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ITAT explains Reasons for delay in pronouncement of order during Lockdown

July 6, 2020 2214 Views 0 comment Print

ITO Vs Adul Kayum Ahmed Mohd. tamboli (ITAT Mumbai) The hearing of the matter was concluded on 19/02/2020 and in terms of Rule 34(5) of Income Tax (Appellate Tribunal) Rules, 1963, the matter was required to be pronounced within a total period of 90 days. As per sub-clause (c) of Rule 34(5), every endeavor was […]

Lease Income taxable as Business Income if property objective is income earning

July 5, 2020 18747 Views 1 comment Print

The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?

No section 68 Addition Merely on Suspicion of Accommodation Entry

July 5, 2020 2103 Views 0 comment Print

The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space?

No section 271(1)(c) Penalty for mere claim of expense under different income head

July 5, 2020 2166 Views 0 comment Print

The issue under consideration is whether the AO is correct in levying penalty u/s 271(1)(c) merely because the assessee claimed expenditure under a different head of income?

Subscription fees received from subscribers on sale of online product assessable as ‘Royalty’ 

July 4, 2020 3381 Views 0 comment Print

The issue under consideration is whether it is correct to treat the Subscription fees received from subscribers on sale of online product as Royalty income under Income Tax Act?

Turnover in respect of speculative transactions & section 271B Penalty

July 3, 2020 11622 Views 0 comment Print

Santosh Kumar Vs ITO (ITAT Jaipur) Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative transactions. This Tribunal in a […]

ITAT Remand Case to AO to Decide Treatment of Interest from FDR made for Contract Business

July 3, 2020 399 Views 0 comment Print

The issue under consideration is whether CIT(A) is correct in treating the interest from Fixed deposits made in connection with Contract business as income from ‘Other sources’ in place of income from ‘Business’?

No TDS on Payment Gateway Charges paid by Make My Trip

July 3, 2020 12582 Views 0 comment Print

The issue under consideration is whether the Payment Gateway facilities provided by banks are liable for TDS provisions?

Expense crystallized during the year allowable as Prior Period Expense

July 3, 2020 6546 Views 0 comment Print

According to ITAT, the claim of assessee on account of Pay anomaly of employee crystallized during the year should have been accepted and he, therefore, granted relief to the assessee. Further, they observed that in the order dated 24.12.2009 for assessment year 2006-07 in assessee’s own case, the Tribunal decided that the liability crystallized during the year has to be allowed. Hence, now they do not find anything improper in the approach of the CIT(A) to allow the expenses in respect of which the liability crystallized during the year.

Amendment in Section 254(2A) | Directory or Mandatory? | Case referred to President of ITAT

July 3, 2020 2745 Views 0 comment Print

The issue under consideration is regarding application of Stay of Demand in front of Tribunal, whether the amendment done by Finance Act, 2020 in Section 254 will be applicable in present case?

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