ITAT Visakhapatnam

Remuneration mutually agreed between partners is allowable if partnership deed permits the same subject to limit u/s 40(b)

The ACIT Vs. M/s Sri Navodaya Granite Industries (ITAT Visakhapatnam)

Visakhapatnam bench of Income Tax Appellate Tribunal (ITAT) recently held that remuneration paid to partner cannot be disallowed since there is a clause existing in the partnership deed which specified the exceeding limit. ...

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Interest on fund temporarily parked in short term deposits is taxable as business income

ACIT Vs M/s. Agri Gold (ITAT Visakhapatnam)

ACIT Vs M/s. Agri Gold (ITAT Visakhapatnam) During the assessment year, the assessee has received the interest of Rs.  7,43,76,762/- and offered it under the business income. The said practice of offering the interest income under the head business income was followed by the assessee for the last so many years, which was accepted by [&he...

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Payment made towards purchase of flat cannot be treated as deemed dividend

DCIT Vs Smt. Sriram Satyavathi (ITAT Visakhapatnam)

DCIT Vs Smt. Sriram Satyavathi (ITAT Visakhapatnam) The fact that the company M/s. Vijetha Constructions has taken the advances for sale of flats was substantiated by the registered sale agreements. The same cheque No. and the dates were mentioned in the promissory note and the sale deeds which fortifies the assessee’s contention that t...

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No penalty for Failure to deduct TDS due to Wrong Classification of Payments

M/s P.S.R. Associates Vs. JCIT (ITAT Visakhapatnam)

In the instant case, the tax has not deducted the TDS due to wrong classification of the payments made which was included under the heading ‘purchases’ and the purchases do not attract the TDS, whereas the sub contract payments attract TDS....

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Approval u/s 80G(5) cannot be denied at initial stages for not undertaking any activity or Substantial Activity

Mattapalli Chalamayya Charitable Trust Visakhapatnam Vs CIT (ITAT Visakhapatnam)

Mattapalli Chalamayya Charitable Trust Visakhapatnam Vs CIT (ITAT Visakhapatnam) If the activities of the trust are genuine, at the stage of commencement of institution, registration has to be granted automatically and claim u/s 80G of the Act can be followed with grant of registration. Ld. Commissioner (Exemptions) did not reject the req...

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Addition for non TDS deduction not justified if form 15G been obtained

Sri Nidamanuri Nageswara Rao Korukonda Vs. ITO (ITAT Visakhapatnam)

Though the amount was credited to her account in the books of accounts of the assessee, the payment was not made to her and before making the payment and filing the return of income, the assessee had obtained the form 15G and forwarded to the Ld. CIT. Since the recipient was not having taxable income, obtaining form 15G before making the ...

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Notice U/s. 148 Issued during pendency of assessment proceedings is invalid

Medapati Venkayamma Vs. ITO (ITAT Visakhapatnam)

The assessing officer issued notice under section 148 for reassessment, during the pendency of assessment proceedings by issue of notice under section 148 which is bad in law and cannot be sustained ...

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Donation received for specific purpose cannot be regarded as income u/s 2(24)(iia)

Touching Heart Ministries Vs. Income Tax Officer (ITAT Visakhapatnam)

Touching Heart Ministries Vs. ITO (ITAT Visakhapatnam) In the instant case, the donations were received for specific purpose for acquiring the fixed assets. This is evidenced by the letters placed before us from the donors. The funds are not freely available to the assessee society, for utilizing its objectives other than acquiring specif...

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S.43B(f): provision for future leave encashment allowable in year of payment

M/s. Rashtriya Ispat Nigam Ltd. Vs. JCIT (OSD) (ITAT Visakhapatnam)

M/s. Rashtriya Ispat Nigam Ltd. Vs. JCIT (OSD) (ITAT Visakhapatnam) The assessee company has created a provision under the head ’Future Leave Encashment’. During the course of assessment proceedings, the assessee company was asked to explain how the amount debited towards the provision for future leave encashment can be allowed as ded...

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AO cannot treat activities of Trust as business without examining the same

ACIT (Exemptions) Vs. The Andhra Cricket Association (ITAT Vishakhapatnam)

ACIT (Exemptions) Vs. Andhra Cricket Association (ITAT Vishakhapatnam) The assessee is receiving grants from BCCI partly as reimbursements for various tournaments conducted by the assessee. The assessee has already constructed a stadium at Visakhapatnam suitable for conducting ‘test matches‘. During the year under consideratio...

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