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Deduction u/s. 37 for written-off of non-recoverable advances to employee allowed: ITAT Ahmedabad

January 3, 2025 2448 Views 0 comment Print

ITAT Ahmedabad held that amount written-off towards non-recoverable advances given to employees which are incidental to business operations qualifies as deductible business expenses under section 37 of the Income Tax Act.

Sale Value on date of agreement date to be considered u/s 50C (1st proviso): ITAT

January 3, 2025 1860 Views 0 comment Print

On appeal before ITAT it was submitted that that the case of assessee has been squarely covered under First Proviso of Section 50C of the Act and thus the sale consideration fixed on date of agreement has to be considered as full valuation of consideration towards transfer of property.

Cash payment towards credit card purchases without explaining source of money added u/s. 69A

January 3, 2025 3633 Views 0 comment Print

ITAT Surat held that purchase of credit cards by making cash payments without providing explanation with regard to nature and source of money is liable to be added under section 69A of the Income Tax Act.

ITAT Remands Case Over Tax Auditor’s Error in EPF Contribution Due Dates

January 3, 2025 1170 Views 0 comment Print

It is the case of the assessee that it has not been provided with the opportunity of being heard before the Ld. AO/CPC, Bangalore while passing an order under Section 154/153(1) and additions were made due to inadvertent mistake of the tax auditor in both the employer and employee’s contributions. Actual due date of the salary should have been verified by the CPC/A.O.

ITAT Delhi Allows Set-Off of Accumulated Deficit Against Current Year Surplus

January 3, 2025 729 Views 0 comment Print

In a recent ruling ITAT Delhi relied upon the binding precedent of the Hon’ble Supreme Court of India in the case of CIT vs. Subros Educational Society, (2018) 96 taxmann.com 652 (SC) in deciding that the set off of accumulated deficit is allowable.

ITAT Refers AO to Examine Section 2(15) Allowability in Light of SC Decision

January 3, 2025 873 Views 0 comment Print

In the matter abovementioned ITAT referred to the AO to examine the allowability of the claim u/s 11 of the Act in view of the decision of the Hon’ble Apex Court in the decision of ACIT Vs. Ahmedabad Urban Development Authority, (2022) 449 ITR 1 (SC).

No proper service and opportunity before CIT (A): ITAT remand matter to CIT (A)

January 3, 2025 687 Views 0 comment Print

Assessment completed u/s. 143(3) r.w.s. 144 for AY 2010-11 after making of addition of Rs. 36,092/- on account of wrong claim of deduction u/s. 24 and Rs. 23,43,705/- was also disallowed on account of unexplained cash credit u/s. 68 of the Act, Rs. 24,22,305/- on account of unaccounted receipts from Shiva Phrama Ltd. and Rs. 2,06,883/- on account of unaccounted receipts received from various companies.

Revision u/s. 263 quashed as enquiry already conducted during assessment: ITAT Ahmedabad

January 3, 2025 1053 Views 0 comment Print

ITAT Ahmedabad held that revisionary proceeding under section 263 of the Income Tax Act quashed since enquiry already conducted by AO during the course of assessment proceedings. Accordingly, appeal allowed.

Interest from investment with co-operative society engaged in banking business deductible u/s. 80P(2)(d)

January 3, 2025 996 Views 0 comment Print

ITAT Ahmedabad held that the interest earned on the investment made with the Coopearitve Society which was carried out the banking business is eligible for deduction under section 80P(2)(d) of the Income Tax Act.

Power to Assess Block Period of 10 Years Not Applicable for Searches Before 1-4-2017

January 2, 2025 1269 Views 0 comment Print

Rupesh Kantilal Savla Vs ACIT (ITAT Mumbai) – Power to assess block period of ten years could not be attracted in case of a Income Tax search which had taken place prior to 1-4-2017

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