ITAT Remands Section 80GGC Donation Case for Fresh Hearing Due to Non-Consideration of Case on Its Merits The ITAT Mumbai remanded the case of a bogus exemption claim under Section 80GGC on the donations made to a political party. The tribunal held that the lower appellate authority had dismissed the appeal of Sarika Ravka merely…
ITAT Upholds Pass-Through Taxation for Revocable Securitisation Trust Under Income Tax Act The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of an addition of Rs 8.88 crore and held that a securitisation trust constituted under the SARFAESI Act is a revocable determinate trust entitled to pass-through treatment under Sections 61…
ITAT Restores Demonetisation Cash Deposit Case for Fresh Rule 46A Examination The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) restored to the Commissioner of Income Tax (Appeals) [CIT(A)] an appeal involving an addition of Rs.16.50 lakh under Section 69A arising from cash deposits made during the demonetisation period. The Tribunal held that although…
ITAT Restores Unsecured Loan Addition for Fresh Verification by Assessing Officer The Mumbai Bench of the Income Tax Appellate Tribunal partly allowed the appeal of Mr. Manish Bhavanji Bheda by upholding the validity of reassessment proceedings while restoring the addition of Rs 27.25 lakh made under Section 68 to the Assessing Officer for fresh examination….
ITAT Denies Section 72A Benefit Where Resulting Company Failed to Issue Shares The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has partly allowed the appeal filed by Sterling Holiday Resorts Limited for AY 2015-16, granting relief on ESOP expenditure and remanding the issue of prior period expenses for fresh verification while rejecting the…
ITAT Deletes Addition on Demonetisation Cash Deposits Supported by Opening Cash Balance and Business Records The Income Tax Appellate Tribunal (ITAT) Mumbai has deleted the addition of Rs 25.70 lakh made under Section 69A and observed that a finding based only on doubt, without any adverse material, is unsustainable. The assessee is engaged in the…
87-Year-Old Taxpayer Filed Appeal 460 Days Late Due to Health Issues; ITAT Condones Delay and Restores Matter to CIT(A) The Income Tax Appellate Tribunal (ITAT) Mumbai held that principles of natural justice should override technical requirements. So, the ex parte order passed by the CIT(A) was set aside and the matter was remanded for fresh…
Employee Claimed Rs. 3.91 Lakh TDS Credit in ITR but Got Credit for Only Rs. 79,030; ITAT Grants Relief Despite Employer’s Failure to Deposit TDS The Income Tax Appellate Tribunal (ITAT) Mumbai observed that the delay in filing the appeal deserved to be condoned since the assessee had been continuously pursuing rectification proceedings before the…
Income Tax Addition of Rs 1.34 Crore Based on Search Material Quashed; ITAT Says Department Applied Wrong Section The ITAT Mumbai has allowed the appeals of Nanne Gulzar & Company for AYs 2017-18 and 2018-19 after holding that the reassessment proceedings initiated under Sections 147/148 were without jurisdiction, as the entire case was based on material…
Interest Received by Indian Branch from Overseas Head Office of American Express Is Not Taxable on Principle of Mutuality: ITAT The Income Tax Appellate Tribunal (ITAT) Mumbai has held that interest transactions between an Indian branch and its overseas Head Office or foreign branches are transactions with self and, therefore, cannot give rise to taxable…
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