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 upheld denial of Section 10(38) exemption and Section 68 addition on alleged sham share transactions while remanding computat...
Income Tax : ITAT upheld deletion of a Section 68 addition on demonetisation cash deposits after finding the deposits were supported by audited...
Income Tax : ITAT deleted the Section 69A addition on demonetisation cash deposits after finding the recorded cash sales, stock records and VAT...
Income Tax : ITAT deleted the Section 68 addition on ₹2.74 crore cash deposits, holding that recorded sales, audited books, VAT records and s...
Income Tax : ITAT deleted the Section 68 addition on ₹80 lakh cash deposits, holding that audited cash sales recorded in books could not be t...
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...
Assessee is engaged in the business of trading in securities and shares. In the year under consideration the assessee suffered a loss of Rs. 29,82,952/- on the sale of Mutual Fund which was held as stock in trade and as such claimed as business loss. The issue in this case is whether the amount of Rs 29,82,952/- on account of loss on sale of mutual funds can be treated as capital loss as held by the AO as against business loss shown by the assessee. It is undisputed fact that the loss has been incurred during the normal course of the business.
No appeal should be filed before Tribunal in case tax effect does not exceed Rs.10 lakhs. The tax effect means the difference between tax on the total income assessed and tax that what have been chargeable had such total income been reduced by the amount of income in respect of issues against which appeal is intended to be filed. This circular further states that tax will not include any interest thereon the chargeability of interest itself is in dispute.
1. The argument of the assessee in this case is that the selection for scrutiny of this case manually done by the Assessing Officer is bad in law and that the Commissioner of Income Tax has granted approval for selection of this case for scrutiny by the AO without application of mind. Ld. Counsel for […]
In this case AO has made addition merely on the basis of ledger extract filed by the assessee on the assumption that the said payments are interest payments which attracts TDS under the provisions of section 194A of the Act, without conducting further inquiries in the background of the assessee’s claim that the said payments […]
Hon’ble Ravi Shankar Prasad, Union Minister of Law & Justice Hand Electronics & Information Technology, inaugurated Surat bench of the Income Tax Appellate Tribunal, on 1st September, 2017. Hon’ble Shri P.P.Chaudhary, Union Minister of State for Law & Justice and Electronics & Information Technology, was the Guest of Honor of the function. Hon’ble Members of Parliament Shri C. R. Paatil, Smt. Darshana Jarodsh, Dr. K. C. Patel, Shri Manuskhbhai D. Vasva, and Shri Nathubhai G. Patel were also present on the occasion.
In the instant case, the deductee has filed the return of income on 14.12.2012 and the long term capital gains resulted into capital loss which resulted into nil demand. According to the assessee, there was no tax payable by the deductee on the transaction of sale of immovable property. When there is no tax payable by the deductee on sale of land, there is no question of charging interest u/s 201(1A) of the Act, as per instruction No.2 of 2014 dated 26.2.2014 and the circulars are binding on the Departmental officers. Therefore, we hold that there is no case for charging interest u/s 201(1A) of the Act as per instruction No.2 of 2014 and accordingly, the orders of the lower authorities are set aside and the appeal of the assessee is allowed.
AO was justified in making addition under section 68 on account of unexplained cash deposits found in bank account in case having regard to the human probabilities and normal course of human conduct, explanation offered by assessee was not wholesome, credible and verifiable.
When income of the assessee was computed by applying gross profit rate, there was no need to look into the provisions of section 40A(3), as applying the gross profit rate takes care of expenditure otherwise by way of cross cheque also. Following the same the action of Tribunal could not be held as unjustified.
Where assessee purchased Ground Floor of the house property and had also purchased first floor of the said house property and deduction for both the ground floor and the first floor under section 54F by treating both the floors as one single residential unit thus he was entitled to became two different floors of one house property could not be treated as two different residential houses.
Reference made to DVO under section 55A on the ground that value declared by assessee, as per Government registered valuer’s report was more than FMV, was not justified as AO could make reference to DVO only when he was of the opinion that value claimed in the registered valuer’s report was less than the fair market value.
