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 : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Income Tax : The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles o...
Income Tax : The Delhi ITAT held that institutions engaged in preservation of environment fall under a specific charitable limb under Section 2...
Income Tax : The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during as...
Income Tax : ITAT Bangalore restored the Section 54F claim after noting that medical issues and portal difficulties prevented timely filing of ...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The tribunal held that a gift deed alone cannot establish legitimacy under Section 68. It directed fresh scrutiny of the donor’s...
Income Tax : Delhi ITAT allows Sanco Holding, a Norwegian company, to compute income from bareboat charter of seismic vessels under Article 21(...
Income Tax : Learn about hybrid hearing guidelines of Income Tax Appellate Tribunal (ITAT) Indore Bench, effective from October 9, 2023, offeri...
Income Tax : The Mumbai ITAT held that the appellate authority failed to consider pending writ petitions and interim directions of the Bombay H...
Income Tax : The ITAT Chennai held that exemption under Section 11 cannot be denied merely because Form 10B was not filed along with the return...
Income Tax : The ITAT Bangalore held that gains arising from buyback of shares are taxable under Section 46A because the conditions prescribed ...
Income Tax : ITAT Mumbai held that incomplete WhatsApp chats without proof of completed transactions cannot justify additions under Section 69A...
Income Tax : ITAT Delhi held that penalty under Section 271AAC cannot survive once the underlying Section 153C assessment is quashed. The Tribu...
Income Tax : The ITAT Delhi has revised its hearing notice protocols. Physical notices will now be sent only once, with subsequent dates availa...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
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...
The ITAT while dismissing the assessees appeal observed that the assessee has transferred his share of right and interest over the property in favour of his father through relinquishment deed dated 14.10.2014, which is after entering into sale agreement on 28.1.2014 and as per section 2(47)(i) of the Income Tax Act, transfer in relation to a capital asset, includes, the sale, exchange or relinquishment of assets. Therefore, the Order of AO wherein it was held that the assessee could not claim any exemption on the capital gains was upheld.
ITAT Visakhapatnam held that liquidated damages are incidental business income but cannot be said to be profit from core or incidental activity. As there are not directly received from the core activity, they doesnt form part of computation in tonnage tax.
ITAT Mumbai held that property sold in individual capacity cannot be claimed to be owned by the partnership firm simply by way of making entries in the books of accounts of the partnership firm. Accordingly, Capital gain on sale of property taxable in hands of individual.
ITAT Mumbai held that loss of clients incurred under Options Maxima Scheme claimed by the assessee (being an agent) in its return is not allowable.
ITAT Pune held that depreciation on items like stainless steel table, tools, trollies used by scientist or lab technicians in laboratory are used for production of vaccine/ other is allowable at the rate applicable to plant and machinery
Ragavs Diagnostic & Research Centre Pvt. Ltd. Vs ACIT (ITAT Bangalore) From the plain reading of section 69C, it is clear that when an assessee offers no explanation or the explanation offered is not satisfactory in the opinion of the AO, then the amount of such expenditure is to be taxed as income u/s. 69C […]
AO made additions on ground that cash deposited in bank account was more than total turnover declared by assessee, since assessee furnished bank statements which showed that there were deposits and withdrawals of almost equal amounts and AO failed to give any findings regarding said withdrawals, assessee deserved to get benefit of telescoping and thus, addition was unjustified
Mankind Pharma Ltd Vs DCIT (ITAT Delhi) The issue in the present ground is with respect to the disallowance of sale promotion expenses of Rs.1,06,78,600/- by holding it to be covered by Explanation of Section 37(1) of the Act. We find that Hon’ble Apex Court in the case of Apex Laboratories Pvt. Ltd. (supra) has […]
Bipinchandra Purshotamdas Patel Vs ITO (ITAT Ahmedabad) ITAT find that the assessees explanation for source of cash deposits of Rs.6.00 lakhs in his Bank of India account, which is in dispute before us, as being out of his share in the sale of land, jointly owned along with members of his family, is duly and […]
Insecticides (India) Ltd. Vs DCIT (ITAT Delhi) It was noticed by Assessing Officer that in revised return, Assessee has reduced an amount of Rs. 14,84,20,415/- out of total income under the head of business claiming to be ‘capital receipts’, which was actually shown as ‘revenue receipts’ in the original return of income. The Assessee while […]
