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ITAT Nagpur

Latest Posts in ITAT Nagpur

Income Tax Dues Not in Resolution Plan extinct upon Plan Approval: ITAT Nagpur

February 14, 2024 333 Views 0 comment Print

Nagpur ITAT reaffirms that ITR claims not in resolution plans are extinguished upon approval, guiding taxpayers through corporate insolvency proceedings.

Non-Filing of AIR Due to Lack of Awareness is Reasonable Cause: Section 271FA penalty deleted

September 11, 2023 630 Views 0 comment Print

Explore the case of Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. vs. DIT where penalty under Section 271FA for non-filing of AIR was deleted due to reasonable cause.

No Section 271AAB Penalty if Initiation not based on Undisclosed Income Found during search

August 4, 2023 1071 Views 0 comment Print

An examination of section 271AAB penalty when no undisclosed income is found during search actions. Discover how ITAT Nagpur ruled on this critical tax law issue.

Land held as investment is assessable to tax under the head ‘capital gain’

July 21, 2023 588 Views 0 comment Print

ITAT Nagpur held that the assessee is undoubtedly entitled to hold two different portfolios in respect of the same kind of asset i.e. stock in trade and investment. Since, the land was held as investment the same is assessable to tax under the head ‘capital gain’.

Section 40A(3) Disallowance not applicable on cash payment to MSEDCL

January 18, 2023 2631 Views 0 comment Print

MSEDCL is a State under Article 12 of Constitution and cash payments made to its franchise/agent is covered under Rule 6DD(b). Therefore, disallowance under Section 40A(3) is not justified.

ITAT quashes section 271(1)(c) penalty as VAT was paid before due date of return

June 27, 2022 216 Views 0 comment Print

Ganesh Jagannath Choukse Vs ACIT (ITAT Nagpur) This appeal is filed by the Assessee against the order of Learned Commissioner of Income Tax (Appeals)-1, Nagpur, [“Ld. CIT(A)”, for short], dated 29/05/2017 for Assessment Year 2012-13. 2. The brief facts of the case are that the Assessee has filed return on, 15.05.2013 declaring income of Rs.15,83,910/-. […]

Cash Payment cannot be treated as payment to single person merely for consolidated payments to group leader

June 27, 2022 1431 Views 0 comment Print

Explore the details of Rahul Udyog’s appeal against ITO, focusing on TDS disallowance and business expenses. Analysis of Hamali, Jalau Lakdi, Bardana expenses, and interest disallowance.

Letting out being primary intention, income taxable under house property

June 25, 2022 1131 Views 0 comment Print

Held that we are of the considered view that the predominant intention of entering into these agreements is letting out of the property and not provision of any independent services.

Non- Deduction of TDS: No Addition if deductee included income in ITR

June 23, 2022 1035 Views 0 comment Print

Sh. Nandkishore Bhikamchand Rathi Vs ITO (ITAT Nagpur) The assessment order passed by disallowing an amount of Rs.5,18,596/- on the ground that the assesse has not followed the provision of Section 194A r.w.s. 40(a)(ia) of Income Tax Act, 1961. ITAT find both the CIT(A) and the AO have not examined as to whether or not […]

Section 263: ITAT explains five steps “Queen Principle”

May 9, 2022 1740 Views 0 comment Print

Akola Janta Commercial Co-Op Bank Ltd. Vs ACIT (ITAT Nagpur) A plain reading of Section 263 makes it clear that, the precondition to exercise revisionary jurisdiction by the PCIT/CIT suo moto under it, is that the order of AO is erroneous insofar as it is prejudicial to the interests of the revenue is concern. Consequently, […]

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