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ITAT Judgments

Recent case laws applicable to NGOs / Charitable Trusts

Income Tax - [2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution was to be held to be existed solely for educational purpose and not for purpose ...

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Compilation of recent important Income-tax Rulings 2016

Income Tax - Sec 194J TDS inapplicable on payments in kind, allows relief to SRK company [Red Chillies Entertainment Pvt. Ltd - ITA No.5271/Mum/2013 (Mum)]: Mumbai ITAT deletes expense disallowance u/s 40(a)(ia) in case of Red Chillies Entertainment Pvt. Ltd. for AY 2010-11, holds no Sec 194J TDS for payments made in kind to actors; Relies on SC ru...

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Assessee not obliged to provide a facility for conducting survey unless asked for

Income Tax - ITAT Amritsar Bench in an interesting decision of Smt. Kailash Devi ITA 347/ASR/ 2015 pronounced on 05-04-2016 on conduct of survey had an occasion to ponder over the obligations cast upon Income Tax Authorities under the law. Often assessee and income tax authorities are at logger-heads for assessee not acting as “required” but befor...

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Clash of titans, sec 192 Vs sec 206AA

Income Tax - Rashtriya Ispat Nigam Ltd. v. Addl CIT (TDS), ITAT Visakhapatnam) Even if there is no PAN, if the deductor has deducted TDS as per provisions of sec 192, Section 206AA does not over-ride section 192 in terms of the requirement of “at the rates specified in the relevant provisions of the Act....

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Can ITAT decide on stay of demand without having quantum appeal before it?

Income Tax - One precedence is there whereby a person aggrieved by the disposal of application for stay of demand can approach ITAT instead of writ to HC. Delhi ITAT has, in the case of Employees’ Provident Fund Vs. Addl. CIT (T.D.S) dated 10.04.2015 has admitted the appeal and has granted a stay on such demand when quantum appeal is not pending be...

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ITAT directive on Adjournment requests & Covered appeals

Income Tax - Representatives of our Bar Association have had a meeting with the Hon’ble President of the Tribunal. On a representation made by us, the Hon’ble President has readily acceded to our request that during the month of May, a lenient view may be taken as regards requests for adjournments....

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ITAT Bar Association, Ahmedabad decides to Boycott Bench consisting of member Shri A. K. Garodia

Income Tax - A meeting of the managing committee of ITAT Bar Association, Ahmedabad was held on 19th April, 2013 and the following resolution was passed unanimously: RESOLVED THAT considering the conduct of Shri A. K. Garodia, the Accountant Member of ITAT Bench at Ahmedabad, it was found that on account of his consistent gross, rude, arbitrary and [&...

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ITAT rules in favour of Mukesh Ambani in tax case involving income of over Rs 2,000 crore

Income Tax - The Income Tax Appellate Tribunal (ITAT) has ruled in favour of Reliance Industries chairman Mukesh Ambani in a tax case involving income of over Rs2,000 crore. In a significant ruling, the Mumbai bench of ITAT has held that pledge of equity shares ...

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Transfer of Members of Income Tax Appellate Tribunal (Oct 2010)

Income Tax - the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from the afternoon of 25th October, 2010. Shri. G. S. Pannu, AM Shri. A. L. Ghelot, AM. Shri. R. C. Sharma, AM. Shri. D. K. Srivastava, AM...

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Mahindra Satyam Moves ITAT challenging CIT order rejecting application u/s. 154 in respect of foreign tax credit

Income Tax - Last week, Mahindra Satyam had disclosed several tax matters with respect to the company that it had acquired. It has now moved the tax tribunal for grant of relief in one of the matters, reports quoting Central Board of Direct Taxes (CBDT) sources. ...

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Mere thin trade and unusually high gain not sufficient to treat the Long Term Capital Gain on Shares as bogus

Dolarrai Hemani Vs ITO (ITAT Kolkata) - ITAT held that when purchase and sale of shares were supported by proper contract notes , deliveries of shares were received through demat accounts maintained with various agencies, the shares were purchased and sold through recognized broker and the sale considerations were received by account paye...

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Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam) - In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is phys...

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Addition in Section 153A Assessment cannot sustain if no ‘Incriminating Material’ found during Search

Sri Krishna Ghosh Vs Asst. Commissioner of Income Tax (ITAT Kolkata) - Assessment under section 153A can be made on the basis of incriminating material which in the context of relevant provisions means books of account and other documents found in the course of search but not produced in the course of original assessment and undisclosed income or property disclosed dur...

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Mark to Market Losses on open forward exchange contract is allowable

M/s. Bharat Serums & Vaccines Ltd. Vs ACIT (ITAT Mumbai) - AO held that it had entered into derivative transaction by swapping the loan, that the liability was paid in the subsequent year, that the notional loss of Rs.4.74 crores could not be allowed. ...

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No section 40A(3) disallowance on cash refund of excess money received on sale of goods

Asstt. Commissioner of Income tax Vs Kishore Singh Gehlot (HUF) (ITAT Jaipur) - This is an appeal filed by the Revenue against the order of Ld. CIT(A)-II, Jaipur dated 3.12.2013 for A.Y 2009-10 wherein the Revenue has taken following grounds of appeal...

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Transfers of Hon’ble ITAT Members (March 2012)

Order - (29/03/2012) - Vide Order dated 29.3.2012 passed in Pursuance of the consultations of the collegiums of the Income tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Income Tax Appellate Tribunal have been transferred, in public interest, in the sa...

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Ex- President, Ex- Senior Vice-President, Ex-Vice-President and Members cannot practice before ITAT

Notification - F. No. A-12018/2/2007 – Admin III (LA) - (03/06/2009) - Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of the powers conferred by the Proviso to section 309 of the Constitution...

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ITAT notification on result of appeal

Notification F.No. 71-AD (AT) 2009 (ITAT Notification) - (01/05/2009) - Income-tax (Appellate Tribunal) Amendment Rules, 2009 - Amendment in rule 34 NOTIFICATION F.NO. 71-AD (AT) 2009, DATED 1-5-2009. In exercise of the powers conferred by sub-section (5) of section 255 of the Income-tax Act, 1961, the Appellate Tribunal hereby makes the following rules further to ame...

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Filing of appeals by Income-tax Department – Measures for reducing litigations

5 - (15/05/2008) - The CBDT, as a measure to reduce litigation, revised the monetary limits for filing appeals by the Department before Income Tax Appellate Tribunals, High Courts and Supreme Court. Accordingly, appeals would henceforth be filed in the ITAT only if the tax effect exceeded Rs.2,00,000, in the high cour...

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Rules for Preparation and submission of Paper Books to Tribunal

F.No.70-Jd(ATD) / 07 - (26/11/2007) - (a) Paper Books must be legibly written or type-written in double space of printed. (b) Each paper filed should be certified as true copy by the party filing the same, or by his authorized representative. (c) Each paper should be indexed in such a manner as to give the brief description of the relev...

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Recent Posts in "ITAT Judgments"

Mere thin trade and unusually high gain not sufficient to treat the Long Term Capital Gain on Shares as bogus

Dolarrai Hemani Vs ITO (ITAT Kolkata)

ITAT held that when purchase and sale of shares were supported by proper contract notes , deliveries of shares were received through demat accounts maintained with various agencies, the shares were purchased and sold through recognized broker and the sale considerations were received by account payee cheques, the transactions cannot be tr...

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Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam)

In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of sh...

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Addition in Section 153A Assessment cannot sustain if no ‘Incriminating Material’ found during Search

Sri Krishna Ghosh Vs Asst. Commissioner of Income Tax (ITAT Kolkata)

Assessment under section 153A can be made on the basis of incriminating material which in the context of relevant provisions means books of account and other documents found in the course of search but not produced in the course of original assessment and undisclosed income or property disclosed during the course of search. ...

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Mark to Market Losses on open forward exchange contract is allowable

M/s. Bharat Serums & Vaccines Ltd. Vs ACIT (ITAT Mumbai)

AO held that it had entered into derivative transaction by swapping the loan, that the liability was paid in the subsequent year, that the notional loss of Rs.4.74 crores could not be allowed. ...

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No section 40A(3) disallowance on cash refund of excess money received on sale of goods

Asstt. Commissioner of Income tax Vs Kishore Singh Gehlot (HUF) (ITAT Jaipur)

This is an appeal filed by the Revenue against the order of Ld. CIT(A)-II, Jaipur dated 3.12.2013 for A.Y 2009-10 wherein the Revenue has taken following grounds of appeal...

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Non resident assessee eligible to avail benefit of proviso to Section 112(1)

Deputy Director of Income Tax Vs. Shri Anand Persad Jaiswal (ITAT Delhi)

From the proviso, it is evident that where the tax payable in respect of the transfer of a long term capital asset in the case of a listed company exceeds 10% of the amount of the capital gain before giving effect to the provisions of second proviso to Section 48, then such excess shall be ignored for the purpose of computing the tax paya...

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Aishwarya Rai gets relief from Penalty in TDS deduction default case

Smt. Aishwarya Rai Bachchan Vs Additional Commissioner of Income-tax (ITAT Mumbai)

In Aishwarya Rai Bachchan vs. ACIT, the assessee had not deducted tax at source, AO treated the assessee as an assessee in default under section 201(1) and passed an order demanding tax of Rs. 4,27,910 and interest under section 201(1A) of Rs. 34,233....

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Section 73 / 43(5) cannot be interpreted to disadvantage of assessee

J. M. Financial Services Ltd Vs JCIT (ITAT Mumbai)

Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to section 73....

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Show-cause notice u/s 274 without application of mind is void

Dr. Sarita Milind Davare vs. ACIT (ITAT Mumbai)

Since we have held that the penalty proceedings are liable to be quashed on the reasoning that there was non-application of mind on the part of the AO while issuing notice to the assessee, we do not find it necessary to address the arguments urged on merits....

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Section 14A applies also to strategic investments in subsidiaries; No estoppel against a statute

DCIT Vs. The Saraswat Co-operative Bank Limited (ITAT Mumbai)

Section 14A applies also to strategic investments in subsidiaries.Section 40A(2) is not applicable to co-operative societies. No disallowance under section 40A(2) should be made if the tax effect is neutral i.e. the recipient is paying tax at the same rate as the payer...

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