ITAT Cuttack

ITAT Excludes Maintenance & Electricity Charges from Property Cost for LTCG calculation

Abani Pattanayak Vs ACIT (ITAT Cuttack)

ITAT Cuttack - Abani Pattanayak Vs ACIT- ITAT ruled that maintenance and electricity charges not in the form of deposits are excluded from property cost for computing LTCG...

Claim of exemption of LTCG u/s 10(38) allowable as requisite conditions satisfied

Ridhi Bagaria Vs ITO (ITAT Cuttack)

ITAT Cuttack held that claim of exemption of long term capital gains (LTCG), from sale of equity shares, under section 10(38) of Income Tax Act, 1961 allowable as requisite conditions satisfied....

Addition towards SBN deposits sustained as source not established

Pankaj Gupta Vs ITO (ITAT Cuttack)

ITAT Cuttack held that addition towards the unexplained investment for SBN deposits during demonetization period sustained in absence to establish source of the same without documentary evidences....

No section 271(1)(c) penalty when Sustainability of Addition is debatable

Manjulata Sahoo Vs PCIT (ITAT Cuttack)

Manjulata Sahoo Vs PCIT (ITAT Cuttack) It was the submission that against the order of the Tribunal, the assessee has filed appeal before the Hon’ble Jurisdictional High court of Orissa and the Hon’ble Jurisdictional High Court of Orissa was pleased to admit the appeal of the assessee in ITA No.8 of 2021 vide order dated […]...

ITAT delete section 271(1)(b) penalty as Show Cause Notice was vague

Siddarthini Nanda Vs ACIT (ITAT Cuttack)

Siddarthini Nanda Vs ACIT (ITAT Cuttack) A perusal of the show cause notice as also the satisfaction recorded by the AO in the assessment order, clearly does not mention the specific notice issued u/s.142(1) of the Act in respect of which non-compliance the penalty has been initiated. A perusal of the assessment order in all […]...

ITAT restores ex-parte Assessment to AO & Imposes cost of Rs. 25000 per assessment year on Assessee

Raghunath Jew School of Management Studies Vs ITO (Exemption) (ITAT Cuttack)

Raghunath Jew School of Management Studies Vs ITO (Exemption) (ITAT Cuttack) The facts in the present appeals clearly show that the assessments have been done ex-parte on account of the fact that the books of accounts and bills & vouchers were not produced before the AO. It is also an admitted fact that the assessee […]...

Penalty of 100% of tax sought to be evaded u/s 271AAA was Not “Typographical Error”

Fahmida International Vs ACIT (ITAT Cuttack)

Penalty leviable u/s.271AAA was 10% of the concealed income whereas under section 271(1)(c), the penalty was leviable at 100% of the tax sought to be evaded, therefore, the claim of AO that show cause notice had been issued under both under section 271AAA and section 271(1)(c) was not correct and it was not a typographical error....

ITAT quashes section 263 revision order passed on a deceased assessee

Kusum Mehta Vs PCIT (ITAT Cuttack)

Kusum Mehta Vs PCIT (ITAT Cuttack) Admittedly, the facts remain that on the death of an individual, Government draws information in respect of death from the cremation spot or on the basis of doctor’s death certificate. The State Government then issues the death certificate within 7 to 14 days. It is after this that the […]...

Section 11 exemption cannot be denied to trust if Audit Report filed before completion of assessment

DCIT (Exemptions) Vs Nabajuga Educational And Charitable Trust (ITAT Cuttack)

DCIT (Exemptions) Vs Nabajuga Educational And Charitable Trust (ITAT Cuttack) At the outset, if the return filed on 31.10.2018 was not accompanied by the audit report, then it was incumbent upon the revenue to issue notice u/s.139(9) of the Act to treat the return filed by the assessee as defective. Admittedly, this has not been […...

Expense for computer software & its upgradation is revenue in nature

DCIT Vs Yazdani International Pvt Ltd (ITAT Cuttack)

DCIT Vs Yazdani International Pvt Ltd (ITAT Cuttack) ITAT Cuttack that expenditure towards various computer software and stationary and the expenditure towards upgradation of software for filing of return before the ROC and website design is revenue in nature and hence allowable. Facts- The revenue has challenged the action of CIT(A) in d...

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September 2023