ITAT Visakhapatnam

No Penalty for Cash Sale of Immovable Property If Deposited in Bank: ITAT Visakhapatnam

Vijapurapu Sudha Rao Vs ITO (ITAT Visakhapatnam)

Read the detailed analysis of Vijapurapu Sudha Rao vs ITO case by ITAT Visakhapatnam. No penalty under section 271D for cash sale if promptly deposited in the bank....

Deduction u/s 80P(2) available to co-operative society on interest received from investment in banks

ITO Vs Yendagandhi Large Sized Co-operative Society Ltd. (ITAT Visakhapatnam)

ITAT Visakhapatnam held that cooperative society is eligible for deduction U/s. 80P(2)(a)(i) of the Income Tax Act on the interest income received from investment in banks....

Unexplained Labor Credits sustained additions as Evidence of Labor & Material Payments not produced

R.S. Pabbla Constructions Pvt Ltd Vs DCIT (ITAT Visakhapatnam)

ITAT Visakhapatnam held that addition towards unexplained labour credits sustained as assessee failed to discharge the onus casted on it and failed to produce material evidence with respect to labour payments and material payments....

Capital Gain Taxable in Year of Land Possession Granted to Developer

Yalamanchili Neelima Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that capital gain taxable in the year in which possession of land is granted to the developer vide the original development agreement and not in the year in which supplementary agreement is entered....

Limited Scrutiny: AO can’t verify cash withdrawals when permission was for cash deposit verification

Vishnu Srinivasa Rao Kakarla Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam in case of Vishnu Srinivasa Rao Kakarla Vs ITO clarifies that AO cannot travel beyond his jurisdiction to verify cash withdrawals when limited scrutiny was for verifying cash deposits....

Income treated as income from other source not to be considered for applicability of section 44AB

Krishna Educational Society Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that penalty u/s 271B of the Income Tax Act not imposable as provision of section 44AB of the Income Tax Act doesn’t apply to income that is treated as income from other sources....

Provisions of section 2(15) doesn’t apply to corpus fund donation of a charitable institution

Kakatiya Sangham Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that contributions received for charitable purpose cannot be treated as income u/s 2(24)(iia) of the Act and hence, the provision of section 2(15) do not apply to the corpus fund donations of a charitable institution....

Estimate of cost by Departmental Valuer cannot constitute concealment hence penalty u/s 271(1)(c) not leviable

Ginjala Atchiraju Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that mere estimate of cost by Departmental Valuer could not constitute material to concealment and therefore levy of penalty under section 271(1)(c) of the Income Tax Act is not valid....

Order passed without proper service of notice u/s 147/148 is liable to be quashed

Smt. Kakarla Guna Vidya Saraswathi Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that the requirement of both the issuance and service of such notice upon the assessee for the purposes of Section 147 and 148 of the Act are mandatory jurisdictional requirements. Order passed is liable to be quashed on account of non-service of notice u/s 147/148....

ITAT allows Foreign Tax Credit as ITR & Form 67 filed within extended due date

Naga Siva Kumar Kondri Vs ITO (ITAT Visakhapatnam)

Foreign Tax Credit allowable as assessee filed return of income & statement in Form-67 within due dates as extended by Finance Ministry...

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