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 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 : ITAT Kolkata held that additions u/s. 153A of the Income Tax Act could only be made on the basis of seized material found during t...
Income Tax : ITAT Ahmedabad held that genuineness of transaction, creditworthiness and identity of creditors not proved, hence addition u/s. 68...
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...
It depends on the facts of each transactions, whether the letting out of the property is incidental and subservient dominant object of selling the property or not. If the property has merely been let out b> the assessee then the same cannot be held to be exploitation of the property for commercial purpose in view of the decision of the Hon’ble Shambhu Investment (supra). We. therefore, restore this issue to the file of the AC) for fresh consideration in the light of aforementioned observation.
Thus we find, if the functional test for a plant enunciated by Apex Court and jurisdictional court in their decisions referred to supra is applied to the facts of the present case, we have no hesitation in holding that roads, flyovers bridges etc., constructed and owned by the assessee and utilised in its business of
If we agree with this submission of the Id. A.R that as the ultimate tax liability of the assessee together with its AE does not vary even if the lower price is charged inter se, and hence the exercise done by the TPO be held as fruitless, then the provisions of section 92 to 92F would become redundant. Since the provisions require the determination of the ALP in an international transaction between the associated enterprises, it is imperative to undergo this exercise so as to prevent any loss to the coffers of India kitty. We therefore, reject this submission made on behalf of the assessee as devoid of any merit.
On careful consideration of relevant facts, I am of the view that important fact stated by the assessee in his reply to penalty notice has not been considered in accordance with law. The revenue authority and the Tribunal in the quantum proceedings proceeded mainly on a presumption that the payment was made through account payee cheque, decided the issue against the assessee and the expenditure claimed was disallowed and added to the income of the assessee. In the penalty proceedings, which admittedly are different and separate from the assessment proceedings, the assessee was entitled to render fresh explanation and accordingly detailed reply dated 8-11-2004 was filed before the AO. In the said reply it was emphasized t
. In view of the above decision, the company whose principal business is that of granting of loans and advances, may earn a comparatively high income from some other activity in a particular year, merely because the income/loss from share trading in the year under consideration is higher than the interest income,
Since in the case under consideration, the expenditure claimed by the assessee is revenue in nature, therefore, the same is allowable u/s 37(1) of the Act and not u/s 35AB of the Act. The above view is supported by the fact that the Finance (No.2) Act, 1998 introduced from the asst. yr. 1999- 2000 on wards,
In view of the above, the grievance of Pride Foramer against being treated as an agent of the expatriate personnel under section 163 of the Act is found to be of merit and it is accepted as such.
In fact, the assessee has borne part of the advertisement expenditure which was to be borne in full by the Indian franchises. Hence, we are of the considered opinion that section 92 is not applicable with regard to the advertisement expenditure.
Order can be revised if and only if the twin conditions, viz., one that the order is erroneous and two – that to that extent it is prejudicial to the interest of the Revenue co-exist.
The Honourable Madras High Court in CIT Vs Western Agencies Madras Pvt. Ltd. (2008) 305 ITR 301 held that if a company lakes over the business of the firm by taking over assets and liabilities of the firm, then the company cannot be assessed in respect of the income of the period prior to dissolution of the firm.
