ITAT Deletes Rs 1.18 Lakh Penalty on BR Agrotech, Rules Debatable Issues Cannot Attract Penalty The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted a penalty of Rs 118,074 imposed on BR Agrotech Limited under Section 270A of the Income Tax Act for Assessment Year 2017-18. The appeal was filed against the…
ITAT Rules Cybersecurity Software Subscription Receipts Not Taxable as FTS The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that consideration received by FireEye Ireland Limited from the sale of standard cybersecurity software products, software subscriptions, and related support services cannot be taxed as Fees for Technical Services (FTS) under the India–Ireland Double…
Transport Business Receipts or Undisclosed Income? ITAT Remands Rs 34.86 Lakh Cash Deposit Addition Case The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has provided relief to taxpayer Karam Veer by setting aside the orders of the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) [CIT(A)] and remanding the matter back to the…
ITAT Delhi Deletes Protective Additions in Accommodation Entry Case; Revenue’s Appeals Dismissed The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed all appeals filed by the Income Tax Department against BRR Securities Pvt. Ltd. for Assessment Years 2014-15 to 2017-18. The tribunal also dismissed the cross-objections filed by the company after they…
Genuine Mistake in Form 10 Curable Before Assessment Completion: ITAT The Income Tax Appellate Tribunal (ITAT), Bengaluru, partly allowed the appeal filed by a charitable trust against the order passed by the National Faceless Appeal Centre (NFAC), Delhi, for the Assessment Year 2018-19. The trust is registered under Section 12AA of the Income Tax Act…
ITAT Quashes Rectification Order, Restores Section 11 Exemption Over Late Form 10B Filing The ITAT Mumbai set aside a rectification order passed denying the Section 11 exemption because Form 10B was filed late, holding that the company was awarded a proper opportunity of hearing before issuing the order. The appeal was filed by a charitable…
Section 54F Deduction Must Follow Statutory Formula, Not CGAS Deposit: ITAT The ITAT upheld the Rs. 3.91 lakh addition, ruling that the Section 54F deduction must follow the statutory formula and CGAS deposits cannot exceed the computed eligible exemption. The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench “C” has announced its decision on an appeal filed…
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