Held that the assessee can take shelter and claim deduction u/s 54 only when the assessee invests the long term capital gain in purchase or construction of a single residential house.
Held that the Revenue is bound by the resolution plan as accepted by the NCLT and not entitled to anything more than what is provided therein.
Held that assessee failed to provide details of calculation of the Performance Related Pay; also failed to prove the authority to pay the Performance Related Pay to the employees hence claim of Performance Related Pay is unsustainable
Held that the department has failed to issue notice, failed to report the reasons for reopening the case and also failed to take the approval of the appropriate authority before as initiation of proceedings u/s 147 of the I.T. Act. Appeal allowed on technical ground.
Held that the authorities fallen in error in considering the subscription received towards cloud serviced to be royalty income
ITAT Patna held that in absence of any evidence of tax evasion by showing fictitious or false transactions, addition by invoking provisions of section 40A(3) of the Income Tax Act unsustainable.
ITAT held that ‘serving of liquor is not charitable activity under section 2(15) of the Income Tax Act, 1961,
State Bank of India Vs ACIT (ITAT Pune) We find that the assessee had deducted TDS as per rates prescribed by the Act and the same was deposited in Central Government account, but with a delay in filing the TDS statement as required under law. For such failure the respondent-revenue levied late fee u/s. 234E […]
Held that an inquiry made by the AO, considered inadequate by the Commissioner of Income Tax, cannot make the order of the Assessing Officer erroneous. Thus, the Commissioner of Income Tax by invoking revisionary powers u/s. 263 cannot impose his own understanding of the extent of inquiry.
Held that deduction u/s 54F is available against new residential house acquired outside India as provisions of section 54F doesn’t use the word ‘in India’.
