ITAT Visakhapatnam

Assessee is entitled to deduction for payment of gratuity to LIC

The District Co-operative Central Bank Vs. ITO (ITAT Visakhapatnam)

In the instant case the assessee has made the payments to the LIC towards group gratuity scheme directly in approved schemes. The assessee has also obtained the policy in favor of the bank. The assessee has no control over the funds contributed to LIC towards the gratuity. ...

Read More

Wealth Tax: Non striking irrelevant column in notice issued u/s 18(1)(c) renders notice invalid

T.S.Kalyana Chakravarthy Vs Dy.Director of Wealth Tax (ITAT Visakhapatnam)

The Ld.CWT(A) should have struck off the irrelevant column and made known the assessee by mentioning for which reason the penalty was initiated. Penalty u/s 18(1)(c) of WT Act are parimateria to Income Tax Act 271(1)(c). As per settled case laws non striking the irrelevant column in the notice issued u/s 18(1)(c) renders the notice invali...

Read More

Mere Material found during survey not gives any authorization to AO to make assessment U/s. 153C & 153A unless the same evidences Income understatement

Supraja’s Sandy Lane Bar & Restaurant Vs. ACIT (ITAT Visakhapatnam)

Supraja’s Sandy Lane Bar & Restaurant Vs. ACIT (ITAT Visakhapatnam) As per 153C of Income Tax Act for invoking jurisdiction, there must be incriminating material found and seized during the course of search in form of money, bullion, jewellery or the evidences indicating the inflation of e expenditure or undisclosed investments or s...

Read More

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. ...

Read More

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...

Read More

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...

Read More

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....

Read More

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...

Read More

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 ...

Read More

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 ...

Read More
Page 1 of 512345

Browse All Categories

CA, CS, CMA (3,651)
Company Law (3,706)
Custom Duty (6,858)
DGFT (3,607)
Excise Duty (4,105)
Fema / RBI (3,406)
Finance (3,623)
Income Tax (26,750)
SEBI (2,837)
Service Tax (3,328)