The ITAT Nagpur discusses capital gains tax implications in ACIT Vs KSR Transport, highlighting issues in assessment and re-assessment procedures.
The ITAT Nagpur overturned an income tax disallowance in Ghalani’s case due to late filing of Form 15G/H, citing valid legal grounds.
ITAT Nagpur quashed the penalty on Ravindra Kharche, finding no misreporting of income due to bona fide claims regarding gratuity exemption.
Nagpur ITAT finds no obligation for rectification under Section 154 if clear data is missing in Hariom Biotech Agri Farming Vs DCIT case.
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.
ITAT Nagpur rules no additions in Faiz Zakir Vali case, as no incriminating materials were found during search despite unabated assessment.
Accordingly, the interest on deposits would qualify for deduction under the said section. Appellant Cooperative society is entitled for deduction u/s 80P as claimed in the return.
ITAT Nagpur held that once the computation of income is approved by the assessee before CIT(A) the same cannot be argued against the Tribunal. Accordingly, computation of income directed by CIT(A) upheld.
ITAT Nagpur held that once the return of income has been filed belatedly, no benefit under section 80IA of the Income Tax Act is allowed. Accordingly, deduction u/s. 80IA disallowed.
Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance of books of account, section 69A was not applicable.
