ITAT Judgments - Page 12

Franchise fee paid by KKR to BCCI-IPL is revenue expenditure

M/s Knight Riders Sports Private Limited Vs. ACIT (ITAT Mumbai)

Payment of Franchise Fee by Kolkata Knight Riders to the Board of Control for Cricket in India (BCCI) would constitute revenue expenditure for the purpose of allowing Income tax deduction, said Mumbai ITAT. ...

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Penalty U/s. 271C cannot be imposed for updation error in software

State Bank of India Vs. Addl. CIT-(TDS) (ITAT Agra)

Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed....

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Sec. 292 cannot cure mistake of sending notice in the Name of Deceased Assessee

ITO Vs. Late Sh. Ram Kumar (ITAT Delhi)

ITO Vs. Late Sh. Ram Kumar (ITAT Delhi) It is observed from the assessment order passed by Ld. AO that Ld. AO was well informed regarding the demise of assessee. He was supposed to bring the legal heirs on record as per the details submitted before him during assessment proceedings itself. Once the non-existence of […]...

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Amount paid to RMCs for Foreign Currency Purchase cannot be treated as Commission liable to TDS

DCIT Vs. M/s. Cox & Kings (I) Ltd. (ITAT Mumbai)

DCIT Vs. M/s. Cox & Kings (I) Ltd. (ITAT Mumbai) Assessee has a foreign exchange division approved by the RBI and is authorized to buy foreign exchange and travelers cheques from RMCs and others and sell them to persons in need of them. RMCs are also authorized by RBI to buy foreign currency from non […]...

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Late Fee U/s. 234E for TDS Default Committed prior to 01/06/15 not leviable: ITAT

Sh. Rajesh Kumar Kukreja Vs. DCIT (TDS) (ITAT Delhi)

The Income Tax Appellate Tribunal in its recent order deleted late Fee levied on ground of TDS default since it is committed prior to 1st June 2015. ...

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TDS not required to be deducted on estimation of expenses

Apax Partners India Advisers (P.) Ltd. Vs. Dy. CIT (ITAT Mumbai)

Learned Counsel submitted that assessee is not required to deduct tax at source on estimation of expenses i.e. for the provision made for expenses, tax deduction is not required. For this proposition, learned Counsel placed reliance upon case law from Aditya Birla NUVO Ltd. v. Dy. CIT [IT Appeal No. 8427 (Mum.) of 2010, date 17-9-2014]....

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Posted Under: Income Tax |

Interest income on NPA cannot be recognized unless received

Trade link Securities Ltd. Vs. Income Tax Officer (ITAT Kolkata)

The Income Tax Appellate Tribunal in its recent order ruled that no additions can be made since interest has accrued to the assessee but has not been realized. ...

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Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore)

Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

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Concealment of income & furnishing of inaccurate particulars are distinct and separate charge

Sachin Arora Vs. ITO (ITAT Agra)

Where in the assessment order, penalty proceedings have been initiated mentioning a specific charge and in the accompanying notice, the assessee is called upon to furnish his explanation in respect of both the charges, the notice obviously suffers from either non-application of mind or diffidence on the part of the AO....

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Addition in the hand of company cannot be made for items belonging to directors which was duly proved with Supporting Evidences

Bagaria Properties & Investment Pvt. Ltd. Vs. ITO (ITAT Kolkata)

The Income Tax Appellate Tribunal in its recent order ruled that addition made under the Income Tax Act, 1961 solely on the basis of confessional statement without any supporting evidence is Invalid. ...

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