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...
Thus, it has been held that the accumulated profits do not include current year’s business profit, since it accrues only at the end of the year. Further the loan or advance treated as deemed income up to the date of fresh loan is to be reduced from the accumulated profits. Consistent with the view taken by the Ahmedabad bench in the above said case, we also hold so.
Tribunal held that in the absence of any material brought by the revenue authorities that the assessee has received amount more than the professional fees which has been declared by him in the P&L account and when the professional income declared by the assessee far exceeds the professional fees shown in the AIR information, then additions solely based on the AIR information are not sustainable.
The scope and ambit of application of section 254(2) is very limited. The same is restricted to rectification of mistakes apparent from the record. Recalling the entire order obviously would mean passing of a fresh order. That does not appear to be the legislative intent. The order passed by the Tribunal under section 254(1) is the effective order so far as the appeal is concerned.
We have carefully gone through sec. 36(1)(viia) of the Act. The deduction under that section is allowed in respect of any provision for bad and doubtful debts made by the assessee. Hence, the condition for allowing any deduction is the creation of any provision for bad and doubtful debts, which can only be created in the books of accounts maintained by the assessee. Since the assessee has claimed the sum of Rs.32,72,731/- without making any provision as stated in sec. 36(1)(viia) of the Act, we are of the view that the tax authorities are justified in disallowing the same.
The first question is whether the assessee-company had produced reasonable evidence to support its claim of incurring expenditure to the extent of Rs. 32,99,650. The answer is a categorical “no”. This position has been upheld even by the Tribunal. The assessee has not produced details or any evidence to support its claim of expenditure to the extent of Rs. 32,99,650.
Accordingly, we direct the Assessing Officer to cause necessary enquiry with regard to SRO rate as on 13.6.2005 and also the fact of giving the possession of the property to the purchaser on 13.6.2005 itself, and to decide the issue in the light of the Tribunal order in the case of M. Siva Parvathi (supra) and the judgement of Kerala High Court in the case of Veepee Enterprises (supra) and the Bombay High Court judgement in the case of Chaturbhuj Dwarkadas Kapadia (supra). The Assessing Officer is also directed to consider all the documents produced by the assessee before the CIT(A) while deciding the issue as the grievance of the Assessing Officer is that assessee has submitted additional evidence which was not filed by the assessee before the Assessing Officer.
If we consider the facts of the case under consideration, we noticed that the A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3) of the Act. The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is without jurisdiction as the A.O. did not reject the books of account.
Objects of the appellant even after the amendment of the trust deed continue to be charitable. The amendment is a mere power conferred on the Trust or other institution. It has to be shown on facts that any amendment to the objects clause has resulted in the trust or institution becoming non charitable in character.
After going through the order of CIT(A), We find that CIT(A) has passed a non-speaking order by following the decision of ITAT in the case of Multiplan India (Pvt.) Ltd. (supra). We are of the view that where appeal has been disposed of even though on merits without a speaking order, the order of CIT(A) cannot be sustained.
The language used in section 10(23C)(iiiad)speaks about existence of solely for educational purposes and not for the purposes of profit if the annual receipts do not exceed the prescribed limit. However, if the aforesaid chart/income is analysed, we find that a huge abnormal profit has been created/earned by the assessee and the amounts are definitely beyond the prescribed limit.
