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ITAT Nagpur

Section 80P deduction allowed on interest income of Credit co-op societies from its investment with other bank

September 4, 2024 972 Views 0 comment Print

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.

Computation of income approved by assessee before CIT(A) cannot be argued against Tribunal: ITAT Nagpur

August 29, 2024 606 Views 0 comment Print

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.

Section 80IA Benefit not allowed when Income Tax return filed belatedly: ITAT Nagpur

August 26, 2024 225 Views 0 comment Print

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.

ITAT deletes section 69A addition for Income Declared under section 44AD

May 11, 2024 21039 Views 0 comment Print

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.

Income Tax penalty amount not recoverable from legal representatives of accused

April 30, 2024 10224 Views 0 comment Print

The case of Beantkaur Avtarsingh Juneja versus ITO, Nagpur, has sparked significant debate regarding recoverability of income tax penalties from legal representatives of deceased individuals accused of tax offenses.

No Section 43B(a) disallowance for Delayed Statutory liability/MVAT Discharge

April 26, 2024 1461 Views 1 comment Print

Royal Drinks Pvt Ltd Vs ITO (ITAT Nagpur) Interest liability incurred against delayed discharge of statutory liability/MVAT is entitled for deduction u/s 37(1) without subjecting it to disallowance u/s 43B(a)

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

February 14, 2024 774 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 723 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 1587 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 1080 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’.

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