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.
Assessee filed return of income within extended due date with Form No. 67 & complies with requirement of Rule 128(9) and entitled to claim FTC
Assessing Officer cannot accept the income for tax purpose and refuse to allow credit of corresponding TDS. Both must go hand in hand.
ITAT Hyderabad held that as assesse failed to appear before AO as well as before CIT(A) despite numerous opportunities, matter remanded back to CIT(A) subject to cost of Rs. 10,000 to be deposited in Prime Minister National Relief Fund.
ITAT Hyderabad held that addition under section 56(2)(viib) of the Income Tax Act sustained as method adopted for determination of FMV of equity shares by the assessee is not as per method prescribed under rule 11UA of Income Tax Rules.
ITAT Hyderabad held that payment to contract teachers doesn’t qualify as ‘fee for professional services’ and accordingly TDS under section 194J of the Income Tax Act not deductible.
