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...
In the instant case, no where the assessee-firm is considered as the tenant. In the partnership deed dated 4-4-1990 also, it is stated that all rights over trade name, goodwill license and permits shall belong to the partners. It is the legal heirs of ‘A’ and ‘V’, who have continued to hold the tenancy rights and have used the name of the business only for the sake of convenience, which had been continuance from the pre-partition days.
In the instant case, the fact of purchase of land, commencing of the construction of residential house on the said land and the sale of land is not in dispute. The only dispute is whether the land was an ‘asset’ within the meaning of section 2(ea) and, therefore, liable to wealth-tax or the land along with the superstructure can be considered as ‘residential house’ and, therefore, can be considered to be an exempted asset under section 5(vi).
As rightly pointed out by the Commissioner (Appeals), there was a mistake of taking number of days. Therefore, according to Assessing Officer’s own method it should be 186 days. If the date of arrival was excluded as it was not a complete day, the stay of assessee was less than 182 days. Accordingly, there was no merit in the revenue appeal. The case law relied was in support of the contention that day of arrival, particularly late in the day should be excluded. If that day was excluded the stay in India by assessee was less than 180 days. Therefore, assessee’s salary was not taxable in India.
The learned CIT(A) has tried to give a meaning to the definition as given in the Statute u/s. 194-I vis-à-vis the agreement for wagons investment scheme as has been perused in his order. Having reproduced the agreement and the definition of rent, he has not been to correlate the same for the simple reason that rent or arrangement has to be understood from the point of view of ownership.
As is apparent from the aforesaid facts, the AO disallowed the claim of bad debts in the absence of any evidence as to when the amount was offered as income and there was nothing to show as to whether this amount had been actually written off in the books of account. On appeal, the ld. CIT(A) admitted the additional evidence in this regard while observing that though the basic information and requisite details regarding bad debts/advances written off
As per order passed by the ITO (TDS), he has issued show cause notice to know the reason why the assessee has not quoted the PAN of the deductee in Form No. 16 and 16A. But the assessee had not given any explanation before the ITO (TDS), even the assessee has also failed to appear before him on the date fixed.
Therefore, it emerges that MAT payable u/s 115JB is only income tax and does not include surcharge or education cess. Therefore, if only income tax is paid under the provisions of section 115JB it is natural that tax credit u/s 115JAA will only be of income tax and not of surcharge and education cess.
Since the assessee only distributed the income in terms of the agreement and this did not amount to incurring of an expenditure nor the assessee claimed any, there was no infirmity in the findings of the Commissioner (Appeals) in deleting the disallowance under section 40(a)(ia).
It is settled law that suspicion howsoever strong, it cannot take place of actual evidence and, hence, the contention of the revenue that assessee was in possession of cash throughout the period of six assessment years has to be rejected.
Issues involved in this appeal of the revenue are squarely covered by the recent decision of Special Bench of the Tribunal in the case of Sumitomo Mitsui Banking Corpn. v. Dy. DIT [2012] 136 ITD 66 wherein it has been held that interest paid by the Indian Branch of the assessee bank to its overseas head office is not chargeable to tax in India.
