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ITAT Raipur

Section 10(23C)(iiiab) exemption not available to society not substantially financed by government

October 6, 2023 4422 Views 0 comment Print

ITAT Raipur held that assessee-society not being wholly and substantially financed by the government is not entitled for claiming exemption under Section 10(23C)(iiiab) of the Income Tax Act, 1961.

Reopening of completed assessment beyond four years unjustified as material facts fully and truly disclosed

October 5, 2023 756 Views 0 comment Print

ITAT Raipur held that reopening of completed assessment beyond four years without failure on the part of the assessee to fully and truly disclose all the material facts is unjustified and liable to be quashed.

Deduction u/s 80P(2)(d) available to cooperative society in respect of dividend received on shares of cooperative banks

September 16, 2023 1374 Views 0 comment Print

ITAT Raipur held that cooperative society is entitled for claiming deduction u/s. 80P(2)(d) of the Income Tax Act in respect of dividend received on shares of cooperative banks.

Disallowance Under Section 40(a)(ia) valid for Non-TDS on NBFC Interest

September 9, 2023 13833 Views 0 comment Print

Analyzing the case of Sanjay Bajpai Builders Vs ACIT and the ITAT Raipur’s ruling on disallowance u/s 40(a)(ia) of the Income Tax Act for failure to deduct TDS on interest to NBFCs.

Penalty imposed u/s 270A is appealable before CIT(A)

September 7, 2023 8409 Views 0 comment Print

ITAT Raipur held penalty imposed u/s. 270A of the Income Tax Act clearly falls within the realm of orders appealable before the CIT(Appeals) u/s. 246A of the Income Tax Act.

Revision u/s 263 justified as AO grossly failed to verify nature and source of transaction

September 5, 2023 546 Views 0 comment Print

ITAT Raipur held that revisionary jurisdiction under section 263 of the Income Tax Act rightly invoked as there is a gross failure on the part of the A.O to verify the nature and source of the cash deposits.

TCS Provisions applicable on amounts received from illegal miners/ transporters

July 30, 2023 2394 Views 0 comment Print

Explore ITAT Raipur’s verdict on tax collection by District Mining Officer (DMO). Understand the implications of not collecting tax at source (TCS) on compounding fees from illegal miners/transporters. Analysis of Section 206C(1C) and obligations under the Income Tax Act.

Addition of unexplained investment unsustained on failure to establish that society was benamidar of assessee

July 30, 2023 1215 Views 0 comment Print

ITAT Raipur held that addition towards unexplained investment unsustainable as AO failed to place on record any material which would conclusively establish that the said society was a benamidar of the assessee. Accordingly, addition based on bald allegation couldn’t be accepted.

Demerger: Depreciation is allowed on WDV Based on Consideration Paid

July 30, 2023 1617 Views 0 comment Print

ITAT Raipur held that assessee company was entitled for depreciation on WDV on consideration that was paid by it and not on WDV that was lastly shown by CSEB, before its disintegration.

Trust Registration Depends on Charitable Objects, Not Activities: ITAT

July 28, 2023 888 Views 0 comment Print

ITAT Raipur quashes CIT(E)’s rejection of registration u/s 12AA for Agrasen Jan Kalyan Trust. The appeal highlights that activities should not decide registration, but rather the charitable objects.

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