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Income Tax : ITAT Ahmedabad grants relief to Ria Zaveri Trust, ruling that excessive surcharge imposed by CIT(A) was unjustified. Decision alig...
Income Tax : Assessee had given cash to her employee who was the supervisor or the agent who in turn made payment to the sellers of the gold an...
Income Tax : Assessee submitted share valuation report which was not as per rule 11UA but valuation of shares was done as per 'Adjusted Net Ass...
Income Tax : ITAT Jodhpur ruled in favor of Arun Agarwal, allowing exemption under Section 54B for agricultural land sale, emphasizing that par...
Income Tax : ITAT, by going through established precedents, held that AO had not recorded any dissatisfaction with assessee’s voluntary disal...
ITAT Ahmedabad grants relief to Ria Zaveri Trust, ruling that excessive surcharge imposed by CIT(A) was unjustified. Decision aligns with legal precedents.
Assessee had given cash to her employee who was the supervisor or the agent who in turn made payment to the sellers of the gold and therefore the same would not fall within the scope of section 40A(3) in view of the decision of Hon’ble Calcutta High Court in the case of S.K. Joynal Abedin v. CIT.
Assessee submitted share valuation report which was not as per rule 11UA but valuation of shares was done as per ‘Adjusted Net Asset Method and as per ‘future earning analysis.
ITAT Jodhpur ruled in favor of Arun Agarwal, allowing exemption under Section 54B for agricultural land sale, emphasizing that partial agricultural use is sufficient.
ITAT, by going through established precedents, held that AO had not recorded any dissatisfaction with assessee’s voluntary disallowance, nor had he provided any basis for invoking Rule 8D
The TPO, however, was not satisfied with the process of computation of PLI made by the Assessee. Accordingly, the TPO has treated the expenses incurred by the foreign AE as part of the operating expenses.
It was held that transactions and FAR of assessee were similar to AY 2021-22 and as per the records brought to our notice, there was no change in the activities carried out by assessee in the current assessment year and subsequent assessment years.
In the recent ruling HC of Telangana have held that assessee is eligible to claim capital gain after observing that the possession of the immovable property has not been handed over to the developer as contemplated u/s 53A of the Transfer of the Property Act, 1882.
In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after considering that assessee didnot submit proper documents before lower authorities.
ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resolution (MAP) as decided by competent authority of India & USA. Accordingly, appeal allowed partially.
