ITAT Delhi held that offshore supply of equipment revenue couldn’t be taxed in India. Thus, once it is not assessable even under the normal provisions, section 44BBB would also not apply. Accordingly, appeal allowed.
ITAT Delhi held that approval accorded u/s. 153D in stereotype manner and single approval has been granted for various Assessment Years is invalid sanction. Thus, order passed based on invalid sanction accorded u/s. 153D is liable to be quashed.
ITAT Surat allows Section 11 exemption for Premprakash Ashram Trust, deeming belated Form 10B filing procedural, not mandatory.
ITAT Ahmedabad allows Section 11 exemption and quashes late filing fee for Shiksha Foundation, citing timely audit and return.
Delhi ITAT upholds Section 54 exemption for Vinod Gugnani, ruling that delayed deposit in CGAS does not bar relief if funds are invested within the statutory period.
Ahmedabad ITAT rules on Vardhman Stanakvasi Jain case, clarifying corpus donations and the procedural nature of Form 10B filing for tax exemptions.
ITAT Mumbai rules capital gains holding period begins on the date of the sale agreement, not possession. A key verdict on indexation benefits for property.
Delhi ITAT set aside penalties against Delhi Building & Others for Assessment Years 2007-08 and 2008-09, citing the Assessing Officer’s failure to specify the charge under Section 271(1)(c) of the Income Tax Act
ITAT Mumbai rules on Section 36(1)(viia) deduction for banks, confirming it applies to total outstanding advances, including opening balances, citing High Court precedents.
Mumbai ITAT clarifies Section 54F capital gains exemption, ruling that co-ownership does not disqualify an assessee from claiming tax benefits on new residential property.
