ITAT Judgments - Page 20

Registration u/s 12AA cannot be denied for mere non filing of ITR

Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) Vs C.I.T. (Exemptions) (ITAT Chandigarh)

Just because the assessee has not filed its income tax returns in earlier years, it can not be said that the activities of the assessee are not genuine. It has been held that non-filing of return cannot be one of the reasons for denying registration under section 12A of the Act....

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Trading in cash & derivative segment cannot be splitted as speculative & non-speculative

J.G.A Shah Share Brokers P. Ltd. Vs DCIT (ITAT Mumbai)

ITAT held that simultaneous trading of shares in cash segment and arbitrage in derivative segment by assessee company cannot be splitted into speculative and non-speculative transactions . So, as soon as it is found that assessee is trading in shares , the entire trading activity to be treated as speculative business as per explanatio...

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Coaching Class Income of ICAI is exempt

Dy. Director of Income Tax (E) Vs ICAI (ITAT Delhi)

The assessee is registered u/s. 12A of the Income Tax Act, 1961 (hereinafter referred the Act) and has been claiming exemption u/s. 11 of the Act which has been denied by the Assessing Officer mainly on the ground that the assessee is involved in commercial activities as the assessee receives coaching fees from the students of CA while gi...

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Mere AIR Information not sufficient to believe Income escapement

Sh. Amrik Singh, Vs Income Tax Officer (ITAT Amritsar (SMC))

Stand alone AIR Information is not sufficient to hold that cash deposits constitute income. Cash deposits in bank account may or may not be Income. Hence when the treatment of the amount as Income is itself doubt , it definitely can not constitute Income escaping assessment and, therefore, it shall be too far fetched to hold that AIR Info...

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Transfer of leasehold rights in land won’t attract Section 50C

Farid Gulmohamed Vs ITO (ITAT Mumbai)

The ITAT Mumbai held that the provisions of Sec 50C is applicable only to transfer of land of which the assessee is absolute and legal owner and cannot be applicable to the transfer of leasehold rights in land.Thus, the transfer value cannot be benchmarked to stamp duty value. ...

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If DTAA does not specifically treat consideration for use of ‘computer software’ as Royalty, such consideration cannot be taxed as Royalty under DTAA

DDIT Vs Reliance Industries Ltd ( ITAT Mumbai)

Purchase of a license to use shelf/shrink-wrapped software is purchase of a product and not a copyright. Wherever the Government of India intended to include consideration for the use of software as ‘Royalties’, it explicitly provided so in the DTAA with the concerned country (e.g. India-Malaysia DTAA)....

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Raising of invoices per se won’t result in accrual of income

Bechtel International Inc. Vs DDIT-3(2) , Mumbai (ITAT Mumbai)

The ITAT Mumbai in the above cited case held that raising of invoices per se doesn’t result in accrual of income rather an income can be considered to have been accrued only when there is a corresponding liability of the other party to pay the amount to the assessee and there is realistic probability of realization of the income to the ...

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S. 263 not justified due to multiple view on applicability of TDS

Neo Sports Broadcast Pvt.Ltd Vs CIT (TDS) (ITAT Mumbai)

As regards applicability of TDS provisions, not two but three views exist on the impugned issue - (i) TDS u/s 194H - which was discussed by AO in the assessment order dt. 18/3/2012; TDS u/s 194C - which was discussed and upheld by AO in the assessment order dt. 18/3/2012; TDS u/s.194A - (which the assessee does not agree with) and not sou...

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No Addition u/s 68 if identity, creditworthiness & genuineness established

DCIT Vs M/s Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT Mumbai)

The CIT(A) has recorded a categorical finding on the basis of material placed on record to the effect that all the three conditions regarding identity, creditworthiness and genuineness of the loan creditors were duly established....

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ITAT deletes hypothetical, harassing & inconvenient decision

Mrs.Mintu Sayermal Jain Vs Income Tax Officer (ITAT Mumbai)

Various additions have been made by AO without proper application of mind and has no distant connection with the material on record & third party transactions were added in the hands of the assessee without any basis or material and thus, the AO framed the assessment in a hypothetical way putting the assessee to enormous harassment and in...

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