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ITAT Nagpur

Latest Posts in ITAT Nagpur

Once liquidation order has been passed no suit or legal proceedings can be instituted: ITAT Nagpur

November 26, 2024 285 Views 0 comment Print

ITAT Nagpur held that when a liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the corporate debtor. Thus, IBC Code will override anything inconsistent contained in any other enactment, including Income Tax Act.

Capital subsidy to be reduced while computing book profit u/s. 115JB: ITAT Nagpur

November 22, 2024 669 Views 0 comment Print

Held that the capital subsidy should be reduced for computation of book profit. Particularly in view of the excruciating fact that reduction of subsidy from written down value was accepted by the Assessing Officer and he did not tinker with the amount of depreciation claimed.

Addition u/s. 69A quashed as nature and source of deposit clearly established: ITAT Nagpur

November 14, 2024 663 Views 0 comment Print

ITAT Nagpur held that the addition made under section 69A of the Income Tax Act towards unexplained money is liable to be quashed since the nature and source of deposit is clearly established.

Deduction u/s 80P(2)(a)(i) was allowable on interest income from surplus funds in Bank Deposits

October 17, 2024 525 Views 0 comment Print

Interest income from bank deposits is eligible for deduction under Section 80P(2)(a)(i) as the funds in the voluntary reserves which were utilized for investment by the co-operative banks were the funds generated from the banking business.

Mere change of opinion on the part of AO is not a valid ground for reassessment

October 6, 2024 390 Views 0 comment Print

The ITAT Nagpur discusses capital gains tax implications in ACIT Vs KSR Transport, highlighting issues in assessment and re-assessment procedures.

No Section 40(a)(ia) disallowance for delayed Form 15G & 15H submission

October 6, 2024 441 Views 0 comment Print

The ITAT Nagpur overturned an income tax disallowance in Ghalani’s case due to late filing of Form 15G/H, citing valid legal grounds.

No penalty for higher gratuity exemption claim due to misunderstanding of law

October 6, 2024 396 Views 0 comment Print

ITAT Nagpur quashed the penalty on Ravindra Kharche, finding no misreporting of income due to bona fide claims regarding gratuity exemption.

AO not Obliged to Rectify Under Section 154 Without Clear Data: ITAT Nagpur

October 1, 2024 459 Views 1 comment Print

Nagpur ITAT finds no obligation for rectification under Section 154 if clear data is missing in Hariom Biotech Agri Farming Vs DCIT case.

TDS order passed beyond four-year time limit u/s 201(1) was Invalid

September 30, 2024 1410 Views 0 comment Print

AO passed TDS order issued for non–deduction of TDS and interest thereon u/s 201(1) and 201(1A) was beyond the four-year limit and the same was barred by limitation under section 201(1) was invalid.

Jurisdiction for Section 153A assessment unwarranted without incriminating material

September 5, 2024 369 Views 0 comment Print

ITAT Nagpur rules no additions in Faiz Zakir Vali case, as no incriminating materials were found during search despite unabated assessment.

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