Tax tribunal remits Vijay Kumar Sharma assessment to CIT(A) for fresh hearing, citing non-compliance due to business hardship after demonetization.
ITAT Ahmedabad rules Section 13(1)(b) applies only during assessment, not registration, remands trust 12AB application to CIT(E).
ITAT Mumbai cuts profit rate on alleged bogus paper purchases to 2%, citing low business margins and judicial precedent in assessee’s appeal.
Mumbai ITAT dismisses Revenue’s application seeking rectification of order in Heart Foundation case over territorial jurisdiction claim.
Mumbai ITAT upholds deletion of Rs 1.96 crore tax addition in Dinesh Rohira case, ruling third-party evidence needs corroboration.
ITAT Delhi held that fees for providing Spa Consultancy falls under the category of ‘Independent Personal Service’ and hence was not taxable in India and therefore assessee was not required to deduct TDS. Thus, disallowance u/s. 40(a)(ia) deleted.
Assessee was a partnership firm engaged in real estate development, had undertaken a housing project named Aakash Nidhi. It claimed deduction under section 80-IB(10) amounting to Rs. 2,51,07,390 on the entire profit of the project comprising Wings A to G.
ITAT Jaipur held that trust incurring more expenditure than income doesn’t debar it from benefit of exemption u/s. 11(1)(a) of the Income Tax Act in respect of income admittedly applied for charitable purpose. Accordingly, appeal of assessee allowed.
ITAT Delhi held that in absence of original certificate, benefit of jewellery and ornaments declared in VDIS Scheme 1997 is granted based on affidavit and valuation report of the jewellery declared under VDIS.
ITAT Delhi held that addition under section 69C of the Income Tax Act towards bogus purchases cannot be sustained merely for failure on the part of 3rd party in not responding to the summons. Addition set aside since genuineness of transaction proved.
