Santosh Kumar Subbai Vs ITO (ITAT Hyderabad) In the instant case, the assessee has entered into development agreement for construction of duplex houses and assessee was to receive the constructed area of 5000 sq.ft by virtue of development agreement. However, after entering into agreement, the developer has vanished and no real development took place till […]
Santosh Kumar Subbani Vs ITO (ITAT Hyderabad) In the instant case, the assessee has entered into development agreement for construction of duplex houses and assessee was to receive the constructed area of 5000 sq.ft by virtue of development agreement. However, after entering into agreement, the developer has vanished and no real development took place till […]
Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO after hearing the assessee, considered the turnover […]
Shri Rama Chandra Reddy Vs. ITO (ITAT Hyderabad) In this case GPA was given by three persons i.e. (i) Shri K. Pratap Reddy, Sri K. Madhav Reddy and Shri K. Dharma Reddy in favour of the assessee in the year 1990 and it is mentioned therein that the possession of the said land was also […]
ACIT Vs. Head Infotech India Pvt. Ltd. (ITAT Hyderabad) Assessee hosts online games and when the customers make payments through banking Gateways by way of credit or debit card of the relevant banks ( which are referred to as Gateways) and while transferring money to the assessee’s account, banks invariably retain service charges. It is […]
TPO has not given any finding on the No. of days delay in receivables. As submitted by the learned AR, the delay was less than 90 days and the industry acceptable period of average is 90 days. The Coordinate Bench of the ITAT in assessee’s own case for the A.Y 2013-14 has taken view that no adjustment is required if the delay is between 90 to 120 days.
The issue under consideration is whether the investment made on renovation of new residential house is eligible for exemption u/s 54F?
Juveria Begum Vs ITO (ITAT Hyderabad) Section 54F of the Act only mandates that the capital gain should be invested in ‘a residential house’ within the stipulated time by way of purchase or construction. Thus, the amount spent on renovation of such residential house by an assessee according to his requirements is also allowable as […]
Bhagatram Vs ACIT (ITAT Hyderabad) The issue under consideration is whether the CIT(A) is correct in considering the entire purchase as bogus purchase? ITAT states that it is also a known fact that Gold / Gold Jewellery is often purchased in the grey market in order to avoid taxes/customs duty etc., by the traders. In […]
The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the capital gain deduction u/s 54F of the Income Tax Act, 1961?
