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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has granted approval for a deduction under Section 54F of the Income Tax Act, taking into account that the assessee is not the exclusive owner of multiple residential properties used by other family members. According to the bench of judges, Kavitha Rajagopal and Om Prakash […]
In an appeal filed before it the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, stated that no penalty under section 271 (1) can be levied if the when income submitted via taxpayer in the investigation would have been shown in the regular income tax return filed within the due date. Ahmedabad ITAT witnessed […]
In a recent decision, the Income Tax Appellate Tribunal (ITAT), Ahmedabad disallowed a deduction under Section 80P because of the late submission of the return. The assessee, Parabada Co-op. Milk Producers Society Limited, a Co-operative Milk Producers Society, filed its income tax return for Assessment Year 2019–20 on November 5, 2019, exceeding the extended due […]
While upholding the addition, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that A.O. did not reject the books of accounts under Section 145 but instead assessed the income on the basis of the Profit Margin Method. While dismissing the department’s arguments, the T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant […]
The AO is directed to charge a 6.5% gross profit rate on bogus purchases by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in its judgement. The two-judge panel, comprised of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member), has noted that the AO and CIT (A) made the entire inclusion based […]
In an appeal about the secondary and higher secondary cess, the Income Tax Appellate Tribunal (ITAT), Kolkata bench ruled that their education cess is part of tax and therefore no deduction will be provided. The statement was held by the Kolkata ITAT when it received an appeal from an assessee. The assessee is challenging the […]
Recently, an appeal was filed by the Chennai Bench of the Income Tax Appellate Tribunal (ITAT). The bench appealed, arguing that when disapproval is made on an estimated basis, an income tax penalty cannot be imposed under Section 270A of the Income Tax Act, 1961. The study and analysis of the scenario were conducted by […]
There is no tax levied in India on the receipt by Adobe from the supply of software and automated services, the New Delhi bench of the Income Tax Appellate Tribunal (ITAT) has stated. Adobe Systems Software Ireland Ltd., the taxpayer has contested the final assessment orders issued under section 143(3) read with section 144C(13) of […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) stated that the causes would have been recorded for opening the assessment again and is to be read since the same was recorded via the Assessing Officer and could not be increased. The Assessing Officer, with a total income of Rs. 9,81,60,144 has fled assessment, […]
