The Income Tax Appellate Tribunal (ITAT), Kolkata Bench ruled that the revisional Power exercised by CIT(A) based on ‘cut & paste’ reasoning is invalid. Facts of the case:- The assessee, Satish Kumar Lakhmani has raised a legal issue wherein he has challenged the assumption of jurisdiction …
Judgment:- The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench held that no TDS applicable if the threshold limit of Rs.20,000 is not satisfied. The revenue has raised the issue of whether the CIT(A) is right in deleting the addition of Rs.3,94,38,302/- made by the AO under …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted the penalty on account of alleged concealment of Income. Facts of the case:- The notices under section 153A of the Income Tax Act, 1961 were issued along with questionnaires were issued to the assessee, and the …
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench allowed the Long-Term Capital Loss arising from the sale of Government Securities after applying the Cost Inflation Index. Facts of the case:- The assessee, Peerless General Finance & Investment Company Limited in the present case is a Non-Banking …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Chandigarh bench, while granting relief to a 70-year old taxpayer, quashed re-assessment under Sec.148 of the Income Tax Act since the same was passed mechanically without application of mind. Facts of the case:- The Order was passed in an …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Cuttack Bench ruled that no interest is leviable if TDS is timely deducted and paid to the Government exchequer. Facts of the case:- The assessee, Srabani Constructions Pvt Ltd. was engaged in the real estate business and had paid …
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench upheld the order passed by CIT(A) wherein the disallowance of Rs.4,02,837 on account of interest on office loan was confirmed. Facts of the case:- The assessee United Teleservices Ltd. appealed against the action of CIT(A) in confirming the …
Judgement:- The Income Tax Appellate Tribunal (ITAT) Bangalore has quashed re-assessment proceedings against Nike India Pvt. Ltd, which was reopened more than 4 years after the initial assessment. Facts of the case:- The assessee is engaged in the distribution of Nike products like footwear, apparel sports …
Judgement:- The Income Tax Appellate Tribunal (ITAT) Bangalore, on February 5, Income on sale of shares of a company merged should be treated as Long Term Company Gain (LTCG). Facts of the case:- The assessee, Shaw-Wallace Financial Services Ltd., (SWFSL), Kolkata, was a company engaged in …
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, while granting relief to the IDBI Bank deleted the disallowance on expenditure incurred in relation to income not includible in total income. Facts of the case:- The assessee, IDBI Bank has received an amount of Rs.131,15,55,304 as dividend …