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VAT Payment would not amount to Fee u/s 40(a)(iib) of Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai Bench recently in an appeal held that Value Adedd Tax payment would not amount to Fee under...

ESOP price difference between Exercise Price and Market Price are allowable Deduction: ITAT rules in...

Deduction allowable towards the delayed payment of the Employee’s contribution on PF and ESI before...

Lapse of Six Months on Penalty proceedings violation of Cash Transactions u/s 269SS: Delhi HC...

No Proper Verification of records by AO: ITAT deletes Addition on Sub-Contract Expenses [Read Order]

Weighted Deduction u/s 35(1)(ii) not allowable on Bogus Donation: ITAT [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that weighted deduction under section 35(1)(ii) of the Income Tax Act,1961 is not allowable on Bogus Donations. M/s. P.R....

Investment on Gold Proved with Bills and Vouchers: ITAT deletes Income Tax Addition [Read Order]

While deleting the Income Tax Addition, the Income Tax Appellate Tribunal (ITAT), Ahmadabad bench has held that investment on gold would not come under Total income of assesse when it is proved with...

ITAT cannot hear appeal against order passed u/s119(2)(b): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), ruled that ITAT cannot hear appeal against order passed u/s119(2)(b) of the Income Tax Act, 1961. The assessee, Bhavesh Ghanshyam Advani filed an...

No TDS can be deducted on Roaming Charges u/s 194J: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench consisting of Shamim Yahya, Accountant Member and Yogesh Kumar US, Judicial Member held that no TDS can be deducted on roaming charges under...

Training Expenses that do not result in New Income is not Capital Expenditure: ITAT [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ), held that training expenses that does not result in new income is not capital expenditure. During the relevant Assessment Year,...

CIT to Exercise Revisional Power u/s 263 only When AO's Order is Erroneous and Prejudicial to the Interest of the Revenue: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has recently, in an appeal filed before it, held that the Commissioner of Income Tax (CIT), shall exercise revisional power under section...

Deemed Valuation u/s 50 C of Income Tax Act Applicable to Seller of Property, Not to Buyers: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961 is applicable only to the seller of the property, not to the...

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