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 Special Bench held that omission of scrutiny category in a Section 143(2) notice is a procedural defect curable under Section...
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 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 Delhi deleted additions under section 41(1) and held that non-response to notices alone could not render supported sundry c...
Income Tax : ITAT held that omission in Form 3CD fell within section 273B reasonable cause, deleted the penalty, and allowed the assessee's app...
Income Tax : ITAT Chennai remanded the Section 56(2)(vii)(b) addition, directing the AO to adopt the stamp duty value as on the agreement date ...
Income Tax : ITAT Pune allowed deduction under Section 80P(2)(d) on ₹9.12 lakh interest and dividend earned from co-operative banks and partl...
Income Tax : ITAT Chennai restricted the Section 69A addition to peak credit in undisclosed bank accounts and directed taxation at 30% instead ...
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...
Maker Tower Premises Co. Op. Society Ltd. Vs ACIT (ITAT Mumbai) Rent is for space to host the antennas and not for the antennas. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be […]
Jaya Hind Industries Limited Vs DCIT (ITAT Pune) which is used in the robotic arms forming part of high pressure die casting machines can be allowed as revenue expenditure. The factual submissions made on behalf of the appellant are that the expenditure was incurred on replacement of Gripper which is part of robotic arms forming […]
Deep Industries Ltd. Vs DCIT (ITAT Ahmedabad) Assessee in the present case has secured such loss with respect to the liability in foreign currency which may arise at the time of payment by way of taking of forward contract. The assessee to secure the loss on account of foreign currency fluctuation has taken a forward […]
In my considered opinion, disallowance of 12.5% of the bogus purchase as reduced by the gross profit already disclosed by the assessee would meet the end of justice. It does not need to be reiterated that if the gross profit already shown is more than 12.5%, no disallowance is required.
Dinesh Salecha Vs DCIT (ITAT Mumbai) It was expounded that in case of assessments which have attained finality no addition under section 153A can be done without seized incrementing material. We are aware that in these cases earlier assessments were not done u/s 143(3). In our considered opinion, the Hon’ble Jurisdictional High Court has never […]
PCI Limited Vs ACIT (ITAT Delhi) The Assessing Officer made the addition of Rs.73,69,830/-qua Transfer Pricing Adjustment on account of providing corporate guarantee by the Assessee to its overseas associated enterprises companies, namely, PCI Asia Pacific Pvt. Ltd. and PCI Middle East FZE by treating the interest rate of 1.3% based on average fees charged […]
AO had recorded incorrect, wrong and non-existing reasons for reopening of the assessment and also failed to verify the information received by him before recording the reasons for reopening of the assessment. Thus, there was clearly non-application of mind on the part of AO to initiate the re-assessment proceedings. Thus, the reopening of assessment could not be sustained in Law.
Kalpana Mukesh Ruia Vs DCIT (ITAT Mumbai) As regards the issue of additions on merits for the bogus long-term capital gain (LTCG), we note that the same is based upon the modus operandi of earning bogus long-term capital gain in general mentioned by the assessing officer. It is further more based upon the statements obtained […]
ABB Global Industries and Services Pvt. Ltd. Vs DCIT (ITAT Bangalore) A perusal of the order of the AO shows that the AO called upon the assessee to justify the allowability of the losses on account of exchange loss on forward contracts. The assessee gave two submissions dated 8.1.2014 and 23.1.2014, copies of which are […]
DCIT Vs Green Star Fertilizers Ltd. (ITAT Chennai) The issue of disallowance of expenditure on account of foreign exchange fluctuation loss incurred for acquisition of domestic asset is revenue in nature deductible u/s.37(1) or not has been considered by the coordinate Bench of this Tribunal in the case of M/s.Hyundai Motor Company Ltd. Vs. DCIT […]
