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 held section 35D(2)(c) applies only to companies and upheld disallowance of REIT's claim for IPO and listing expense amortisa...
Income Tax : Article examines whether the MLI Principal Purpose Test has domestic effect under Section 90(1) following Nestlé SA and Sky High ...
Corporate Law : The article argues that failure to comply before the AO or CIT(A) can lead to adverse assessments, as higher forums generally cann...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : ITAT held that delayed filing of Form 10B cannot defeat Section 11 exemption if the audit report is available before processing un...
Income Tax : ITAT Bangalore restored the appeal after holding that mere upload of an order on the ITBA portal is not valid service under Sectio...
Income Tax : ITAT Bangalore held Section 2(47)(v) inapplicable as the JDA did not satisfy Section 53A conditions, deleting capital gains for AY...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The tribunal held that a gift deed alone cannot establish legitimacy under Section 68. It directed fresh scrutiny of the donor’s...
Income Tax : ITAT deleted the Section 43 BMA penalty for non-disclosure of foreign ESOPs in Schedule FA, treating the omission as a bona fide...
Income Tax : ITAT Mumbai remanded Section 12AB and consequential Section 80G renewal after holding that FCRA renewal rejection required indepen...
Income Tax : ITAT deleted the Section 69A addition on advance sale consideration, upheld Section 153C proceedings, and partly allowed the asses...
Income Tax : ITAT Hyderabad upheld revenue deduction for TV serial production costs, dismissed Revenue's appeal, and remanded subscription reve...
Income Tax : ITAT held the appeal was filed within the extended limitation granted by the Supreme Court, set aside the dismissal, and remanded ...
Income Tax : ITAT Pune allowed rectification under Section 254(2), correcting factual errors and granting Section 54EC deduction of ₹1 crore ...
Income Tax : The ITAT Delhi has revised its hearing notice protocols. Physical notices will now be sent only once, with subsequent dates availa...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
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...
Assessee was entitled to relief on the certificate granted by the prescribed authority u/s 35(1)(ii) of the Act to the institution to which it donated the sum of money for claiming deduction under that section if it was subsisting and valid at the time the donation was made.
Watermarke Residency Limited Vs DCIT (ITAT Hyderabad) In the present case, the TPO had benchmarked the transaction after treating the FCCDs as debt. This finding of TPO was based on Terms of issuance of FCCD and balance-sheets/ financials of the assessee as well as of it’s A.E, where both had mentioned FCCD as debt. We […]
Madhya Pradesh Audyogik Kendra Vikas Nigam (Indore) Limited Vs DCIT (ITAT Indore) The assessee has challenged the penalty to the tune of Rs.1,50,000/-levied under Section 271B of the Act. The assessee, a Government company, wherein appointment of Auditor in the case of the appellant was governed by the provision of section 619(2) of the Companies […]
ITAT held that Rule 128(9) of the Rules does not provide for disallowance of Foreign Tax Credit (FTC) in case of delay in filing Form No. 67; (ii) filing of Form No. 67 is not mandatory but a directory requirement and (iii) DTAA overrides the provisions of the Act and the Rules cannot be contrary to the Act.
ITAT Bangalore held that rule 10B(2)(d) of the Income Tax Rules provide that the company is in the wholesale trading and retail trading have to be considered separately for the purpose of comparison.
ITAT Mumbai held that loan lying in the proprietorship concern books of the assessee is converted as gift during the year under consideration hence there was no fresh receipt of money. Accordingly, addition under section 68 of the Income Tax Act is unsustainable.
ITAT Ahmedabad held that exemption under section 10 of the Income Tax Act not available as the said land was non-agricultural land as it failed to fulfil twin conditions for qualifying as agricultural land.
ITAT Chandigarh held that for claiming deduction u/s 57(iii) of the Income Tax Act primary motive of incurring such expenditure should be directly relatable to the earning of income falling under the head income from other sources. Such expenditure are deductible even if there is net loss.
ITAT Ahmedabad assessee has duly submitted banks certificate disclaiming the existence of such bank accounts belonging to the assessee. Hence, addition of cash deposited on such non-existing bank account unsustainable
ITAT Mumbai held that as assessee is having sufficient own funds hence investments which yield exempt income can be presumed to be made out of interest free funds. Accordingly, disallowance of interest in terms of rule 8D(2)(ii) of the Income Tax Rules unsustainable.
