Ghatkesar Farmers Service Cooperative Society Limited Vs ITO (ITAT Hyderabad) ITAT held that assessee being a primary agricultural co-operative society invested the own surplus funds with the Union Bank of India and, therefore, the assessee is entitled to claim the deduction under section 80P(2)(a)(i) of the Act. It could be seen from the name of […]
ITAT Hyderabad held that revenue cannot deny the TDS credit to the deductee for non-payment of TDS by the deductor. Revenue has to proceed against the deductor by holding him as an assessee-in-default.
ITAT Hyderabad held that loss on foreign exchange fluctuation in respect of loan taken to import machinery is to be added to the cost of the asset and not allowed as revenue expenditure.
Assessees could not claim cost of improvement and indexation cost as assessee had to furnish some evidence and in the absence of any evidence or information, the information contained in the registered sale deed was required to be accepted.
ITAT Hyderabad held that interest income received towards loan extended against mortgage of properties cannot partake the character of rental income.
ITAT Hyderabad held that for the purpose of claiming deduction u/s 54F of the Act, it is essential for the assessee to prove that she does not have more than a residential house at the time of claiming deduction u/s 54F of the Income Tax Act.
CIT (A) on the basis of certain documents filed by assessee deleted addition without calling for any remand report from AO or without giving any opportunity to AAO to verify documents.
ITAT Hyderabad in case of excess stock of gold found during survey held that penalty u/s 271(1)(c) of the Income Tax Act up to 100% of the tax evaded is justified instead of 298% as upheld by CIT(A).
Assessee was not keeping good health for which she was not in a position to obtain Audit Report in time, and, therefore, could not file before statutory due date
ITAT Hyderabad’s decision exempts Ochre Media Pvt. Ltd. from late filing fees under Section 234E for TDS returns, citing procedural amendments.
