ITAT Ahmedabad remands Amod Steel case after non-appearance due to communication sent to a former accountant’s email, impacting the appeal process.
ITAT Delhi remanded the issue back to file of AO to re-compute disallowance under rule 8D(2)(ii) of the Income Tax Act by taking those investment which give rise to exempt income @1% of average value of investment.
ITAT Mumbai held that disallowance under rule 8D(2)(ii) r.w.s. 14A of the Income Tax Rules should be made on average value of investment yielding exempt income and not on the basis of quantum of investment based on market value.
In case of shares issued under amalgamation, there are no two parties to a transfer of a property. There are tripartite arrangements between amalgamated company, amalgamating company and shareholder of the amalgamating company.
Assessee also pointed out that the income from these credits was included in its accounts for the year and taxed accordingly. A claim for interest under section 244A for the short refund was also raised.
ITAT Jaipur held that rejection of application in Form 10AB for registration under section 12AB of the Income Tax Act alleging violation of FCRA Act without specifying the relevant provision is unsustainable in law. Accordingly, matter remanded back to CIT(E).
ITAT Mumbai held that market development expenses towards sale of product is revenue in nature hence denial of same is unsustainable. Accordingly, market development expenses being revenue expenditure is allowed as deduction.
ITAT Kolkata condones delay in Form-10B filing for Manav Seva Trust, allowing exemption under Section 12A of the Income Tax Act. Case remanded to AO.
Addition made under Section 69A for an alleged unexplained cash loan was not justified as assessee provided evidence of receiving the loan through banking channels and not through cash.
Assessee was not liable to deduct TDS under section 194H as relationship between e-commerce platform and assessee was not of an agency but that of two independent parties on principal to principal basis.
