ITAT Hyderabad rules against double taxation, quashing Section 69A addition after cash source was already accepted and taxed under Section 269SS for the same amount.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
ITAT Hyderabad held that adhoc disallowance under section 40A(2)(a) of the Income Tax Act merely on the basis of suspicion and surmises without adequate evidence not sustainable in law. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
The appellant-company has deducted TDS as per sec.194H of the Act on commission payment to Agent, however, not deducted any TDS on sales promotion and cash incentives paid to the retailers.
ITAT Hyderabad directs AO to reassess Satyam Computer Services [Now, Tech Mahindra Limited] for the Assessment Year 2003-2004 to 2008-2009 in light of the judgement of Hon’ble High Court for the State of Telangana at Hyderabad.
ITAT Hyderabad held that CIT(A) inspite of declining to condone the delay considered and decided the matter on merits means that CIT(A) has impliedly condoned the delay involved in the appeal.
ITAT Hyderabad remands Mahindra University’s 80G application to CIT(E), citing arbitrary rejection despite prior 10(23C)(vi) approval for charitable education.
On the other hand, it was submitted by the that the state-of-the-art Auditorium is used for conducting seminars, workshops which is integral part of scientific research work by IISc, Bangalore and therefore, assessee is eligible for deduction u/sec.35(1)(ii).
ITAT Hyderabad held that disallowance by invoking provisions of section 36(1)(iii) of the Income Tax Act not sustained since the sum is not an advance/loan to sister concern, however, it is an investment.
ITAT Hyderabad rules for Taj GVK Hotels, allowing interest deduction, prior period expense, and accepting accounting method change for AY 2003-04.
