ITAT Confirms Addition of ₹28 Lakhs Cash Deposit During Demonetization; Rejects “Past Savings” Plea Issue Whether cash deposits of ₹28,00,000/- made during the demonetization period can be treated as explained based on the claim that the amount was accumulated through withdrawals over a period of 55 months for parents’ medical expenses, despite no evidence of… Read More »
ITAT Quashes Reopening for Singapore Entity; No Escapement if TDS Deducted under Sec 115A(5) Issue Whether the reopening of assessment under Section 147 against a Singapore-based foreign company (FPI) is valid when: The company had no Permanent Establishment (PE) or Place of Effective Management (POEM) in India. Its only income was interest on NCDs on… Read More »
Ex-Parte Order: Section 54F Deduction Denied for Lack of Ownership Proof Issue Whether the claim for deduction under Section 54F (Capital Gains exemption) can be allowed when the assessee fails to produce the registered sale deed or any conclusive evidence of ownership for the new residential property, and the available documents suggest he is merely… Read More »
ITAT Condones 260-Day Delay; Remands Ex-Parte Order to CIT(A) for Decision on Merits Issue Whether a delay of 260 days in filing an appeal before the Tribunal can be condoned based on the principles of substantial justice. Whether the Commissioner (Appeals) [CIT(A)] is legally justified in dismissing an appeal in limine (summarily) due to non-appearance,… Read More »
Assessee partly occupied property; ALV to be computed only on let-out portion Issue Whether the entire Annual Letting Value (ALV) of a property can be assessed as ‘Income from House Property’ when a part of the property is self-occupied and only a specific portion (the third floor) is let out, even if there is no… Read More »
ITAT Deletes Protective Addition for Foreign Assets; Assessee Held Not Beneficial Owner in Black Money Act Order Issue Whether a “protective addition” made under the Income-tax Act for undisclosed foreign assets can be sustained when the Assessing Officer himself, in a subsequent order passed under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015… Read More »
ITAT Allows Section 80P Deduction on Interest from Bank Deposits, Applying “Vegetable Products” Doctrine Issue Whether interest income earned by a Co-operative Society (specifically a Cane Development Union) from surplus funds deposited in scheduled/nationalized banks qualifies for deduction under Section 80P(2) of the Income Tax Act, or if it should be treated as “Income from… Read More »
ITAT Allows Section 80P Deduction on Interest from Bank Deposits, Applying “Vegetable Products” Doctrine Issue Whether interest income earned by a Co-operative Society (specifically a Cane Development Union) from surplus funds deposited in scheduled/nationalized banks qualifies for deduction under Section 80P(2) of the Income Tax Act, or if it should be treated as “Income from… Read More »
Subscription Fees for Database Access & Administration Fees are Not Royalty; ITAT Allows Appeal Issue Whether “Administration Fees” received by the US-based assessee from its Indian Reporting Body (MSAI) for maintaining the IMEI database constitute “Royalty” under Section 9(1)(vi) of the Act and Article 12(3) of the India-USA DTAA. Whether “Subscription Fees” received for granting… Read More »
Protective Assessment Quashed: No Protective Addition Without a Substantive One Issue Can the Revenue department frame a “protective” assessment against an assessee (by adding alleged accommodation entries and commission income) under Section 147/148 proceedings without establishing or discussing who the corresponding “substantive” addition has been made against? Facts Assessee: Sh. Surendra Kumar Jain. Assessment Year:… Read More »