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ITAT Lucknow

ITAT Criticizes Revenue's Unnecessary Appeal against CIT(A)'s Exemption u/s 26AAB despite AO already accepting claim

Kavi Priya

The Lucknow Bench of Income Tax Appellate Tribunal ( ITAT ) criticized revenue for its unnecessary appeal against the Commissioner of Income Tax...

Quantum of Disallowance made by AO Excessive and unreasonably High: ITAT Reduces Disallowance [Read...

Capital Gain Exemption u/s 54 Cannot be Denied Based on Inadvertent and Bonafide Typographical...

No Disallowance u/s 40(a)(ia) in absence of TDS Deduction on Purchase of Trade items: ITAT [Read...

Addition of Unexplained Cash based on Third-Party Statements without Opportunity for...

Profit from Sale of Agricultural Land, not a 'Capital Asset', cannot be included while computing Book Profit: ITAT [Read Order]

Income Tax Appellate Tribunal (ITAT), Lucknow bench consisting of A. D. Jain, Vice President and T. S. Kapoor, accountant member held that profit from sale of agricultural land, not a 'capital...

Accumulated amount must be invested in modes specified u/s 11(5) of Income Tax Act: ITAT [Read Order]

The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has held that accumulation of surplus amount must be invested in modes specified under subsection 5 of section 11 of the Income Tax...

Assessments in Limited Scrutiny Cases only with the Approval of Principal Commissioner: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Lucknow, held that the jurisdiction of the Assessing Officer while making assessments in Limited Scrutiny cases, by initiating inquiries on new issues has to...

Rent from Sub-Letting of Warehouse is “Other Income”: ITAT [Read Order]

The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has recently ruled that the income received by the assessee by sub-letting a property (warehouse) for commercial purpose would be taxable...

Frequent Withdrawal and Deposit of Own Money not Prohibited by Law: ITAT Deletes Addition [Read Order]

The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer cannot make an addition merely on the ground of the assessee made frequent withdrawal and deposit of his...

Surplus earned by Trust while imparting Education not Business Income: ITAT [Read Order]

The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has held that the surplus earned by the Trust by imparting education cannot be treated as business income under the Income Tax Act, 1961. ...

No Penalty if Assessee Wrongly mentioned PAN in place of TAN in TDS Challan: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Lucknow on May 2nd came into the rescue of an assessee who were penalized for mentioning PAN in place of TAN in TDS challan. The assessee, M/s Umatech,...

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