itat

  • May
  • 17

High Court Interference would be justified only if it appears that the conclusions made by ITAT palpably perverse

SUMMARY OF CASE LAW Interference of the High Court in findings of fact would be justified only if it appears to it that the conclusions arrived at by the ITAT are palpably perverse. CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: CIT v. K. J. Business Centre , Appeal No. : [...]

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  • May
  • 16

Department can’t to decide when assessee to borrow and when it should not borrow

  SUMMARY OF CASE LAW The assessee may make an imprudent business decision but the same itself does not empower the Revenue to disallow legitimate and bona fide business expenditure.  CASE LAW DETAILS Decided by: ITAT, `D’ BENCH, AHMEDABAD, In The case of: Shivganga Builders Pvt. Ltd. v. ACIT, Appeal No. : ITA NO. 1189/AHD/2004, [...]

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  • May
  • 14

ITAT Mumbai benches not functioning from 18.05.2009 to 22.05.2009

NOTICE The following benches will not function during the period 18.05.09 to 22.05.09:- “B-1, G, J, K, L, WT & SMC “ Sd/- ( M. A. Bakshi) Vice-President( M) Dated :- 14.05.2009, Mumbai     

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  • May
  • 13

Interest Free Loan from a non-relative is not liable to tax

Decided by ITAT Mumbai in the case of Chandrakant H. Shah v. ITO . Appeal No. ITA NO. 3966/MUM/2008 Decided on JANUARY 12, 2008. In a first-of-its-kind judgement, the ITAT Mumbai recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will come as a major [...]

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  • May
  • 10

Prerequisite of section 12AA of IT Act for rejection of registration of a trust

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCHES `G’, MUMBAI, In The case of: Memorial Medical Association v CIT, Appeal No. : ITA No. 2957/Mum/2006, Decided on: March 18, 2009 SUMMARY OF CASE LAW The requirement of section 12AA is that the order granting or refusing the registration is to be passed by the CIT [...]

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  • May
  • 10

Non-compete right’ acquired by an assessee is eligible for depreciation under clause (ii) of section 32(1) of IT Act

CASE LAW DETAILS Decided by:. ITAT, BENCH `A’ CHENNAI, In The case of: ITO v Medicorp Technologies India Ltd., Appeal No. : ITA No. 2328/Mds/2007, Decided on: January 16, 2009 SUMMARY OF CASE LAW Capability to have a market value, assignability, transferability, diminution in value, are no more the touch stones on which the admissibility [...]

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  • May
  • 10

Limitation of time is not a determining factor in matters relating to remission or cessation of liabilities

CASE LAW DETAILS Decided by:. ITAT, `D’ BENCH, MUMBAI  In The case of: DSA Engineers (Bombay) v  ITO  Appeal No. : ITA NO. 5354/Mum/2007 Decided on: March 12, 2009 SUMMARY OF CASE LAW When the assessee continues to reflect or record the liabilities as still payable to the creditors and he decides to not to [...]

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  • Apr
  • 28

Profits from sale of jaggery is not an agricultural income: ITAT Delhi

Profits earned from the sale of jaggery will be taxed as converting sugarcane into a saleable commodity like jaggery or gur is not an agricultural operation, a tax tribunal has ruled. “Profit from the sale of jaggery falls beyond the ken of agriculture income,” the Chennai bench of the Income Tax Appellate Tribunal (ITAT) said, [...]

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  • Apr
  • 09

Clarification regarding stay of demand by Income-tax Appellate Tribunal

The provisions relating to appeals to the Income Tax Appellate Tribunal (ITAT) are contained in section 252 to section 255 of the Income-tax Act. Sub-section (2A) of section 254 provides that the ITAT, where it is possible, may decide an appeal within a period of four years from the end of the financial year in [...]

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  • Apr
  • 05

Notional advantage will not form part of actual rent received

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCH `C’ MUMBAI  In The case of: ITO v.  Pushya Properties (P.) Ltd.  Appeal No. : ITA No. 2906/m/08 Decided on: March 6, 2009 SUMMARY OF CASE LAW Section 23(1)(b) gives limited power to the Assessing Officer to examine whether rent received is more than the reasonable rent [...]

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