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ITAT Visakhapatnam

Latest Posts in ITAT Visakhapatnam

Addition based on third-party diary notations without corroboration invalid

May 15, 2025 1095 Views 0 comment Print

ITAT Visakhapatnam dismisses Revenue’s appeal, rules addition based solely on third-party diary notations without corroboration invalid.

Voluntary Contributions for Specific Purpose Not Income Under Section 2(24)(iia)

May 14, 2025 672 Views 0 comment Print

ITAT rules corpus donations to a society are capital receipts, not taxable income, regardless of 12AA registration, citing judicial precedents.

No Section 270A Penalty for Delay in Filing Form 67 if no Misreporting of Income

May 2, 2025 285 Views 0 comment Print

ITAT Visakhapatnam rules no penalty for late Form 67 filing when foreign tax payment is genuine; upholds CIT(A) decision against Revenue.

Section 271(1)(c) Penalty Invalid if AO Omits Specific Reason for Imposition

March 18, 2025 561 Views 0 comment Print

ITAT Visakhapatnam sets aside penalty on Malla Appalaraju under Section 271(1)(c) due to a defective notice, ruling it void ab initio.

No Section 271(1)(c) Penalty on Voluntary Income Disclosure: ITAT Visakhapatnam

March 13, 2025 951 Views 0 comment Print

ITAT Visakhapatnam ruled no penalty for voluntary income disclosure post-survey, rejecting AO’s concealment claims.

Section 14A Explanation Applies Prospectively from 01/04/2022, Not Retrospectively

March 8, 2025 264 Views 0 comment Print

Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier assessment years.

ITAT Grants Section 54F Exemption Despite Non-Deposit in Specified Account

February 14, 2025 2850 Views 0 comment Print

Visakhapatnam ITAT allowed a Section 54F capital gains exemption, even though the assessee didn’t deposit the sale proceeds in a specified account. The tribunal cited beneficial interpretation of the provision and the assessee’s investment in a new property.

Exemption Under Section 54F Allowed Even If Claimed Post section 148 notice

February 1, 2025 945 Views 0 comment Print

ITAT Visakhapatnam rules exemption under Section 54F can be claimed even if made after a notice under Section 148 of the Income Tax Act.

ITAT Disallows Depreciation due to lack of Machinery Installation Proof

January 14, 2025 696 Views 0 comment Print

Visakhapatnam ITAT ruled against depreciation claims for uninstalled machinery by ACIT vs Mithra Kyokuto, citing lack of operational evidence for A.Y. 2012-13.

First Day Excluded; One-Day Delay Not Considered Delay in Filing: ITAT Visakhapatnam

January 11, 2025 2745 Views 1 comment Print

ITAT restores gratuity addition matter to CIT(A) in Vaddadi Madhusudana Rao’s appeal despite 1-day delay in filing the appeal.

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