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 : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Income Tax : The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles o...
Income Tax : The Delhi ITAT held that institutions engaged in preservation of environment fall under a specific charitable limb under Section 2...
Income Tax : The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during as...
Income Tax : ITAT Bangalore restored the Section 54F claim after noting that medical issues and portal difficulties prevented timely filing of ...
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 : Delhi ITAT allows Sanco Holding, a Norwegian company, to compute income from bareboat charter of seismic vessels under Article 21(...
Income Tax : Learn about hybrid hearing guidelines of Income Tax Appellate Tribunal (ITAT) Indore Bench, effective from October 9, 2023, offeri...
Income Tax : The ITAT Ahmedabad held that reassessment under Section 147 was invalid because the Assessing Officer reopened the case for fictit...
Income Tax : The Tribunal held that tax authorities cannot reject documentary evidence solely by labeling the explanation as an afterthought. P...
Income Tax : ITAT Bangalore dismissed the Revenue’s appeal after holding that the Assessing Officer failed to provide adequate reasons for de...
Income Tax : ITAT Delhi held that penalty proceedings under Section 271(1)(c) should not be decided before disposal of the related quantum appe...
Income Tax : The Tribunal held that two sale deeds represented the same transaction because one was merely an amendment correcting a survey num...
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...
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...
Merely because the assessee was not able to generate desired agricultural income from the said land and thus, it sold the said land within one year of its purchase, would not change the character of agricultural land to a non-agricultural land. Consequently, the assessee would be entitled to claim the benefit of exemption under section 10(1).
Shri Rajkumar Mandhani Vs DCIT (ITAT Hyderabad) In the case before us, the assessee and his wife are independent income tax assessees and the assessee already owned one house at Kilpauk, Chennai. The assessee therefore, cannot be said to have invested in order to avoid capital gains to tax in his hands, as u/s 54F(1), […]
ACIT Vs Nekkanti Sea Foods Ltd. (ITAT Hyderabad) there was a delay of 92 days in filing this C.O. by the assessee, for which an application for condonation of delay was filed by the assessee, wherein, inter-alia, the assessee stated that since there was a delay in getting the signatures of the MD of the company who […]
Shri Srinivasa Reddy Yenumula Vs ITO (ITAT Hyderabad) As regards the addition of Rs.18.00 lakhs towards unexplained investment is concerned, the learned Counsel for the assessee placed reliance on the judgment of the Hon’ble Supreme Court of India in the case of CIT vs. Bharat Engg. & Construction Co. reported in (1972) 83 ITR 0187 wherein […]
Order of reassessment passed without disposing off the objection raised by assessee was invalid as assessee was entitled to raise objection against the reason given in reassessment notice and AO was under mandate to dispose of the same by a speaking order before proceeding to reassess the assessee’s income.
Shri Bhagwandas Nagla Vs ITO (International Taxation) (ITAT Hyderabad) Conclusion: TDS under section 195 was to be deducted in case payment for purchase of immovable property made to GPA (general power of attorney) holder of non-residents because, at best, GPA holder could be considered as only a conduit between assessee and the owners of property […]
Gain arising on transfer of ESOP options should be taxed as long term capital gains where the holding period was more than 3 years as assessee acquired a valuable and transferable right and the right of share constituted capital assets from the date of grant.
Payment of high remuneration to Directors cannot be disallowed by treating the same as a tool to shift profits to evade tax when the Directors have already offered the income for tax through their personal returns.
Provision of section 50C is applicable as on the date of execution of sale agreement and accordingly the fair market value of the property as on the date of sale agreement is to be taken.
DCIT Vs Piramal Realty Pvt. Ltd. (ITAT Mumbai) We have considered the issue and find that this section does not cover section 68 of the Act. Thus, the Legislature does not envisage any sort of valuation for the purpose of section 68 of the Act. Indeed, valuation of preference shares is a completely different exercise […]
