ITAT Judgments | ITAT Judgment contain Income Tax related Judgments from Income Tax Appellate Tribunal Across India which includes ITAT Mumbai, Chennai, Delhi, Kolkutta, Hyderabad etc.

(a) The scrip is a penny stock, purchased at a low price, which is over a period of time ramped up by operators acting in benami names or name lenders. The purchases are off market purchases, and not reported on the exchange; (b) purchase/s is back dated, i.e., per a back dated contract note, paid for in cash, so that there is no trail...

The learned CIT(A) noticed that the assessee has not filed detail of expenses before the Assessing Officer, still he restricted the disallowance for other expenses to 10% of the total expenses without any justification and only on the basis of the magnitude of the disallowance. The learned CIT(A) should have examined the books of accounts...

The income from non-members was offered to tax by assessee, whereas membership fee from its own members was claimed as exempt on the principle of mutuality. Assessee being a trade association of software industries, it’s main object is to promote and protect the interest of its members. Membership received from its own members came with...

Assessee-sole proprietor was not eligible for a tax deduction for his own education expenses as the same could not be treated as business expenses and the point in time when the expenditure was incurred, the business of the assessee was not set up. ...

Where the impounded documents had been received by AO on 29-1-2014 and six assessment years under section 153C in case of assessee would be assessment years 2008-09 to 2013-14, therefore, initiation of proceedings under section 153C by AO for assessment years 2006-07 to 2011-12, was illegal and not sustainable in law....

While passing the assessment order AO had followed the permissible view in law which could not be said to be 'unsustainable in law'. Therefore, the jurisdictional facts for usurping the jurisdiction u/s 263, being absent, the action of CIT to exercise revisional jurisdiction was without jurisdiction and all subsequent actions were 'null' ...

Assessee is entitled to include interest in the capital cost while computing capital gains U/s 48 of the Act. Judicial discipline requires us to follow the order of a co‑ordinate bench....

Volkswagen Finance Pvt Ltd Vs ITO (ITAT Mumbai) In this case ITAT held that we are of the considered view that the income embedded in payment to the international celebrity (Nicholas Cage), for participation in Dubai A8L launch event for promoting the business of the assessee in India, is taxable as arising from a ‘business [&hellip...

Mrinal Roy Vs DCIT (ITAT Delhi) Once it is established that the tax has been deducted at source, the bar under Section 205 of the Act comes into operation and the revenue is barred from recovering the TDS amount once again from the employee from whose income, TDS amount has been It is pertinent to […]...

The Assessing Officer disallowed  expense of Rs. 1,27,500 u/s 37(1) of Income Tax Act on finding that the said expenditure relates to some advertisements connected to demise / birthday greetings / congratulating some politicians, etc....