Nagpur ITAT slams ‘Cryptic Order,’ Deletes ₹50 Lakh Addition- Entry in the name of director cannot be added in the hands of the company
Nagpur ITAT slams ‘Cryptic Order,’ Deletes ₹50 Lakh Addition- Entry in the name of director cannot be added in the hands of the company The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has allowed the appeal of Shree Maya Real Estate Pvt. Ltd. for the Assessment Year 2019-20, deleting an addition of ₹50,00,000 made under Section 69A of the Income Tax… […]
Gratuity & LTC Received at the time of Retirement – Exemption Limits & Relevant Section
Gratuity & LTC Received at the time of Retirement – Exemption Limits & Relevant Section Applicable section Exemption of gratuity is governed by Section 10(10) of the Income Tax Act, 1961. Within Section 10(10), there are sub-clauses: • 10(10)(i): Gratuity for government employees (death-cum-retirement, etc.) • 10(10)(ii): Gratuity under the Payment of Gratuity Act, 1972 (for… […]
Once purchases are held to be bogus, the entire amount claimed cannot be whittled down by estimating a profit element
Once purchases are held to be bogus, the entire amount claimed cannot be whittled down by estimating a profit element On Bogus purchases / unexplained expenditure under Section 69C of the Income Tax Act, Bombay HC in Kanak Impex has held that once purchases are held to be bogus, the entire amount claimed cannot… […]
Double Pension, Single Tension: The Tale of Form 26AS Confusion!
Double Pension, Single Tension: The Tale of Form 26AS Confusion! [Query 1] I retired on 31st Jan 2024 and up to 31st March 2025, only 14 months pension is received by me. SBI has included a 15 months pension in 26AS of A.Y. 2025-26. How to get it corrected? Concerned local branch says it is done… […]
No Revision of Returns through Appeals: Kerala HC on Additional Evidence in 69A Cases
No Revision of Returns through Appeals: Kerala HC on Additional Evidence in 69A Cases SRAVAN KUMAR NEELA vs. Assistant Commissioner of Income Tax. (ITA Nos.58 and 59 of 2024) Facts: 1. On 19 July 2016, during an excise operation at Muthanaga Check Post, a sum of ₹ 2,39,57,500 was seized from three passengers (Sravan… […]
Interest on Borrowings for Capital Reduction Held Deductible under Section 36(1)(iii): ITAT Mumbai
Interest on Borrowings for Capital Reduction Held Deductible under Section 36(1)(iii): ITAT Mumbai N.V. Projects Pvt. Ltd. v. DCIT (ITA No. 1418/Mum/2025) Facts: 1. The assessee operates and maintains an IT Park. Pursuant to the Bombay High Court’s approval, it reduced share capital by cancelling 1,65,433 redeemable optionally convertible preference shares of ₹100 each… […]
A Win for Real Estate: ITAT, Nagpur Confirms Retrospective Application of 10% Tolerance Band for Sec. 43CA
A Win for Real Estate: ITAT, Nagpur Confirms Retrospective Application of 10% Tolerance Band for Sec. 43CA In a significant case argued by me for Shree Maya Real Estate Pvt. Ltd, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench has deleted an addition of ₹57,68,020 made under Section 43CA of the Income Tax Act, 1961, for the Assessment Year 2017-18…. […]
ITAT Nagpur on Section 80P: When “Operational Funds” Don’t Become “Other Income”
ITAT Nagpur on Section 80P: When “Operational Funds” Don’t Become “Other Income” Case: Jalsampda Karmchari Sahakari Patsanstha Maryadit vs. ITO, Wardha ITA No. 300/Nag/2025 | A.Y. 2017–18 | Order dated 23.09.2025 (Nagpur SMC Bench) Introduction The question of whether interest earned by cooperative societies on bank deposits qualifies for deduction under section 80P is like that… […]
Judicial Interpretation of Sections 54/54F: Commencement of Construction and the Limits of Extension:
Judicial Interpretation of Sections 54/54F: Commencement of Construction and the Limits of Extension: 1. Section 54 Relief when a residential house (long-term) is sold. Exemption available if the assessee: Purchases a new residential house within 1 year before or 2 years after the transfer, or Constructs a new residential house within 3 years after the… […]
Section 43CA Relief: ITAT, Nagpur aggregates Land Deals, Quashes ₹57.68 Lakh Tax Demand
Section 43CA Relief: ITAT, Nagpur aggregates Land Deals, Quashes ₹57.68 Lakh Tax Demand In a significant case argued by me for Shree Maya Real Estate Pvt. Ltd, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench has deleted an addition of ₹57,68,020 made under Section 43CA of the Income Tax Act, 1961, for the Assessment Year 2017-18. The dispute… […]
