12 ViewsThe ITAT, Chennai in R. Muthukumar v. Deputy Commissioner of Income Tax [ITA No.: 3090/Chny/2019 dated February 15, 2023 has upheld the findings of the Appellate Authority and held that, there is no error in the reasons given by the Appellate Authority to sustain the additions towards the cash seized during the course of […]
Application of GAAR Provisions cannot be a ground for denial of Tax benefit under India- Singapore DTAA
14 ViewsThe ITAT, New Delhi in Reverse Age Health Services Pte Ltd v. DCIT [ITA No.1867Del/2022 dated February 17, 2023] has directed the Revenue Department to delete the disallowance of Short Term Capital Gains (“STCG”) and allow the benefit of the provisions of an India- Singapore Double Taxation Avoidance Agreements (“DTAA”) to the assessee on […]
Deemed rent not applicable on unsold flats by builder treated as stock-in-trade
15 ViewsThe ITAT, Pune in Pride and Expert Properties Pvt. Ltd. v. ACIT [ ITA No.860/PUN/2022 dated February 14, 2023] has held that the order passed by the Appellate Authority, confirming the view of the Revenue Department is not justified on the grounds that the assessee had treated its unsold flats as stock-in-trade, thereby implying, […]
Exemption of LTCG cannot be denied on residential property acquired by other than sale deed
54 ViewsThe ITAT, New Delhi in ACIT v. Sh. Sanjay Choudhary [ITA No.1274/Del/2020 dated January 23, 2023] has affirmed the decision of the Appellate Authority holding that the exemption claimed under Section 54F of the Income Tax Act, 1961 (“the IT Act”) would be granted to the assessee on its residential properties and assessee cannot […]
Credit of TDS to be allowed for salaries even if the same is not deposited with the exchequer
69 ViewsThe ITAT, Pune in Mukesh PadamchandSogani v. ACIT, [ITA No.29/PUN/2022 dated January 30, 2023] has overturned the order passed by the Revenue Department for disallowing the Tax Deducted at Source (“TDS”) to be provided to the assessee for the income under the head ‘salaries’. Held that, the requirement is only for the amount of […]
Penalty not leviable if there is reasonable cause for failure to get accounts audited
27 ViewsThe ITAT, Chennai in the Assistant Commissioner of Income Tax, v. Haneefa Sahib Shajahan,[I.T.A. No.931/Chny/2022 dated January 24, 2023] has upheld the decision of the Appellate Authority, deleting the penalty levied for failure to get accounts audited as per Section 271B of the Income Tax Act, 1961 (“the IT Act”) and for filing tax […]
No penalty can be levied if income already taxed in the hands of another entity
31 ViewsThe ITAT, Ahmedabad in Amitkumar Hasmukhbhai Shah v. Deputy CIT [ITA Nos. 517 & 518/Ahd/2019 dated January 18, 2023] has set aside the penalty, for alleged concealing the particulars of income, on the grounds that the income which was sought to be taxed in the hands of the assessee had already been taxed as […]
Assessee cannot claim exemption of LTCG based on unregistered Banakhat agreement
23 ViewsThe ITAT, Ahmedabad in Shri Navghanbhai Laxman Rabari v. ITO [ITA No.1864/AHD/2019 dated January 18, 2023] has held that, the transfer of property only takes place when either the possession of the property is transferred or sale deed is executed and the documents like unregistered ‘Banakhat’ or power of attorney are not the substitute […]
ITAT: IBC has overriding effect on all Acts including Income Tax Act
39 ViewsThe Delhi Bench of the Income Tax Appellate Tribunal in the case ACIT Versus ABW Infrastructure Ltd. observed and has held that the Insolvency and Bankruptcy Code, 2016 has an overriding effect on all the acts, which includes the Income Tax Act, 1961 as per Section 178(6) of the Income Tax Act which is […]
No tax on share premium when issued to Venture Capital Fund
37 ViewsThe ITAT, Delhi, in ACIT v. Drishti Soft Solutions Pvt. Ltd. [ITA No. 8523/Del/2019 dated February 10, 2023] upheld the order passed by the Commissioner of Income Tax (Appeals) (“CIT(A)”) and dismissed the appeal filed by the Revenue Department and held that no tax would be levied on the issue of shares to venture […]