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ITAT Indore

Physical Cash found during Survey is Residual Amount of Cash Withdrawn from Firm against Imprest Account for Expenses: ITAT deletes Addition [Read Order]

Aparna. M

The Indore bench of Income Tax Appellate Tribunal (ITAT) has recently held that physical cash found during survey is residual amount of cash...

Provision of Section 269SS/269T of IT Act not applicable if AO found no Explanation Regarding Source...

Absence of Seller before AO not Ground to Allege Unexplained Investment: ITAT Deletes Addition u/s...

Relief to Idea, No TDS on Discount to Distributors on sale of SIM Card and Prepaid Recharge...

No TDS u/s 194H of IT Act applicable on amount paid to Distributors/Dealers for Sale of Pre-paid SIM...

Re-Assessment u/s 147 of Income Tax Act cannot be invoked to make Protective Addition: ITAT [Read Order]

The Indore Bench of the Income Tax Appellate Tribunal (ITAT), ruled that the Re-Assessment under Section 147 of Income Tax Act, 1961 cannot be invoked to make a Protective Addition. The Assessing...

Revision Order cannot be based on Mere Change of Opinion: ITAT [Read Order]

The Indore Bench of Income Tax Appellate Tribunal ( ITAT ) held that the revision order cannot be based on a mere change of opinion. Smt. Anupama Asawa, the assessee's income tax return for the...

Bank Charges paid for Obtaining Loan is Revenue Expenditure: ITAT [Read Order]

The Indore bench of Income Tax Appellate Tribunal (ITAT) recently held that bank charge paid for obtaining loan was revenue expenditure. Assessee Supreme Auto (India) Pvt. Ltd. filed return of...

“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]

The Indore bench of Income Tax Appellate Tribunal ( ITAT ) recently held that in case of “loan given” Penalty under section 271D Income Tax Act 1961 would be invalid. The fact of the case is that...

Issuance of Notice u/S 143(2) Should be Within Statutorily Prescribed Time Limit: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Indore Bench, has recently in an appeal filed before it, held that the issuance of notice u/s 143(2), should be within the statutorily prescribed time...

TDS on Net Salary is Permissible under Income Tax Act: ITAT deletes Income Tax Addition [Read Order]

The Indore bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the deduction of TDS on net salary instead of gross salary is permissible under the Income Tax Act, 1961. The assessee,...

Sale Deed was Completed by Proper Registration: ITAT confirms Income Tax Addition on LTCG [Read Order]

The Income Tax Appellate Tribunal (ITAT), Indore Bench confirmed Income Tax Addition on Long Term Capital Gain (LTCG), as sale deed was completed by proper registration. The assessee, Ambesh...

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