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 : Bengaluru ITAT restored section 12AB and consequential section 80G applications after the trust produced fire and structural safet...
Income Tax : Mumbai ITAT restored a section 12AB registration application, holding absence of an irrevocability clause alone cannot justify rej...
Income Tax : Mumbai ITAT held sections 234B and 234C interest must be excluded from tax effect, dismissing the Revenue's appeal as below the CB...
Income Tax : Mumbai ITAT deleted a ₹6.50 lakh section 68 addition, holding repayment of an earlier bank-transferred loan cannot be treated as...
Income Tax : ITAT Bengaluru deleted ad hoc commission and interest disallowances, holding Section 40A(2)(b) inapplicable to interest paid to a ...
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...
Hon’ble President of ITAT announces to all the stakeholders that the E-Filing Portal developed in the Income Tax Appellate Tribunal is ready for launch post compliance of mandatory security audit in accordance with the Guidelines issued by the Government of India. Justin Pradeep P.Bhatt (Former Judge, Hon’ble Gujarat High Court and Jharkhand High Court) President […]
It is a settled principle of law that where addition to assessee’s income is made on estimate basis penalty under section 271(1)(c) cannot be imposed.
In balance sheet of assessee credit balance of lenders had been shown at Rs. 49 lacs and Rs. 13 lacs and details of accounts along with confirmation, addresses and PAN of lenders were furnished before AO for verification. Even assessee had furnished copy of assessment orders passed in case of lender for the relevant year for verification. Apart from that, funds had been received by assessee through banking channel, and therefore, all the ingredients necessary for proving cash credit under section 68 stood satisfied by assessee. Therefore, AO was not justified in making addition under section 68.
Shyam Cotsyn India Ltd. Vs ITO (ITAT Ahmedabad) Understatement of stock or unrecorded sale If the assessee has overvalued its closing stock of the earlier assessment year which suggests that amount of profit was increased by that amount or the loss was decreased by the same amount of that assessment year. As such the effect […]
DCIT Vs Late Shri Pravinsinh N Zala (ITAT Rajkot) Whether the amendment brought under the provisions of section 153C of the Act, where the word ‘belong’ was replaced with the word ‘pertain’ is applicable for the year under consideration. It was only on 1st June, 2015 when the amended provisions came into force that the […]
The issue under consideration is whether A.O. and CIT is correct in making an addition u/s 69 for cash found during search in bank locker?
Mahle Filter Systems Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The issue under consideration is whether A.O. is correct in treating the ‘rental income’ as ‘income from other sources’? The assessee has disclosed rental receipts from its factory building and after deducting 30% as per provisions of section 24 of the Act, income from house […]
The issue under consideration is whether the addition made by the A.O. for cash deposited into saving bank account by the assessee is justified in law?
The issue under consideration is that whether the CIT(Exemptions) is correct in rejecting the application seeking grant of registration u/s 12AA of the Act?
The form of appeal shall be verified by the person who is authorised to verify the return of income under section 140 of the act as applicable to the assessee. According to the provisions of section 140(c) of the act, the first proviso says that where company is not a resident in India, the return may be verified by a person who holds a valid power of attorney (POA) from such company to do so.
