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Subsidy received for setting up of new unit is capital receipt

M/s. Alkoplus Producers Pvt. Ltd. Vs DCIT (ITAT Pune)

On going through the language of the Explanation 10, it is manifest that it is attracted only when the object of the Scheme is to subsidize the cost of an asset and not otherwise. If the object of the Scheme is to accelerate the industrial development of the State, then the case is not caught within the mandate of the Explanation 10....

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LTCG on sale of shares cannot be treated bogus merely on investigation report

Mr. Sanjiv Shroff Vs ACIT (ITAT Kolkata)

When AO has not brought any material on record to show that the assessee has paid over and above the purchase consideration as claimed and evident from the bank account then, in the absence of any evidence it cannot be held that the assessee has introduced his own unaccounted money by way of bogus long term capital gain....

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Section 115JB not applies to assessee governed by Special Acts & Rules

ITO Vs M/s. Atria Hydel Power Ltd. (ITAT Bengalore)

Provisions of section 115JB would not be applied to assessee-company where assessee was governed by different Acts and Rules, and was not required to prepare its profit & loss account and balance sheet as per Part II & III of Schedule VI to the Companies Act....

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No Penalty U/s. 271(1)(c ) for human error with no willful concealment

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai) When there was no willful concealment and mistake involved human error, penalty under section 271(1)(c ) deleted...

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Benefit of section 10(37) cannot be denied for acquisition through negotiated sale deed

ITO Vs Sri.Harimurali Sreedhara Panicka (ITAT Cochin)

Merely because the sale price is fixed through a negotiated settlement will not take away the proceedings from the Land Acquisition Act when the relevant provision of the Act are invoked....

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Company cannot be treated as comparable due to unreliability of its financial data

Travelex India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

As regards comparability of Maple e–solutions Ltd., it has now been well settled through various judicial precedents that this company cannot be treated as comparable due to unreliability of its financial data. ...

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No Transfer on mere appointment of Power of Attorney for property

Sh. Gurdev Singh Vs ITO (ITAT Amritsar)

Sh. Gurdev Singh Vs ITO (ITAT Amritsar) Smt. Harsharan Kaur was 73 years old lady at the relevant time. Therefore, she gave Power of Attorney to the assessee since she could not maintain the property. It was further submitted that within one year from the date of general Power of Attorney, the assessee gave the […]...

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ITAT Grants stay on demand to Google on Payment of Rs. 475 Crore as Tax

M/s. Google India Private Ltd. Vs JCIT (ITAT Bangalore)

M/s. Google India Private Ltd. Vs. JCIT (ITAT Bangalore) After considering the existence of prima facie case, balance of convenience, relative hardship, the earlier orders of the Tribunal and the orders of the Hon’ble High Court of Karnataka in the case of the Assessee on identical issue of grant of stay, the offer to pay […]...

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Reassessment invalid if notice U/s. 143(2) not issued after notice u/s 147/148

ITO Vs S. M. Batha Education Trust (ITAT Pune)

ITO Vs S. M. Batha Education Trust (ITAT Pune) In the absence of pending return of income, the provisions of section 143(2) of the Act is clear that notice can be issued only when a valid return is pending for assessment. Reassessment proceedings is invalid if notice U/sec.143(2) is issued prior to filing of return […]...

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Exemption U/s. 54F allowed for Investment in purchase of Villa routed through mutual funds

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) In the present case, the capital asset was sold on 26.02.2011. The capital asset was purchased on 31.03.2011 and before the purchase of the capital asset the amount was deposited in mutual funds. Therefore in the considered opinion of the bench, before the date of filing of […]...

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