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[2011] 16 taxmann.com 95 (CHENNAI ITAT) IT : Registration under section 12AA could not be denied to assesseetrust merely on ground that it was running a school in village without seeking prior permission Read More [2011] 16 taxmann.com 92 (AHD. ITAT) IT : In order to determine profit eligible for deduction under section 80HHC, only those direct costs are to be deducted which are attributable to eligible export turnover Read More [2011] 16 taxmann.com 91 (DELHI ITAT) IT : Where Assessing Officer rejected assessee's claim without considering relevant documents including expert opinion about change in method of accounting adopted by assessee, impugned order was to be set aside and, matter was to be remanded back for disposal afresh Read More [2011] 16 taxmann.com 90 (DELHI ITAT) IT : Where quantum of loss on account of purchase and sale of shares was undisputed and addition was made treating said loss as speculation loss, no penalty could be levied under section 271(1)(c) Read More [2011] 16 taxmann.com 94 (AHD. ITAT) IT : Where assessee failed to prove that a part of purchase consideration of a flat was paid in cash out of agricultural income of his father, impugned addition made under section 69 in respect of said amount was to be upheld Read More [2011] 16 taxmann.com 89 (LUCKNOW ITAT) IT : Where application of income by assessee for charitable purpose was more than 85 per cent of its total income, provisions of section 11(2) were not applicable Read More [2011] 16 taxmann.com 88 (AHD. ITAT) IT : For claiming deduction under section 80-IB, only condition is that original return should be filed in time; if claim is not made in original return, it can be made subsequently Read More [2011] 16 taxmann.com 82 (BILASPUR ITAT) IT : In order to be an eligible profits for deduction under section 80-IA, same has to be derived from an eligible undertaking and, mere existence of some commercial connection does not make said profit an income eligible for deduction Read More [2011] 16 taxmann.com 87 (AHD. ITAT) IT : Where pursuant to search proceedings, certain additions were made on estimate or preponderance of probabilities, it was not a fit case for levy of penalty under section 271 (1)(c) Read More [2011] 16 taxmann.com 86 (DELHI ITAT) IT : Section 142A does not make any distinction between amount spent for investment purpose or stock-in-trade Read More

[2011] 16 taxmann.com 69 (MUM. ITAT) IT/ILT : Where assessee, a non-resident, entered into agreement with an Indian hospital for advising, recommending and assisting in relation to healthcare products and, for conducting educational and training programmes, payments received by it for aforesaid purposes were to be regarded as its business profits and since it did not have a PE in India, same could not be brought to tax in India Read More [2011] 16 taxmann.com 68 (KOL. ITAT)(TM) IT : Unless disclosure of additional income in revised return filed under section 153A is made voluntarily and in good faith, penalty under section 271(1)(c) is to be levied Read More [2011] 16 taxmann.com 77 (MUM. ITAT) IT : Section 275(1)(a) fixes time limit of six months from date of receipt of order of Tribunal by Commissioner/Chief Commissioner for passing an order of penalty Read More [2011] 16 taxmann.com 75 (DELHI ITAT) IT : Provision for bad debts debited to profit and loss account is covered by clause (i) of Explanation 1 to section 115JB, and therefore, same shall be added back to net profit for determining book profit Read More [2011] 16 taxmann.com 76 (CHENNAI ITAT) IT : Where Assessing Officer of searched party did not record any satisfaction that certain income belonging to assessee in form of capital gain had escaped assessment, it was to be held that precondition for initiating proceeding under section 158BD had not been satisfied Read

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[2011] 16 taxmann.com 66 (KOL. ITAT) IT : Where agricultural land of assessee was situated outside municipal limits and that also 2.5 kms. away from outer limits of said municipality, it did not come within purview of section 2(14)(iii) (a) or (b) Read More [2011] 16 taxmann.com 65 (MUM. ITAT) IT/ILT : In absence of PE of assessee-company in India in terms of article 5 of DTAA between India and Singapore, business income accrued to it could not be brought to tax in India Read More [2011] 16 taxmann.com 64 (KOL. ITAT)(TM) IT : Estimation of expenses incurred for earning tax-free income by AO, if not challenged either by assessee or revenue, is to be accepted Read

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[2011] 16 taxmann.com 63 (DELHI ITAT) IT : In a case where neither any income is applied under section 11(1)(a) nor accumulated under section 11(2), entire income derived by assessee under section 11 will be liable to tax Read More [2011] 16 taxmann.com 61 (MUM. ITAT) IT : Where assessee suppressed sales which was discovered in search by excise department, excise duty paid subsequently on such sales cannot be

claimed deduction under section 43B, read with section 37(1)

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[2011] 16 taxmann.com 59 (MUM. ITAT) IT : Where AO completing assessment under section 158BC in case of one 'J' had not recorded satisfaction for issue of notice under section 158BD prior to completion of said assessment, issue of notice under section 158BD to assessee was bad in law Read More [2011] 16 taxmann.com 58 (DELHI ITAT) IT : In absence of any material on record showing that assessee had paid purchase consideration of plot over and above amount agreed between parties, impugned addition made under section 69 was to be deleted Read

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[2011] 16 taxmann.com 57 (MUM. ITAT) IT : Where registration under section 12A was refused to assesseesociety due to presence of an offending clause in its objects, it could have been granted registration from date of removal of said clause from memorandum of objects Read More [2011] 16 taxmann.com 56 (AHD. ITAT) IT : Penalty under section 271(1)(c) was not leviable where AO had not brought any positive material on record to suggest that gift received by assessee was not genuineRead More [2011] 16 taxmann.com 55 (AHD. ITAT) IT : Where assessee used its surplus fund to purchase shares which were kept as investment for a sufficiently long period, profit arising from sale of those shares was to be brought to tax under head 'Capital gains' Read

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[2011] 16 taxmann.com 53 (MUM. ITAT) IT : Levy of penalty under section 271(1)(c) where AO made additions to income of assessee-trust on account of unaccounted donations, cash deposit in bank account, etc.Read More [2011] 16 taxmann.com 47 (MUM. ITAT) IT/ILT : Where TPO by not adversely commenting upon assessee's comparables, impliedly accepted such cases as comparables, it was not permissible for revenue to argue before Tribunal that such cases were not comparable Read More [2011] 16 taxmann.com 46 (MUM. ITAT) IT : Non-deduction of TDS in respect of payment made for rendering services under Bulk Power Transmission Agreement results in disallowance under section 40(a)(ia)Read More