This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week from December 27, 2021 to January 1, 2022.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the Corporate Guarantee’ cannot be treated as an ‘international transaction’ for the purpose of section 92 of the Income Tax Act, 1961.
Yet another women friendly ruling was given by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) wherein it was held that Gold jewellery up to 500 grams for married women cannot be added in taxable income.
More Credit Securities Vs. ITO
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) deleted the addition on account of expenditure made by assessee company to receive Accommodation Entries.
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the Value Added Tax (VAT) expenses on deemed import eligible to be set off against the VAT output.
Vasantlal Nyalchand Kikavat Vs. DCIT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has denied exemption of Long Term Capital Gains (LTCG) earned on sale of shares, the sale proceeds added to assessee’s income along with estimated commission.
Sunandan Kumar Minocha Vs. ITO
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the assessee is eligible for Section 54 exemption in respect of the purchase of 3 different residential houses.
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