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...
The assessee in the present case is an investment company which filed its return of income for the year under consideration on 29.10.04 declaring total income of Rs. 5,03,38,480/-. The said return filed by the assessee was selected for scrutiny assessment and in the assessment completed vide an order dated 29.9.2006 passed u/s 143(3), the total income of the assessee was computed by the AO.
The words other right of occupancy appearing in the Explanation 1 of section 32(1) should be construed ejusdem generis with the word lease and if that is so, the right of occupancy should be of such a nature that the assessee should possess an interest in the property and the occupancy must be referable to that interest
During the year, the assessee has shown export sale of polished diamonds and claimed deduction u/s. 80HHC. The assessee also filed an Audit Report in the Form No. 3CEB. The Assessing Officer referred the case to the Transfer Pricing Officer (TPO) for determination of Arms Length Price (ALP) u/s. 92CA(3).
The facts of the case are that the assessee is a Singapore based company engaged in the business of acquiring television programs, motion pictures and sports events and exhibiting the same on its television channels from Singapore. The assessee is a tax resident of Singapore in terms of Article 4 of the India Singapore Tax Treaty.
It was held that transfer of development rights does amount to transfer of land or building and therefore s. 50C is applicable is applicable because u/s 2(47)(v) the giving of possession in part performance of a contract as pers. 53A of the Transfer of property Act is deemed to be a transfer.
Incomes exempt under the regular provisions of the ITA would be liable to tax under MAT if they are not expressly excluded under the Explanation providing permissible adjustments to be made in computing the book profit.
Merely because the long term capital gain is exempt under section 47(iv) under the normal provision of the Act, it is not correct to say that it is also to be reduced from the net profit for the purpose of computing book profit under section 115JB of the Act when the Explanation to section 115JB does not provide for any deduction in terms of section 47(iv)
The AO held the assessee to be a trader in shares & assessed the gains as business profits on the ground that (a) there was high frequency & sale transactions, (b) there were instances where delivery was not taken and shares were sold within a short period,
Reimbursable expenditure and the fee payable for technical services under DTAA between India and USA- the reimbursable expenditure received by the assessee cannot form part of the total income. – since the development of infrastructure falls within the industrial policy of Government of India specific approval may not be required for claiming exemption u/s. 10(6A) of the Act. – what was reimbursed is the service tax paid by the assessee to the Government account. therefore, such an amount cannot form part of technical fee. In other words, it cannot be treated as trading receipt. In view of the above, in our opinion, the reimbursement of service tax cannot form part of the total income of the assessee. – fee received by the assessee towards technical services / consultancy would fall under Article 12 and not under Article 7. Therefore, tax has to be levied only at 15% and not at 20%. – there is no liability to pay the advance tax wherever the tax was deducted at source. Therefore, interest was not chargeable u/s. 234B of the Act.
The assessee had paid a sum of Rs.2 crores to M/s. Procter & Gamble India Ltd (PGI) towards technical know how fees in assessment year 1994-95. The assessee had amortized the expenditure over a period of six years and claimed deduction of Rs.33,33,333/- being 1/6th of the payment during the year.
