ITAT Indore held that rate of interest on secured loan from banks cannot be compared with the rate of interest on unsecured loan. Accordingly, disallowance of interest u/s. 40A(2)(b) of the Income Tax Act deleted.
ITAT Indore rules in Asha Rani Pandya Vs DCIT/ACIT that filing Form 67 for claiming Foreign Tax Credit (FTC) is a directory requirement, not mandatory.
ITAT Indore dismisses revenue appeals in ITO Vs. M.P. Police Sakh Sahakari Sanstha Maryadit due to low tax effect, citing CBDT Circular No. 5/2024 eliminating audit objections.
Section 50C not applies if transfer of capital asset took place as per approval and under the supervision of the statutory authorities and after due process of inviting the public objections in respect of the said transactions.
Delve into the detailed analysis of the ACIT Vs Dewas Soya Limited case by ITAT Indore. Explore the crux of arguments, legal aspects, and conclusions drawn from the order.
Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis of Smt. Kavita Sachdev Vs ITO (ITAT Indore).
ITAT Indore held that the peak credit theory should be adopted for determining income of assessee. Under this theory, only peak balance in bank account should be considered for taxation
Analysis of Bharat Jaroli vs PCIT case by ITAT Indore, highlighting AO’s failure to scrutinize cash payments under Sec 40A. Detailed review and outcome provided.
In the case of Ketan Prabhulal Dalsaniya Vs DCIT, ITAT Indore rules that once the business income of the wife is accepted during scrutiny, the AO cannot tax the husband again, stating the wife wasn’t the one carrying the business.
Indore ITAT ruling in Mohammad Ibraheem Khatri vs ITO case highlights that depositing cash after demonetization is not a reason to doubt cash availability.
