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...
It was held that the ‘gross amount’ royalty under the India-US DTAA includes not only the actual payment by way of royalty but also the tax withheld by the payer which is borne by him and paid to Central Government on behalf of the payee as agreed between the parties. In short, the ITAT held that the royalty has to be paid on the grossed up amount. ITAT Delhi also held that royalty is taxable on receipt basis irrespective of the system of accounting adopted by the parties.
In the instant case, the liability to pay commission Rs. 2,94,701/- has arisen by virtue of sales in the financial year 2004-05 relevant to the assessment year 2005-06. The realization of sale amount in the next financial year will not make much difference as the liability to pay commission had crystallized in the financial year 2004-05 itself after sale. We, therefore, reverse the decision of the CIT(A) on this issue and allow the ground raised by the assessee.
The assessee’s argument of having established his bona fides in view of the money being deposited in his regular bank account would also be to no avail. Does the assessee mean to imply that he has some other unaccounted bank accounts as well, in which the amount could have been deposited? To pay the tax, legitimately due, and to recover the same, is the bounded duty of the citizen and the State respectively. In view of the foregoing, the application of section 69A is confirmed in the instant case by the revenue and, accordingly, the assessee’s ground is dismissed.
The assessee entered into a composite contract with ONGC to provide complete Mud Engineering Services which have been termed as ‘Mud Services & supply Mud Chemicals’ to ONGC in the contract. Both the services as well as the material required to provide such services is a composite and integral part of the contract. The assessee specialized in providing these services along with specialized chemicals required for the purpose. Thus, both these aspects are composite and cannot be segregated in part. This was a case of composite work contract which cannot be considered in parts for the purpose of taxation. The assessee has opted for working out the taxable income as per the provisions of section 44BB.
Tribunal has held that a payment which has direct link and immediate nexus with the trading liability being connected with the delayed purchase payments will not fall within the category of interest as defined in section 2(28A). The payment made by the assessee in the present appeal being of similar nature also cannot be termed as interest as defined under section 2(28A).
The issue raised vide present grounds of appeal is in relation to the equity shares to be issued to the employees as sweat equity. The assessee vide special resolution passed at the extraordinary general meeting held on 31.3.2006 had allotted 394692 number of equity shares @ Rs. 106.26 amounting to Rs.4.19 crores to its employees as sweat equity. List of the allottees was before the Board during the course of extraordinary general meeting and the finding of the CIT (Appeals) is that the said shares were allotted immediately thereafter.
There is no dispute to the fact that the eligible business of the assessee is manufacturing of biscuits and the assessee has received the conversion charges by carrying out the manufacturing process on behalf of ITC Ltd. The word ‘manufacture’ is of much wider connotation and would include any process as a result of which a different commodity having distinct name, use and character emerges from the raw material.
Statute has either mentioned that the date on which the order sought to be appealed should be the date of communication, or the date when the order is served or the date of service of the notice of demand. However, the Statute has not given any such indication while drafting the language of section 254(2) of the I.T.Act rather it has plainly mentioned, without any ambiguity, that the Appellate Tribunal may at any time within four years from the date of the order shall make such amendment if the mistake is brought to its notice by the assessee.
Boskalis Dredging India P.Ltd, is a company incorporated in India on 5th January,1996. It is engaged in the business of undertaking inter alia capital and maintenance dredging projects and providing technical related services in dredging. However, during the relevant year, the income was earned from hire of personnel, hire of equipment and services rendered to group companies and not from dredging contracts. The assessee had leased dredger Gemini and Multicat Coby to associate enterprise, Boskalis International BV (‘BIBV’) since 1997, under the Standard Bareboat Charter Agreement.
The assessee has made an attempt to suppress the true colour of the payment towards the goodwill by stating that payments were made towards non compete fee, IPR on brand/brand value, etc. In fact the assessee as well as its sister concern M/s. Pentafour Technologies Limited do have a common CEO and the companies are working under a common management. There is interlacing of activities and interlocking of funds.
