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Cost of New Property has to be Assessed as per Collaboration Agreement for Exemption u/s 54: ITAT [Read Order]

Yogitha S. Yogesh

The Income Tax Appellate Tribunal (ITAT) of Delhi bench has held that the cost of new property has to be assessed as per collaboration agreement for...

Corpus Donations Received by Unregistered Trusts are not Taxable unless Verified: ITAT [Read Order]

Deduction u/s 80P(2)(d) available to Income of Co-operative Society: ITAT [Read Order]

ITAT upholds Revision Order due to Non-Compliance with ALP Determination Requirement [Read Order]

No addition can be made on amount debited to “Employees Share Option Scheme” for benefit of...

ITAT Invalidates Reassessment as Notice u/s 143(2) Not Issued Within Time Limit" [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) recently invalidated the reassessment proceedings as notice under Section 143(2) not issued within prescribed time limit. The assessee...

ITAT deletes Addition and Penalty u/s 271(c) on Estimated Income [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted the addition and penalty under section 211(c) of the Income Tax Act 1961, on estimated income. An application...

Meritorious Case cannot be Thrown out at Threshold, When Proper Documents are Produced: ITAT [Read Order]

The Hyderabed Bench of Income Tax Appellate Tribunal (ITAT) has held that a meritorious case could not be thrown at threshold when proper documents are produced. Assessee Narasimha Rao Venkata...

ITAT Orders Re-Adjudication as VAT Liability and EPF Amount Deposited on Time u/s 263 [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently ordered for re adjudication as vat liability and EPF amount deposited on time under Section 263 of the Income Tax Act 1961. ...

Depreciation Claim u/s 32 Requires Fixed Assets to be used for Business Purposes: ITAT [Read Order]

The Bench of the Income Tax Appellate Tribunal (ITAT) recently held that the claim for depreciation under Section 32 of the Income Tax Act requires the fixed asset to be used for business purposes. ...

Addition u/s 50C of Income Tax Act based on SVA's Overvaluation of Capital Gain Sale Consideration : ITAT directs Readjudication [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) recently directed a readjudication due to an addition under Section 50C of the Income Tax Act, 1961. This addition was based on the...

Assessee’s Non-Compete Fee Payment for Business Purpose Considered as Revenue Expenditure: ITAT

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that the payment of non-competition fee for business purpose is considered as revenue expenditure. The Assessee ...

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