This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week from January 17 to January 22, 2022.
Thought Works Technology Vs. DCIT
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has confirmed the disallowance on ground of non-payment of TDS on hire charges paid for the leasing of equipment.
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT), while allowing deduction to the assessee, M/s BI Worldwide India Pvt. Ltd, held that the latest amendment to section 36(1)(va) and 43B of Income Tax Act, 1961 as per the Finance Act, 2021 has prospective effect only.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted addition on account of deemed dividend as no question of treating amount withdrawn by assessee as partner in nature of loan.
Vijay Kumar Maheshwari Vs. DCIT
The Income Tax Appellate Tribunal (ITAT), Jaipur Bench deleted additions made on account of unexplained jewellery as valuation report contained details of individual jewellery items available on record.
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted transfer pricing adjustment pertaining to import of Minipress for trading purposes.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer to work out disallowance under section 14A on the basis of investments yielding dividend.
In a major relief to Punjab & Sind Bank, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance of depreciation on securities.
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