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...
Section 54EC grants relief to those assessees, who transfer a long term capital asset resulting in capital gains by making investment in various bonds with in within a period of six months from the date of transfer. The Legislature intent in enacting the provision is to provide benefits to those assessees who park their consideration received in REC bonds or those issued by the National Highway Authority of India.
Right or property in respect of which the shipping income is earned by the assessee i.e. ships cannot be said to be effectively connected with the permanent establishment in India . Such income, therefore, will not fall under Article 22(2) but will fall under Article 22(1) and accordingly shall be taxable only in the State of residence of the assessee company i.e. Switzerland and not in India.
The main issue, in the present case, revolves around the inclusion and exclusion of the various comparable companies by the assessee as well as by the TPO by applying different filtration criteria in search for the comparable companies. The assessee has adopted the criteria of filtration for search of the companies having sales trading less than 90% of the gross sales,
Bagasse is quite often and commonly used as a fuel, usually in the sugar mill themselves. The sugarcane fibrous waste is initially moist after crushing, but most mills use them as fuel after drying. Hence, even though bagasse is in the nature of scrap and waste because of its nature, since it can be used directly as a fuel, I hold that it should not be considered as ‘scrap’ for the purpose of section 206C of the Act.
It is evident from the order of the ld. CIT(A) that the claim of cost of production of film was a subject matter of appeal before the ld. CIT(A) and ld. CIT(A) after consideration of remand report of the AO gave his finding. Therefore, this order of the AO, undisputedly had merged with the order of the ld. CIT(A) as far as the claim of cost of production of film is concerned.
TPO as well as the DRP have not considered the objections raised by the assessee against the comparables selected by the TPO for arriving at the ALP. As seen from the submissions of the assessee, the glaring differences that appears to us are that India Products Ltd., is in the business of processing and trading in spices, whereas the assessee is in the business of trading in Coffee.
Even though the privity of contract may be between the assessee (whose obligation it is for the transportation of goods) and the transporter, rather, irrespective of whether the contract is between the assessee and the transporter or the principal and the transporter – the payment in either case being only in pursuance to a contract; the liability under section 194C being on the person responsible for making the payment
There is no material that shares and securities purchased in the year under consideration and classified as investment in books were actually intended to be held as long term investment. Profits realised by the sale of shares may be capital gain, if the seller is an ordinary investor changing his securities, but it may be business income, if the seller of the shares is trading in shares.
Duration in respect of first contract is only 8 months and 11 days, which is less than 9 months as per Article 5 of the Indo-Mauritius DTAA to constitute permanent establishment. The duration of second contract as per the above table is only 10 days and the third contract is 3 months and 14 days. Patently such duration is less than the prescribed period of 9 months.
Subsequent reversal of a transaction among group entities isn’t colourable device, if effect carried in ledgers (a) Assessee is a charitable institution, there is no change in it’s objects. It carried on educational institutions and intended to further its objects by opening new schools and a university. (b) APIL owned reserved educational plots and it’s agreements to sale of such reserved plots with group educational trust do not carry any element of primary suspicion.
