-15.

Expenses for completing transfer as per approved scheme of arrangement allowable

May 5, 2024 255 Views 0 comment Print

In a case of transfer expenses, Mumbai ITAT directs to allow stamp duty & registration charges. Detailed analysis of the case provided here.

Section 80IAB Deduction Admissible on Enhanced Profits from Disallowance

May 3, 2024 471 Views 0 comment Print

Understand the significance of deductions under Chapter-VIA of the Income Tax Act in the case of Jubilant Infrastructure Ltd. Vs ACIT (ITAT Delhi).

Employer’s Voluntary Ex-gratia Compensation not taxable U/s. 17(3)(i): ITAT Delhi

May 3, 2024 3984 Views 0 comment Print

ITO Vs Avirook Sen (ITAT Delhi) The case of ITO Vs Avirook Sen (ITAT Delhi) revolves around the taxation of voluntary ex-gratia compensation paid by an employer to an employee after termination from service. The Revenue contested the deletion of an addition of Rs. 2,13,08,444/- by the CIT(A). The crux of the dispute lies in […]

No section 68 addition for Share Capital Subscription if assessee submits evidence for source of funds

May 2, 2024 726 Views 0 comment Print

In DCIT vs. CDS Infra Projects Limited, ITAT Delhi ruled no addition under section 68 of Income Tax Act if proper evidence for source of share capital subscription is submitted.

No Section 54 Deduction Without basic Amenities: ITAT Delhi

May 2, 2024 2712 Views 0 comment Print

Analysis of ITAT Delhi’s ruling in DCIT vs. Sandeep Hooda clarifies conditions for Income Tax Act 1961 Section 54 deduction eligibility in absence of basic amenities.

AO Can’t reject Assessee’s Valuation Method without Finding Defect

May 2, 2024 504 Views 0 comment Print

Discover ITAT Kolkata ruling in Deep Jyoti Wax Traders Pvt. Ltd vs. ITO, highlighting the importance of assessee chosen valuation method under Rule 11UA(2).

Section 80P(2)(d) Deduction: Dividend from Co-op Banks & Credit Society

May 2, 2024 861 Views 0 comment Print

Explore the case of Mahapalika Kshetra Madhyamik Shikshak Sahakari Pat Sanstha Maryadit vs CIT(A) (ITAT Mumbai) regarding deduction under section 80P(2)(d) of the Income Tax Act.

Validity of CIT(A) Orders Without Remand Report: Vizag ITAT Ruling

May 2, 2024 1212 Views 0 comment Print

Vizag ITAT ruled that CIT(A) order without remand report is invalid in Deputy Commissioner of Income Tax (Exe) Vs. Keshava Reddy Educational Society case.

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