Shri Palabathuni Chandra Ravi Vs ITO (ITAT Hyderabad) Facts of the case, in brief, are that the assessee is an individual and filed his return of income electronically on 21.1.2018 declaring total income at Rs.6,21,210/-. During the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee deposited a total of […]
Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad) In the case on hand, undisputedly, the interest arose on the credit balances with reference to the regular course of business of the assessee. On this aspect, the Hon’ble jurisdiction High Court in Vavveru Co-operative Rural Bank Ltd. (supra), held that, if the […]
ITAT Hyderabad held that order passed without giving reasons for the conclusions arrived at is a non-speaking order and the same is liable to be set aside.
Mujtaba Hussain Ahmed Vs ACIT (ITAT Hyderabad) Undoubtedly, the assessee had sold his ancestral agricultural land admeasuring 1 acre and 25 guntas by way of a registered sale deed dt.23.03.2019. Incidentally, on the date of sale of land, SST Team intercepted the assessee and found cash with him and when the assessee was asked to […]
Kabeer Khan Vs ITO (ITAT Hyderabad) Since the legal heirs of the diseased assessee in the instant case have not taken any steps to file the revised Form No.36, duly filled up giving the revised name of the party duly verified in the manner as prescribed in the rules, therefore, the present appeal cannot be […]
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.
