ITAT Hyderabad held that transfer of assets of the partnership to the retiring partners would amount to the transfer of the capital assets in the nature of capital gains and business profits which is chargeable to tax under section 45(4) of the Income Tax Act.
Explore the ITAT Hyderabad’s order in Puligilla Purnachander Vs ITO case for insights on Income Tax Act Section 69A, gross sales, and demonetization deposits.
ITAT Hyderabad held that entire re-assessment proceeding is illegal and deserves to be quashed in absence of mandatory issue of notice under section 143(2) of the Income Tax Act.
Explore the ITAT Hyderabad order on Veerabhadra Minerals Pvt Ltd’s appeal against the disallowed overburden removal expenditure. Learn about the assessing officer’s concerns, CIT(A)’s decision, and ITAT’s direction to delete 75% of the addition. Get insights into the reasoning and implications for mining contracts.
ITAT Hyderabad held that where the date of agreement fixing the amount of consideration and the date of registration of property is different, value adopted by stamp valuation authority on the date of agreement has to be taken for purposes of computing full value of consideration of such transfer.
Explore the ITAT Hyderabad order in Amol Teradale vs. ITO for AY 2020-21. Key issues include tax residency certificate, DTAA benefits, and jurisdiction challenges.
ITAT Hyderabad ruling on CIT(A) requirements, reasons for deletion of additions, and appeal filed by Revenue against Bharat Auto Tech Private Limited.
The ITAT Hyderabad quashes an addition under Section 115BBE due to an elderly assessee’s inability to recall income details within the specified time, highlighting the importance of considering age-related factors.
Deduction claimed by assessee in return of income which was directly relatable to the insurance activities, as it did not fall under section 80P(2) i.e., Insurance activities.
Explore the ITAT Hyderabad’s decision in the Kancherla Medical Services vs. DCIT case, where the delay condonation appeal was dismissed due to public interest.
