ITAT Judgment contain Income Tax related Judgments from Income Tax Appellate Tribunal Across India which includes ITAT Mumbai, Chennai, Delhi, Kolkutta, Hyderabad etc.
Income Tax : ITAT Bangalore held that disallowance of agricultural expenses based on estimation is unsustainable without concrete evidence, rul...
Income Tax : ITAT ruled that exemption under Section 54F cannot be denied solely due to missing bills or vouchers, emphasizing the principle of...
Income Tax : Learn about how the holding period of property impacts Capital Gain tax, including ITAT's recent decision clarifying calculations ...
Income Tax : Explore key updates on recent income tax case laws, covering international taxation, business income, and capital gains. Essential...
Income Tax : Discover the implications of a significant Delhi ITAT ruling on cash sales pre-demonetization. Learn how it affects taxation and f...
Income Tax : Learn about hybrid hearing guidelines of Income Tax Appellate Tribunal (ITAT) Indore Bench, effective from October 9, 2023, offeri...
Income Tax : Supreme Court of India has recently issued an order requiring all revenue appeals before the Income Tax Appellate Tribunal (ITAT) ...
Income Tax : At present appeals are fixed in routine and may take one to two years period even for first hearing. it is humbly submitted that t...
Income Tax : CBI Registers a Case against Accountant Member, Income Tax Appellate Tribunal (ITAT) on the Allegations of Possessing Disproportio...
Income Tax : Law Minister Shri Ravi Shankar Prasad launches 'itat e-dwar', an e-filing portal of Income Tax Appellate Tribunal. Portal will ena...
Income Tax : ITAT Mumbai dismisses income tax additions for AY 2014-15, stating reliance on a generalized report without independent inquiry is...
Income Tax : ITAT Mumbai dismisses Revenue's appeal, upholds CIT(A) decision to delete addition of interest income from fixed deposits in Evita...
Income Tax : ITAT Pune sends case back to CIT(A) after hearing notices sent to registered email went unnoticed, leading to non-appearance by th...
Income Tax : ITAT restores case to CIT(A) as incorrect filing date led to faulty judgment in Emerald Mining Pvt. Ltd. tax dispute....
Income Tax : Delhi ITAT rules that the requirement of filing Form 10B is procedural, allowing Section 11 exemption for an educational trust des...
Income Tax : Central Government is pleased to appoint Shri G. S. Pannu, Vice-President of the Income Tax Appellate Tribunal, as President of th...
Income Tax : Ministry of Finance notified rules for appointment of members in various tribunals on 12.02.2020 in which practice of judicial and...
Income Tax : Bhagyalaxmi Conclave Pvt. Ltd. Vs DCIT (ITAT Kolkata) In the remand report, the AO clearly stated that notice u/s 143(2) of the Ac...
Income Tax : Office Order No. 08 of 2021 Post facto approval of the Competent Authority is hereby conveyed for extension of term of ad-hoc appo...
Income Tax : In continuation of the SOP (Standard Operating Procedure) dated 01.06.2020 the hearing of cases at 'ITAT Chandigarh Benches from 0...
Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that it is need not be to compute Minimum Alternate Tax when the assessee maintaining books of accounts under the regulatory act instead of companies act under Section 115JB of the Income Tax Act 1961.
M/s. Kshitij Interiors Pvt. Ltd. Vs. DCIT (ITAT Mumbai) From the record we found that commission was paid to Mr. Bhawarlal Sharma, whole time Director of the Company, for the services rendered by him to the Company. The Director has rendered technical services to the assessee company. The commission so paid is for the services […]
The assessee further contended that additions cannot be made towards purchases merely on the basis of third party information ignoring the evidences filed to justify purchases. The assessee further contended before the lower authorities that the assessing officer neither pointed out any error or discrepancy in the books of account nor did make out any case of sales made outside the books of account.
DCIT Vs Shri Subhash Gandhi (ITAT Amritsar) An order passed u/s 127 of the Act is not appealable before the Ld. CIT(A). Since the first appellate authority has no jurisdiction to decide the validity or otherwise of an order passed u/s 127, transferring the jurisdiction from one Assessing Officer (AO) to another, it is, but, […]
Merely because assessee-company had claimed deduction of expenditure without deducting TDS on interest payment, which was not accepted by Revenue, by itself, would not attract the levy of penalty.
As amount disallowed under section 43B would become profits of business in the computation of income under the head “Profits and gains of business or profession”. Consequently, if the amounts disallowed were pertaining to the projects on which the claim under section 80-IA was made, the same had to be allowed as profits get increased to that extent. Therefore, AO was directed to examine the working of profits and allow the deduction.
Assessee has invested more than the sale proceeds of the industrial gala for purchase of two flats. Respectfully following the decision of Karnataka High Court,we do not find any merit for decline of assessee’s claim of deduction u/s.54 for investment in two flats out of sale proceeds of long term capital gains within the stipulated period provided in the Act.
Provisions of section 50C of the Act are not applicable in the case of the assessee as the capital asset involved here was not land or building but it is a right to purchase a building (shop).
It is well settled that where two non jurisdictional High Court’s decisions are opposed to each other, the one in favor of the assessee is required to be followed by the Tribunal.
Merely on the reasoning that liability in respect of some of the sundry creditors have remained outstanding for about three years the assessing officer has concluded that they have to be treated as income of the assessee in the impugned assessment year as they have ceased to exist as per section 41(1) of the Act.
