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...
The assessee’s contention that above income is to be assessed under the head other sources as he is not owner of the premises, is well taken and is required to be accepted. There is no question of estimating annual letting value of the property. It is to be assessed as per agreement between the parties under the head other sources. The Revenue authorities were not justified in assessing rental income under the head house property. On facts of the case, we direct the AO to take assessee’s rental income under the head other sources. The assessee would also be entitled to consequential relieves under the law. This ground of appeal of the assessee is accepted.
1.Whether deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961, on payment basis before incurring the liability to pay such amounts? The deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961 on payment basis before incurring the liability to pay such amount. 2.Whether Modvat Credit available to the assessee as on the last day of the previous year amounts to payment of Central Excise duty u/s. 43B?
The tax paid by the company was part and parcel of the salary and not any sum outside the salary or independent of salary. Thus, the tax liability of the assessee was nothing but the salary and not anything outside it. Therefore, this payment of tax on behalf of the assessee will be monetary payment. In view thereof, the provision contained in section 10(10CC) is not applicable for the reason that like salary, this payment is also a monetary payment forming part of the salary.
JCIT Vs Mukund Limited (ITAT Mumbai) – The consideration of Rs.2.04 crores paid by the assessee company for obtaining the leasehold rights from MIDC in favour of the assessee for a period of 99 years is capital in nature and therefore, not allowable as deduction to the assessee.
Explore the legal case of Aggarwal Mitra Mandal Trust vs. DIT (Exemption) (2007) 293 ITR (AT) 259 (Delhi) where the Income Tax Appellate Tribunal granted insights into the denial of registration under Section 12A. Understand the significance of the CIT’s role in assessing the genuineness of trust activities and objects, and how Section 13(1) applies during income computation. Get detailed analysis and key takeaways from this crucial legal precedent.
Explore a landmark Income Tax Appellate Tribunal case from Chennai where a penalty under Section 271D of the Income-tax Act was successfully deleted. The tribunal found that the undisclosed income, as declared in the block return, remained the assessed income. Discover the rationale behind the tribunal’s decision, emphasizing the genuine nature of credits, the agricultural background of creditors, and the firm’s non-professional management. Learn how the tribunal concluded that the acceptance of cash loans was due to business exigencies, establishing a reasonable cause for the exemption from penalties. #IncomeTax #LegalCase #ChennaiTribunal
the Tribunal was right in holding that a sum of Rs.1,25,00,000/- representing the value of technical know-how is liable to tax under the head Long Term Capital Gain the context of Section 45 read with Section 55 of the Income Tax Act, 1961.
The assessee filed the return showing the taxable income of Rs. 33,570 on December 31, 1993. During the previous year relevant to the assessment year 1993-94, the assessee sold residential property for Rs. 60. lakhs. It was jointly owned by the assessee and Mrs. Prema P. Shah. It was purchased for Rs. 14.00 lakhs on March 29, 1983, and sold on April 4, 1992, for the aforementioned price.
It was held that while granting registration under section 12A of the Act where the objects of the assessee society were genuine, merely because it had incurred certain expenditure, which fell within the category of benefit to a person under section 13(3) of the Act and hence, the assessee society was held to be hit by the provisions of section 13(1) (c) of the Act, does not entitle the CIT to deny the exemption of income claimed under section 11 of the Act.
Once satisfaction note for initiation of proceedings against the assessee under section 158BD was furnished to assessee, the entire grievance of assessee were disposed off and as per AO, in any case incriminating documents and undisclosed assets belonging to assessee were found and seized during search operations conducted by Revenue on Mr. M and hence proceedings initiated against assessee under section 158BD were valid.
