ITAT Cases Weekly Round-Up: 10 To 16 March 2024
9 months ago

ITAT Cases Weekly Round-Up: 10 To 16 March 2024

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Case Title: Balduhak Co-operative Agriculture Service Society verses ITO Finding that that the assessee is a Cooperative Society which was engaged in providing short term credit facility to its members, the Chandigarh ITAT ruled that interest income has been earned on deposits placed with a co-operative society and duly eligible for deduction under section 80P of the Income tax Act. Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based on the reasons to believe recorded by the AO for reopening the assessment, the New Delhi ITAT quashed the order passed by the AO u/s 147 of the Income tax Act, 1961 Case Title: DCIT verses Umang Hiralal Thakkar Emphasizing that the condition of filing the return of income within the due date is mandatory in nature for claiming deduction u/s 80IB of the Income tax Act, the Ahmedabad ITAT confirmed the disallowance made by the AO under the said provision. Case Title: Satya Kiran Healthcare Private Ltd. versus ITO On finding that CIT has failed to consider all submission of assessee and evidences placed on record, the New Delhi ITAT restored the matter back to file of AO for fresh adjudication regarding the TDS deduction u/s 194J or u/s 194C of the Income Tax Act, 1961 on the payments made towards maintenance of X-Ray machine and CVC machine. Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based on the reasons to believe recorded by the AO for reopening the assessment, the New Delhi ITAT quashed the order passed by the AO u/s 147 of the Income tax Act, 1961. Case Title: Ms. Padma Rao verses C.I.T While clarifying the difference between profession and business, the Delhi ITAT reiterated that compensation received under mutual agreement for non-renewal of contract cannot form basis of addition u/s 28 of the Income Tax Act, 1961 Case Title: MSK Project JV Ltd. verses ACIT On finding that the order of the AO is not a simple order giving effect to the order of the CIT passed u/s 263, the Ahmedabad ITAT restored the issue back to the AO to verify the facts of the case and thereafter pass an order in accordance with the directions of the CIT in his order passed u/s 263 of the Income Tax Act, 1961.

History of this topic

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5 days, 11 hours ago
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