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...
Admittedly there is a mistake committed by the assessee in not adding interest on the refund to his sources of income. There is no disputing the fact that the tax payer duly and diligently must necessarily in its return of income disclose all avenues of his income. The assessee in its defence has consistently maintained […]
This appeal of the assessee arises from the order of learned Commissioner (Appeals)-21, New Delhi vide order dated 16-9-2016 for the assessment year 2012- 13. The assessee has raised the following grounds of appeal
The short reason for which deduction under section 80IB(10) has been declined to the assessee is that the assessee did not own the land on which the housing project, by the name of ‘Narayan Bungalows’, is built.
Where no return was filed prior to the date of search and a return had been filed only after the issue of notice under section 153A and in respect of income offered by assessee no proper explanation was provided regarding nature and source of income, AO was justified in initiation of penalty proceedings under section 271(1)(c).
We would not hesitate to observe that the lower authorities which have hushed through the facts to arrive at a conclusion on the basis of principle of preponderance of human probability, had however absolutely failed to appreciate that the said principle could have been validly applied only on the basis of a considerate view as regards the facts of the case in totality, and not merely on the basis of the stand alone statement of the aforesaid third party, viz. Sh. Mukesh Choksi.
In this case, assessee gave her funds to the PMS Manager as in investment and there is no involvement of assessee in day to day transaction of the funds. The result of profit and loss in the end of the year from PMS Account is a capital loss.
For any right to be in the nature of business or commercial right as laid down in section 32(1)(ii) of the Act, two criteria should be met. First that it should be right in rem and the second it should be alienable or transferable.
Provision of Explanation 2 to Section 132(B)(4) which excludes advance tax from the ambit of existing liability is applicable from 1st June 2013 and not applicable to the assessment years involved in this appeal. In the background aforesaid discussion of precedent we find that assessee was entitled to adjustment of cash seized and offered for taxation towards its liability for taxes including advance tax.
In P.G Sunandamma Vs. ITO, the ITAT, Bangalore, held that the transfer of excise license to a member of HUF on death of Karta cannot be reason to assess HUFs income in the hands of that individual member.
Assessee is entitled for interest under section 244A of the Act on the unpaid interest and the unpaid interest partakes of the character of the principal amount due to the assessee as section 244A of the Act states any amount due to the assessee.
