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...
While computing book profits the AO added Provision for Doubtful debts of Rs.3,53,35,020/- debited to the profit and loss account to the profits arrived at in the profit and loss account prepared in accordance with the provisions of Sec.115JA(2) of the Act. The question whether provision for doubtful debts and provision for doubtful advances have to be added while computing book profits u/s.115JA of the Act has to be answered in favour of the revenue and against the assessee because of the retrospective amendment introduced in Section 115JA of the said Act.
The issue whether a particular let out is business or earning rental income by the owner of the premises has to be decided in the facts and circumstances of each case. Therefore, so far as the rental income for the let out premises owned by the assessee is concerned, the issue is settled by the Supreme Court in various decisions and it has been held that the income realized by such owner by way of rental income from a building, whether commercial building or residential, is assessable under the head ‘income from house property’.
The condition precedent for making the reference by invoking the provisions of Section 142A thus is that there should be something on record to show that the assessee in first place has made such investment outside the books or the investment so made by him is not fully disclosed in the books of account and once this condition is satisfied, the quantum of such investment made can be ascertained by the Assessing Officer by making reference u/s 142A in order to make the addition u/s 69 or 69B, whichever is applicable.
It was held that what is covered u/s.44C is the expenditure that is common in nature meaning thereby that the benefit of the said expenditure is derived both by the Head Office and the Branch. It was held that payment of salary made in the case of the assessee was to expatriate employees who were working actually with the assessee in India though the payment was made to them by the Head Office outside India. It was held that the expenditure incurred on such payment thus was incurred exclusively for the branch in India and the same was not covered within the purview of sec.44C.
It can be observed from the earlier parts of the TPO’s order that he confined himself only to IT/ITES for the purposes of bench marking. In such a case, there could have been no question of the TPO embarking upon the figures in relation to non-IT/ITES segments of some of the comparable cases as chosen by him. Apart from making a general statement that the TPO also considered the figures from non-IT/ITES segments in some of the comparable cases, no material has been placed on record to substantiate this argument.
The High Court has failed to appreciate that while charging interest from the assessees, the Department first adjusts the amount paid towards interest so that the principal amount of tax payable remain outstanding and they are entitled to charge interest till the entire outstanding is paid. But when it comes to granting of interest on refund of taxes, the refunds are first adjusted towards the taxes and then the balance towards interest. Hence, as per the stand that the Department takes they are liable to pay interest only up to the date of refund of tax while they take the benefit of assessees funds by delaying the payment of interest on refunds without incurring any further liability to pay interest,. This stand taken by the respondents is discriminatory in natrure and thereby causing great prejudice to the lakhs and lakhs of assessees.
Reimbursement of custom duty paid by the assessee could not form part of amount for the purpose of deemed profits u/s 44BB unlike the other amounts received towards reimbursement. Following the view in this decision, Mumbai Bench in their decision in Islamic Republic of Iran Shipping Lines(supra)held that service tax being a statutory liability, would not involve any element of profit and accordingly, the same could not be included in the total receipts for determining the presumptive income.
The other ground raised by the revenue that the assessee has not registered under A.P. Charitable & Hindu Religious Institutions and Endowments Act, 1987 and hence the assessee is a non charitable one, is an argument to be admitted only to be rejected. The provisions of Sections 2(15), 11 to 13 are very clear and self contained code in respect of institutions which are considered as charitable in nature and the exemptions that these institutions are eligible for under the Income tax Act.
Indisputably, certain discrepancies crept in while furnishing the information requisitioned by the AO from the assessee in respect of the aforesaid amount of Rs. 10 lacs from M/s Melco Sales Pvt. Ltd. and Rs. 5 lacs from M/s Poonam Corporation Ltd. towards share application money vis-à-vis information obtained by the AO from the aforesaid two companies u/s 133(6) of the Act.
It was the submission by the ld. AR that the show cause notice issued u/s 263 of the IT Act on 23.01.2012 had not mentioned which order was erroneous nor had he mentioned the error in the assessment order. It was the submission that the show cause notice did not show as to how and what was the issue in which order the said issue arose which was erroneous and prejudicial to the interest of the revenue.
