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PCIT Fails to Mention as to How Assessment Order was Erroneous and Prejudicial to Interest of Revenue: ITAT sets aside Order issued u/s 263 [Read Order]

Taxscan Team

The Delhi Bench of Income Tax Appellate Tribunal has held that Principal Commissioner of Income Tax (PCIT) fails to mention as to how assessment...

Cessation of liability u/s 41(1) not charged, even absence of write-off of outstanding liabilities...

Revision u/s 263 not fulfilled Conditions: ITAT sets aside Order as there is No Prejudice to...

Subsidy received by Assessee under Package Scheme of Incentives is a Capital Receipt and Not...

Gift from Mother: ITAT deletes Penalty since AO does not examine the Veracity of Affidavit filed by...

Purchase of 120 Computers by Publishers cannot be said for ‘Personal Use’: ITAT allows Depreciation [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has allowed a depreciation claim under section 32 of the Income Tax Act, 1961 by observing that the purchase of 120 computers by the...

TDS u/s 194H not applicable to Commission to Credit Card Company: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that TDS under section 194H of the Income Tax Act, 1961 is not applicable to the amount of commission paid to a credit card company. ...

No New Evidence furnished to Establish Genuineness of Gift Received: ITAT upholds Addition made u/s 68 [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal has held that no new evidence was furnished to establish the genuineness of the gift received and upheld the addition made u/s 68 The assessee,...

Relief to KLM Royal Dutch Airlines: Profits from Providing Technical Services to other Airlines is Covered under DTAA and Not Liable to Tax in India, rules ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) upholds decision CIT (A) and held that profits from providing technical services to other airlines is covered under Double Taxation Avoidance...

Revisional jurisdiction can be invoked for Lack of enquiry by Assessing Officer: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), comprising Shri Om Prakash Kant AM and M S Kavitha Rajagopal, JM has held that lack of enquiry by the assessing officer invokes the...

Interest Free Loans cannot be treated as Deemed Dividends u/s 2(22)(e): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi comprising Shri Saktijit Dey, JM and DR. B.R.R. Kumar, AM has held that the interest-free loans cannot be treated as deemed dividends u/s2(22)(e)...

Retired Army Officer kept Cash to Meet Medical Emergencies: ITAT deletes Addition for Cash Deposit during Demonetization [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Bangalore bench has deleted an addition of around 7 lakhs on account of cash deposit during demonetization against the assessee, a...

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