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 Ahmedabad held that merely making a claim that is not sustainable does not amount to furnishing inaccurate particulars of inc...
Income Tax : ITAT Chennai held that construction of new dwelling unit on first floor is eligible for deduction under section 54F of the Income ...
Income Tax : ITAT Mumbai grants relief to Tarun Mohan Jani, ruling that property valuation difference within 10% tolerance limit doesn't warran...
Income Tax : ITAT Ahmedabad held that the AO must record a proper satisfaction regarding the incorrectness of the assessee’s claim before inv...
Income Tax : ITAT Ahmedabad held that passing of ex-parte order by CIT(A) without adjudicating issues on merits, such order is not sustainable ...
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 has filed these appeals challenging the respective orders of Learned CIT (A)-VI Mumbai for the assessment years 2002-03 and 2003-04. As the issue as well as facts are identical hence both these appeals are disposed off by this common order.
The assessee has been carrying out this activity in an organized manner with the help of heavy machinery and computer. Its activity is not as simply as mixing of sand, cement etc. by a labourer on the right side.
Under sec.68, when an amount is found to be credited in the books of the assessee, he has to prove the identity of creditor, his creditworthiness and genuineness of transactions. No doubt, the source of income is there with the creditors but it does not conclusively prove that the amount has come from that source.
By way of this appeal, the assessee appellant has called into question correctness of order dated 7th February 2006, passed by the learned CIT (A) for the assessment year 2000-091, holding that the assessee is liable to pay tax on short term capital gains on sale of shares.
In this year, the assessee filed its return of income on 05.12.1997 declaring total income at Rs. NIL. The return of income was processed u/s. 143(1) of the Act. Thereafter, the AO issued notice on 11.01.2002 u/s. 148 of the Act by initiating proceedings u/s. 147 of the Act.
The assessee paid the employees’ contribution to PF and ESIC after the grace period but before the due date for filing the return. The AO disallowed the payment u/s 36(1) (va) and held that s. 43B had no application. This was confirmed by the CIT (A). On appeal, HELD deciding in favour of the assessee:
whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non- eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligible for tax holiday (Eligible Undertaking). The SB held that the amount eligible for tax holiday was specific to each undertaking of the Taxpayer
S. 10 (38) inserted w.e.f. 1.10.2004 provides that long-term capital gains (LTCG) on which security transaction tax (STT) is paid shall not be included in total income. The assessee earned long term capital gain (LTCG) of Rs. 33,01,57,200 on sale of shares after 1.10.2004 in respect of which STT was paid. The LTCG was exempt u/s 10 (38).
The finding of the Tribunal that 12.5% of net ad revenues is arms length price, was not challenged by the Revenue, we uphold the findings of the first appellate authority. Money received from a holding company with whom the assessee does not have any trading or business transaction cannot be considered as trading receipt.
ITAT Ruling: The Tribunal held that the Transfer Pricing Officer cannot exceed his limitation by following any method to determine the arm’s length price which is not authorized by the Income Tax Act or the Income Tax Rules [CA Computer Associates Pvt. Ltd. V. DCIT (2010-TIOL-68-ITAT-MUM)].
