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...
Samta Kamal Drolia Vs ITO (ITAT Ahmedabad) Assessee has received Rs. 2.20 Lakh from His Step Father and contended that he received the amounts in gift. The ld.AR has rejected the explanation of the assessee on the ground that the assessee is step-son of Donor, therefore, their relationship does not fall within the ambit of […]
What is apparent is not always real. To reach out to the real story, one has to undertake the scavenging exercise. This daunting task undertaken by ITAT Amritsar in a recent case pronounced on 05-02-2016 to resolve the mayhem when survey documents along with auditors qualifications had apparently almost maimed the assessee.
ITAT Delhi held In the case of G.R. Commercial Pvt. Ltd. vs. ITO that the Supreme Court in the case of Chennai Properties and Investments Ltd. vs CIT (2015) 373 ITR 673 (SC) after considering all previous judgments of Supreme Court
ITAT Lucknow held In the case of ACIT vs. M/s J. K. Synthetics Ltd. that CIT (A) correctly observed that there are many judgments in which, it was held that if there is change in the method of valuation of closing stock due to mandatory requirement and that change has been consistently followed by the assessee, no addition is called for.
ITAT Delhi held In the case of ACIT vs. M/s Citi Financial Consumer Finance India Ltd. that this issue is squarely covered by assessee’s own case in ITA No. 4776/Del/2010 vide order dated 20.02.2015, for the assessment year 2006-07 passed by this Bench of the Tribunal in which it was held that
ITAT Mumbai held In the case of M/s. UniDeritend Limited vs. ACIT that the subsidy being provided to the assessee to encourage the setting up of wind mill to promote generation of energy through non conventional sources, thus, is to be treated as capital receipt.
M/s NRB Bearing Ltd vs. Addl. Commissioner of Income Tax (ITAT Mumbai) Municipal rateable value cannot be rejected straightway.To reject the same, there must be reliable material on record.The market rate in the locality is an approved method for determining the fair rental value but it is only when the AO is convinced that the case before him is suspicious.
In the Case of Income Tax Officer (TDS) Vs. M/s Progressive Civil Engineers Private Limited, ITAT Mumbai held that Lease Premium payment made to CIDCO is to acquire capital asset being long term holding rights along with right to construct and therefore it is capital expenditure in nature.
In the case of Hindalco Industries Ltd. -Vs- The Addl. Commissioner of Income tax, there were several grounds on which the appeal was made, both by the revenue as well as the assessee. The major ground being of transfer pricing has been discussed hereunder.
lndo Stosec (P.) Ltd. vs. ITO (ITAT Mumbai) Assessee has converted the stock in trade into investments only in the current year and immediately sold the shares after such conversion. Accordingly, the Ld D.R submitted that the assessee has entertained the idea of conversion, only to avail the exemption u/s 10(38) of the Act and also to avail concessional rate of tax in respect of short term capital gains.
