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ITAT Raipur

Discount towards sale of low-quality sponge iron to sister concern duly allowable

October 30, 2023 522 Views 0 comment Print

ITAT Raipur held that addition on account of discount allowed to sister concern unsustainable as assessee duly placed on record documentary evidence to substantiate the factum of having sold low-quality sponge iron to its sister concern. Accordingly, rejection of discount merely on the basis of doubts and suspicion unjustified.

Revisionary proceedings not illegal when assessee remained non-compliant in explaining his case

October 27, 2023 420 Views 0 comment Print

ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT.

ITAT Upholds Penalty on Charitable Institution for Tax Audit Violation

October 26, 2023 1095 Views 0 comment Print

Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions.

‘Agreement to Sell’ Date Property Value Assessed by Stamp Valuation Authority relevant for Section 50C

October 21, 2023 741 Views 0 comment Print

Discover the ITAT Raipur ruling on the assessment of property value under Section 50C of the Income Tax Act. Get insights into the case of DCIT vs. Nitin Gupta.

Actual status of payment by each co-owner needs to be verified in terms of applicability of section 194IA

October 20, 2023 390 Views 0 comment Print

ITAT Raipur resorted the matter back to AO to verify the actual status of payment of consideration by each co-owner vis-à-vis applicability of provisions of section 194IA of the Income Tax Act.

Order passed u/s 143(3) quashed as notice u/s 143(2) was issued by non-jurisdictional AO

October 17, 2023 7665 Views 0 comment Print

ITAT Raipur held that AO having jurisdiction over the case passed the order u/s 143(3) of the Income Tax Act without issuing notice u/s 143(2). Accordingly, the matter quashed for want of valid assumption of jurisdiction as notice u/s 143(2) was issued by non-jurisdictional AO.

Imposition of penalty u/s. 271(1)(b) within time limit contemplated in section 275(1)(a) justified

October 16, 2023 5580 Views 0 comment Print

ITAT Raipur held that imposition of penalty u/s. 271(1)(b) of the Income Tax Act within the time period contemplated in clause (a) of sub-section (1) to Section 275, i.e six months from the end of the month in which appellate order was received is duly justified.

Confirmation of addition by CIT(A) in absence of any evidence u/s 69A justified

October 14, 2023 1401 Views 0 comment Print

ITAT Raipur held that confirmation of addition under section 69A of the Income Tax Act towards unexplained money by CIT(A) in absence of any evidence justified as assessee adopted lackadaisical approach and evaded from participating in proceedings before CIT(A).

Condonation of inordinate delay of 191 days without justifiable reason not granted

October 14, 2023 1011 Views 0 comment Print

ITAT Raipur held that condonation of inordinate delay of 191 days in filing of an appeal cannot be condoned without any justifiable reason. Accordingly, condonation not granted due to lack of sufficient cause.

Additional depreciation on heavy vehicle inadmissible when used in own business & not on hire

October 11, 2023 1830 Views 0 comment Print

ITAT Raipur held that additional depreciation under section 32 of the Income Tax Act on heavy vehicle not admissible when vehicles are used in own business and not on hire.

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