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...
In the case of Asst Shri Ashokkumar Bhailal v Income Tax Officer, ITAT Ahmedabad has held that addition made on basis of witness statements, without giving assessee an opportunity to cross examine the witness and without collaborating other independent evidence is not sustainable in law.
The Assessee sold immovable property for a sale consideration of Rs.13,70,000/-. The stamp duty valuation price was Rs.17,90,085/-. Accordingly AO invoking the provision of section 50C made addition on account of short-term capital gain.
In the balance sheet of the assessee, A.O. noted that there was a term loan of Rs.7,58,09,730/- from Axis Bank. Further the assessee has invested in fully paid equity shares of Pollen Dealcom Pvt. Ltd. amounting to Rs.6 crores.
The AO initiated the penalty under section 271(1)(c) for concealment of income and for furnishing of inaccurate particulars of income. The assessee went in appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee and sustained the penalty in respect of addition made due to provision for sundry debtors and provision for suspense.
The present appeal filed by the assessee challenging the order passed by CIT(A) confirming the disallowance made u/s 35D in respect of expenditure incurred related to issue of shares and computation of book profit u/s 115JB.
In the instant case, the assessee has sold 71233 shares for Rs.3.33 crore under the buy-back scheme. This sale consideration comprises Rs.1.06 crore as interest. The assessee calculated the capital gain considering the total receipt of Rs.3.33 crore as value of sale consideration while the A.O. taxed Rs.1.06 crore as income from other sources which was confirmed by the Tribunal.
The ITAT bench of Panaji in the case of Sesa Resources Limited held that the disallowance under Sec 14A read with rule 8D can be made only in respect of investments which are earning income exempt from tax and not the total investments.
ITAT New Delhi in the case of ITO (TDS) Vs. Nokia India P. Ltd. held that the payments made by the assessee company to Finland based as a consideration for review of design , construction and quality control plans from outside India are not in the nature of fee for technical services as defined in Article 13 of DTAA between India and Finland.
It was held by ITAT delhi in the case of SC Jhonson Products Private Limited Vs. DCIT, that framing of assessment against a non existing entity/person is not a procedural irregularity but a jurisdictional defect and can not be cured by application of Section 292B of the Income Tax Act, 1961.
In the case Vinod Kumar Surana Vs. ITO the Hon’ble Kolkata ITAT held that the fact of withdrawal of deduction u/ 80IB of the Act in the subsequent years when the same were duly granted by the ld. AO in the initial assessment years per se becomes a debatable issue and hence same cannot be dealt in the proceedings u/s 154
