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ITAT Lucknow

Capital Gain Exemption u/s 54 Cannot be Denied Based on Inadvertent and Bonafide Typographical Error: ITAT [Read Order]

Fathima Karama A.M

The Lucknow Bench of Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax could not be...

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...

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

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,...

Civil Contractor can’t be penalized u/s 271A of Income Tax Act: ITAT [Read Order]

Lucknow bench of ITAT recently held that Penalty u/s 271A of the Income Tax Act cannot be sustained against a Civil Contractor as he is not a person carrying on a specified profession. The bench...

Section 50C not applicable to Cold Storage Building: ITAT [Read Order]

In Laxmi Ice & Cold Storage and Income Tax Officer (ITO), the Lucknow bench of Income Tax Appellate Tribunal (ITAT) recently held that the provisions of section 50C of the Income Tax Act 1961 are...

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