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 : Mumbai ITAT condoned a 917-day delay and directed that bogus purchase addition be limited to the gross profit element where sales ...
Income Tax : Mumbai ITAT restored section 12AB registration and 80G approval applications for fresh adjudication after finding relevant aspects...
Income Tax : Bengaluru ITAT restored the matter to CIT(A) for fresh adjudication on reassessment and section 80P issues after setting aside the...
Income Tax : Bengaluru ITAT allowed deduction of ₹1.475 crore success fee under section 48(i), holding advisory services for share divestment...
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 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...
Dipesh Ramesh Vardhan Vs. DCIT (ITAT Mumbai) The perusal of record would reveal that the assessee purchased certain shares of an entity namely M/s STL as early as September, 2011. The shares were converted into demat form in assessee’s account during the month of March, 2012. The transactions took place through banking channels. The investments […]
The issue under consideration is whether deduction can be claimed under Research and Development (R&D) for Amount incurred towards development on a mechanism to produce customised products?
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues directions for disposal of appeals under Faceless Appeal scheme 2020 (Notification no. 77/2020 dated 25.09.2020) ♦ CBDT notifies the Faceless Appeals Scheme, 2020 (Notification no. 76/2020 dated 25.09.2020) ♦ CBDT notifies for 15C for Application by Banking Company or Insurer for receipt of sum […]
Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai) sub-section (5) to Section 23 has been inserted by the Finance Act, 2017 w.e.f. 01-4-2018, whereby notional annual value of property/part of property held has stock-in-trade has been brought to tax subject to conditions specified in the newly inserted sub-section. The amendment is substantive in nature […]
Fabline Engineers Pvt. Ltd. Vs ITO (ITAT Kolkata) This appeal preferred by the assessee is directed against the order of the Ld. CIT (Appeals) – 7, Kolkata dated 28-02-2018 passed ex parte, whereby he dismissed the appeal of the assessee for non-prosecution. 2. The assessee in the present case is a company, which is engaged […]
The decision holding that the payments made for purchase of software was in the nature of royalty came to be pronounced on 15.10.2011. Accordingly, assessee could not be treated as an assessee in default for not deducting TDS under section 195 in respect of payments made for purchase of licensed software prior to 15.10.2011.
The issue under consideration is whether the assessee would be entitled for deduction u/s 54F if construction of house is commenced prior to the transfer of the asset?
Vedanta Ltd. Vs ACIT (ITAT Delhi) At the very outside, the Tribunal in the case of National Small Industries Corporation Limited 175 ITD 601 has held that amendments made to section 37 of the Act vide Finance Act [No. 2] 2014 are prospective in nature and hence would not be applicable to the period prior […]
Demag Delaval Industries Turbomachinery Pvt. Ltd. Vs. ACIT (ITAT Mumbai) The assessee had made provision for warranty of Rs. 2,76,18,000/-which was claimed as expenditure. The same was denied by the Assessing Officer on the ground that it is an unascertained liability and a contingent liability. Learned CIT(A) in principal upheld the action of the Assessing […]
Nishit Fincap Pvt Ltd. Vs ITO (ITAT Delhi) Query No. 7 is in relation to share capital and share application money received. This means that specific query was raised in respect of share application money and vide reply dated 16.11.2009, the assessee furnished all details as required by the Assessing Officer. Pursuant to the reply […]
