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 Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Pune restored the assessment order as assessee neither filed any evidence nor provided material in an attempt to discharge th...
Income Tax : ITAT Delhi held that the condition of make available was not satisfied for services when provided by assessee did not enabled the ...
Income Tax : ITAT Pune directed addition u/s. 68 of the Income Tax Act towards unsecured loans as appellate deliberately withhold information f...
Income Tax : ITAT Pune rules in favor of Ashok Ravsaheb Tambe, deleting addition of cash deposits during demonetization, explained as proceeds ...
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...
Assistant Commissioner of Income-tax v. Claridges Investments & Finances (P.) Ltd. – Section 14A, read with section 10(33), of the Income-tax Act, 1961 – Expenditure incurred in relation to income not includible in total income – Assessment year 2001-02 – Whether provisions of section 14A apply only when there is expenditure in relation to an exempt income and it does not create any legal fiction to deem any expenditure as expenditure incurred in relation to exempt income – Held, yes
Principles for reckoning of limitation period for completion of block assessment under provisions of S 158 BE- conclusive proof is required to show that seized documents disclose concealment of any income but assessee and not disclosed – ITAT
(a) Paper Books must be legibly written or type-written in double space of printed. (b) Each paper filed should be certified as true copy by the party filing the same, or by his authorized representative. (c) Each paper should be indexed in such a manner as to give the brief description of the relevance of the document, with page numbers stating the authority before whom it was filed. (d) Xerox copy of a document should be legible.
The Income-Tax Appellate Tribunal has held that transfer pricing is not an exact science in which mathematical certainty is possible and some approximations cannot be ruled out. The case relates to transfer pricing of captive software development services rendered by an Indian subsidiary Mentor Graphics to its US-based overseas parent.
Transaction relating to gift considered in regular assessment and nothing found during search or in post-search probe – transaction cannot be treated as undisclosed nor income from this transaction to be treated as undisclosed – ITAT
Shares bought for Rs 5.25 Cr sold for Rs 52.5 lakh in same yr – capital loss allowed by AO – CIT can review order only if it is erroneous and prejudicial to interest of revenue; both ingredients should be present – ITAT
THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnover of Rs. 2,48,26,964/ -. The net profit included Duty draw back turnover of Rs. 21,10,298/- and DEPB of Rs. 6,63,942/-. The Assessing Officer on verification of export in Form No. 10CCAC observed that the assessee has Loss on export turnover at Rs. 10,19,985/-.
Disallowance of travel by employees: the assessee had calculated the disallowance under Rule 6D with total number of travels undertaken by each employee during the year. This means that the disallowance was worked after setting off disallowables on one trip against the deficit in another trip in respect of each employee. However, the Assessing Officer observed that this disallowance under Rule 6D has to be computed with respect to each travel and ultimately, made an addition of Rs.2,00,000/ – which was confirmed by the ld. CIT(A).
It is the legal owner (i.e. the assessee in the case before us) who is liable to the wealth-tax levy on the value of specified assets licensed/leased by him for a term of less than twelve years as laid down in section 269UA(f). However, the legal owner shall not be liable to wealth-tax levy on the value of specified assets leased by him for a term of not less than twelve years by virtue of any such transaction as is referred to in section 269UA(f) of the Income-tax Act. It is in fact the person acquiring any rights (i.e., lessee) in or with respect to any building under a lease for a term of not less than twelve years by virtue of any such transaction as is referred to in section 269UA(f) of the Income-tax Act who shall be deemed to be the owner thereof in terms of the provisions of section 4(8)(b) of the Wealth-tax Act.
Whether, a Provision for Non Performing Assets (‘NPA’) debited to profit and loss account and claimed as a deduction in accordance with the prudential norms issued by the RBI in exercise of powers conferred on it under section 45JA of the RBI Act, 1934, called the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998, should be allowed as deduction while computing income from business under the provisions of the Income-tax Act, 1961?
