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Inturi Rama Rao

ITAT Deletes ₹6.55 Lakh Disallowance u/s 40A(3) as Payments Were Related to Capital Assets, not Revenue Expenses [Read Order]

Sneha Sukumaran Mullakkal

The Cochin Bench of Income Tax Appellate Tribunal (ITAT) deleted a disallowance of ₹6.55 lakh under section 40A(3) of Income Tax Act,1961, holding...

Trust Charging Fees Alone Does Not Attract Proviso to S. 2(15): ITAT Remands S. 11 Exemption Denial...

ITAT sets aside Addition of Rs. 45.74 Lakh Cash Deposit during Demonetisation, Remands matter for...

Income Tax Annual Digest 2024: ITAT Cases [Part 14]

ITAT directs to Examine allowability of claim for Deduction of Service Tax made during Assessment...

Interest Expenditure incurred on Capital allowable as Deduction u/s 24 of Income Tax Act, not part of Cost Acquisition: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Interest expenditure incurred on capital allowable as deduction under Section 24 of Income Tax Act 1961 and not part of cost...

Payment of Money to Retiring Partner is Capital Expenditure : ITAT Reverses CIT(A) Order [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that the amount paid to the retiring partner in terms of settlement arrived at between two partners for giving up his interest in the...

Monthly Rent paid by Company cannot be Allowed as Expenditure as Flat was Never Used for Business Purpose: ITAT [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has held that the monthly rent paid by the company could not be allowed as expenditure, finding that the flats were never used for business...

Co-operative Society Not Eligible to Claim 80P Deduction If Income Tax Return was not filed within Due Date: ITAT [Read Order]

The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently held that if income tax return was not filed within due date the co-operative society was not eligible for claiming deduction under...

SOP Issued by CBDT shall be followed while Making Addition in respect of Cash Deposits During Demonetization: ITAT [Read Order]

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the standard operating procedure ( SOP ) issued by the Central Board of Direct Tax ( CBDT ) should be followed while making...

Education Cess including Secondary and Higher Secondary Education Cess is not allowable as a Deduction: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the education Cess including secondary and higher secondary education cess is not allowable as deduction. CC Engineers Pvt....

ITAT quashes Revision Order of Pr CIT as prima facie evidence for claiming Exemption u/s 54B proved [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench consisting of Inturi Rama Rao, Accountant Member, and S S Viswanethra Ravi quashed the revision order of Principal Commissioner of Income Tax...