Case Title: Legal Initiative For Forest And Environment (LIFE Trust) Versus PCIT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has dismissed the stay application filed by assessee-LIFE Trust against the withdrawal/cancellation of registration for exemption granted under section 12A/12AA/12AB from FY 2013-14 onwards. The registration was cancelled on account of activities of the trust being determined to be non-genuine and not in accordance with the objects of the trust.
Vague Notice With Inaccurate Particulars Of Income Vitiates Penalty Proceedings: ITAT
Case Title: Swaminarayan Co-op. Bank Ltd. Versus ACIT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the AO failed to specify whether the penalty was for concealment or inaccurate particulars in the notice issued under Section 274 and Section 271(1)(c) of the Income Tax Act.
ITAT Allows Section 54F Deduction On Construction Of The New Dwelling/Residential Unit
Case Title: Shri Chandra Bhavani Sankar Versus ITO
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 54F of the Income Tax Act on construction of the new dwelling/residential unit.
ITAT Deletes Income Tax Addition On Interest Income Received Out Of FDs
Case Title: DCIT Versus Evita Construction Pvt. Limited
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition on the interest income received out of the fixed deposits.
Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT
Case Title: ITO Versus Prakashmal Malraj Jain
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that income tax additions cannot be based on the generalized report given by the Investigation wing.
Case Title: The Assistant Commissioner of Income Tax Versus Ranjit Buildcon Limited
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80IA(4)(i) of the Income Tax Act on developing, operating, and maintaining the infrastructure facilities.
Case Title: Bhavanji Jugaji Thakor verses The Income Tax Officer
The Ahmedabad ITAT held that no addition is permitted u/s 68 once assessee had properly substantiated that cash deposits are made out of his known source of income.
Case Title: L.K.S. Bullion (Import and Export) Pvt.Ltd. verses The Income Tax Officer
The Ahmedabad ITAT held that sum credited to sales account can't be treated as unexplained cash credits u/s 68 if they are already included in the total sales declared and taxed.
Case Title: Dasrathsinh Ghanshyamsinh Chudasama verses The Principal Commissioner of Income Tax
Finding that all the additions made by the Assessing Officer u/s 68 r/w/s 115BBE are in consonance with the Income Tax Statute, the Ahmedabad ITAT quashed the revisional exercise of power by the PCIT u/s 263.
Case Title: DCIT (E) Versus Dawat E Hadiyah
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that no disallowance can be made as the sale consideration was invested in the purchase of property with the prior permission of the charity commissioner.
Remittance Made To Foreign Subsidiary Companies Are Not Taxable In India: ITAT
Case Title: ITO Versus HCL Technologies Ltd
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the remittance made by the assessee to the foreign subsidiary companies have been held to be not taxable in India in the hands of the recipient company, there would be no obligation for the payer i.e. assessee company to deduct tax at source under section 195 of the Income Tax Act.