ITAT Hyderabad

Sec. 80C Allowable on Principal Loan Payment for residential Flat irrespective of use

A. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad)

The learned Counsel for the assessee has filed a chart depicting various issues arising in all of these appeals and it is seen that most of the issues are repetitive in all the years. Therefore, we are disposing of the appeals on the basis of the issues arising therefrom....

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Wealth Tax not payable on Assets already sold & considered in capital gain Tax

Smt. Boda Sarada Reddy Vs Asst. Commissioner of Wealth Tax (ITAT Hyderabad)

It was the contention of the AO in Income Tax proceedings that assessee had indeed handed over the possession of the property as on 01-04-2006, which led to assessing the capital gains arising on the transfer of that property in AY. 2007-08. Therefore, as on 31-03-2007, the property was no longer in the possession or ownership of assessee...

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Reassessment not valid if time to issue notice U/s. 143(2) not expired

Venkata Siva Reddy Nellore Vs ITO (ITAT Hyderabad)

The learned Commissioner (Appeals) is not justified in rejecting the contention of the appellant that since the reason on which the proceedings under section 147 ceased to exist, the assessing officer is not justified in making additions on other issues....

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Source of agricultural income cannot be denied merely for non-depositing of same in bank account

Sri Chilukurthi Veeraiah Vs. Income Tax Officer (ITAT Hyderabad)

While hearing the case of Sri Chilukurthi Veeraiah vs. Income Tax Officer, Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that Assessing Officer (AO) should give reasonable opportunity to produce evidence to assessee to examine source of gift. ...

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Registration U/s. 12AA cannot be cancelled merely because collection exceeds threshold limit provided u/s 2(15)

Telangana State Seed Certification Agency Vs. Commissioner of Income Tax (Exemptions) (ITAT Hyderabad)

CBDT has also clarified that in view of this position, it shall not be mandatory, for the registration granted u/s 12AA of the Act to a charitable institution, to be cancelled merely on the ground that the cut off specified in the proviso to section 2(15) of the Act is exceeded in a particular year without there being any change in the na...

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No disallowance U/s. 40(a)(ia) for Payment to resident without TDS if he paid tax on such income

Dy. CIT Vs. Aditya Construction Company India (P) Ltd. (ITAT Hyderabad)

What was common to both the provisos to section 40(a)(ia) and section 210(1) was that as long as the payee/resident had filed its return of income disclosing the payment received by and in which the income earned by it was embedded and had also paid tax on such income, the assessee would not be treated as a person in default....

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In case of rejection of books only AO can made addition only by way of Income estimation

Dy. CIT Vs Sree Nagendra Constructions & Ors. (ITAT Hyderabad)

ITA No. 202/Hyd/2015 is the appeal filed by M/s. Sree Nagendra Constructions for the assessment year 2011-12, while ITA No. 167/Hyd/2015 is the appeal filed by the Revenue against the relief granted to M/s. Sree Nagendra Constructions for the assessment year 2009-10....

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All apartments received under development agreement would become one house for claim of section 54F/54

Dr. Sudhir Naik (HUF) Vs. Income Tax Officer (ITAT Hyderabad)

Dr. Sudhir Naik (HUF) Vs. ITO (ITAT Hyderabad) Another contention is about claim of 54F/54. It was the contention that assessee has sold all the flats allotted to him and therefore, at the time of investing in the new house, he has no other house except this house. As seen from the agreements and the […]...

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Trade association established for serving common interest of a particular trade eligible for registration u/s 12AA

Telangana Corrugators Vs. Commissioner of Income Tax (Exemptions) (ITAT Hyderabad)

Hyderabad bench of ITAT ruled that Telangana Corrugators Development Trust is a public charitable trust eligible for Tax Exemption. It is held so in the case of Telangana Corrugators Development Trust versus Commissioner of Income Tax (Exemptions) while allowing the appeal of Assessee....

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Wealth Tax on Land, Ownership of which was in Dispute

G. Girish Kumar Vs. Asst. Commissioner of Wealth Tax (ITAT Hyderabad)

Hyderabad bench of Income Tax Appellate Tribunal (ITAT) recently held that wealth tax proceedings cannot be proceed against the assessee when the ownership of the land is in dispute. ...

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