ITAT Judgments - Page 2

Deduction u/s. 54EC allowable on Actual sale Consideration, not on value determined U/s. 50C

Sri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata)

In the instant case the impugned property was sold at a value lesser than the value adopted for the purpose of stamp duty. Therefore the valuation determined for the purpose of stamp valuation is taken as sale consideration. However, such deeming provision cannot be applied to the provision of law as specified Section 54EC of […]...

Read More

No Interest on Late TDS Payment due to System / Connectivity issues at Bankers’ End

Asstt. Commissioner of Income Tax Vs M/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi)

In ACIT Vs. M/s. Nokia Siemens Networks (P) Ltd, the Delhi ITAT held that assessee cannot be treated as Assessee- in- Default for Late payment of TDS due to system and connectivity issues at the bankers’ end....

Read More

ITAT Confirms Penalty for not attending SCN related to Undisclosed Swiss Bank A/C

Manish Periwal Vs DCIT (ITAT Delhi)

The facts about the Bank Accounts and other circumstances are in the exclusive knowledge of the assessee and non co-operation leads to derailment of It is the duty of every assessee to duly respond to statutory notices failing which the law provides imposition of penalty u/s 271(1)(b) of Rs. 10,000/- each default. In this case, assesse’...

Read More

In absence of communication of interest on IT Refund no penalty for not offering the same for tax

M/s Subhash Chander Sewa Vs Income Tax Officer (ITAT Amritsar)

Admittedly there is a mistake committed by the assessee in not adding interest on the refund to his sources of income. There is no disputing the fact that the tax payer duly and diligently must necessarily in its return of income disclose all avenues of his income. The assessee in its defence has consistently maintained […]...

Read More

Income of Minor Beneficiaries can be Clubbed to Income of Parents

Dr. (Mrs.) Anwar Basith, Vs The Assistant Commissioner of Income Tax, (ITAT Bangalore)

The two beneficiaries were minors and therefore the assessing officer has arrived at an income of Rs. 3,65,040/- as income includable under section 64(1A) of the Act. As the income of the Trust depends on the claim of expenditure made by the co-owners, the working of assessing officer in the assessment order is fair and reasonable....

Read More

Income tax dept cannot determine annual rent value on notional basis unless there is established fraud, collusion etc.

Income Tax Officer WD 1(2)(2) Vs Sudheer Omprakash Bahl (ITAT Mumbai)

Law does not permit the revenue to reject the amount determined as rent or license fees by the assesse on mere doubt or suspicion. There has to be cogent and satisfactory material to indicate that the rent or fees determined by the parties are not indicative of the fair or market rent....

Read More

Secret reference fees paid by diagnostic centre to Doctors is liable to TDS

M/s. Parco Diagnostics & Research Centre Pvt. Ltd. Vs The Deputy Commissioner of Income-tax(TDS), (ITAT Cochine)

he payment made by the assessee as referral fees is directly proportionate or percentage of an amount received by the assessee for providing CT scan and MRI scan and such payment comes within the term 'Commission or Brokerage'....

Read More

Foreign Business Tour by Non-Employee Director/Shareholder of Company not taxable as Perquisite

Mrs Kinty Suri Vs ITO (ITAT Delhi)

Assessee was a non-employee director and share holder in the company and no salary or director’s fees was paid to her by the company during the year under consideration....

Read More

LTCG on sale of share cannot be treated as unexplained credit merely for SEBI inquiry on Broker of assessee

Smt. Bharti Arvind Jain Vs ITO (ITAT Mumbai)

There are two appeals under consideration pertaining to two different assessees for the AY 2005-06. Since, the issues raised in these appeals are identical, therefore, for the sake of convenience, both these appeals are clubbed, heard combinedly and disposed of in this consolidated order....

Read More

Income Tax Appellate Tribunal – An Introduction

Income Tax Appellate Tribunal – An Introduction Income Tax is the subject for Central Government to legislate under Schedule VI of the Constitution of India. No tax can be levied under the Article 265 of without authority of law. Income -Tax Act is that law under which income tax is levied. To determine tax properly […]...

Read More
Posted Under: Income Tax |
Page 2 of 44012345...102030...Last »

Browse All Categories

CA, CS, CMA (3,453)
Company Law (3,346)
Custom Duty (6,574)
DGFT (3,417)
Excise Duty (4,040)
Fema / RBI (3,236)
Finance (3,412)
Income Tax (24,907)
SEBI (2,720)
Service Tax (3,278)

Search Posts by Date

August 2017
« Jul