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...
Hon’ble Jurisdictional High Court modified the order of the ITAT and, instead of order under Section 263 having been quashed by the ITAT, set aside the matter back to the file of the CIT for passing the fresh order under Section 263. However, the fact remains that at present the order under Section 263 passed by the CIT dated 31.12.2009 does not survive because it has been set aside by the Hon’ble Jurisdictional High Court and the matter is restored back to the file of the CIT for passing a fresh order.
Major source of income credited by the assessee company in the profit and loss account is Other Income of Rs. 3,00,000/- and Rent of Rs. 1,49,000/-. The assessee had not carried out any business activity in the current year nor the assessee has produced any evidences in support of its argument that it has actively pursuing its business activity. The profit and loss account reveals that the assessee credited Rs. 4,49,000/- as above and claimed expenditure of Rs. 5,24,298/- being administrative exp and depreciation.
Directions issued by the Customs Department, the payment of customs duty has been made though the same has been shown as advance or a note has been appended in the accounts for contingent liability. Therefore, in our view the Assessee has made the payment of customs duty only when the liability has accrued on it. Since the customs duty has been paid to acquire the plant and machinery and therefore, it has to be capitalised,
These two stay applications are connected and issues are similar. These stay applications are preferred by assessees on the issue whether the long term capital gains and short term capital gains offered should be treated as business income or profession.
There was no communication or information as to why the revenue chose to remain absent on that date. The Tribunal on the basis of inherent powers, treated the appeal filed by the revenue as un-admitted in view of the provisions of Rule 19 of the Appellate Tribunal Rules, 1963. The assessee, if so desired, shall be free to move this Tribunal praying for recalling this order and explaining reasons for non-compliance etc. then this order may be recalled.
We have carefully considered the rival submissions in the light of the material placed before us. We have also gone through the order passed by the learned CIT (A). It is observed that learned CIT (A) has dismissed the appeal filed by the assessee in limine without considering the merits of the issues raised in the appeal filed by the assessee.
The return of income in the present case was filed at a loss of Rs.19,03,733/-. The only addition made to that loss is regarding depreciation claimed on computers which is granted by the Assessing Officer @15% as against the claim of the assessee of 60% and excess depreciation claimed by the assessee has been computed at Rs.66,15,933/-. Learned CIT (A) has granted relief to the assessee by way of an ex parte order on the basis of decision of Hon’ble Delhi High Court in the case of CIT vs. BSES Rajdhani Power Ltd. vide order dated 31st August, 2010 in ITA No.1266/2010.
Hon’ble Supreme Court in the case of CIT vs Reliance Petro Products Pvt. Ltd reported in 322 ITR 0158(SC). has clearly held that the return of income is the only document where the assessee can furnish his particulars of income, where as in the instant appeal, the appellant company has not disclosed the receipt of premium received on renunciation of rights in its return of income nor in the computation of income accompanied with the return of income. So penalty for Concealment of Income is imposable U/s. 271(1)(c) of the Income Tax Act, 1961.
The assessee is a company engaged in management consultancy, implementation of internal controls, system audits, arranging finance from financial institutions and financing and advisory services in the capital markets. It is also doing NBFC business and is a Non-banking Finance Company registered with the Reserve Bank of India and is engaged in financing business sine 1986. During the impugned assessment year it disclosed long-term capital gain of Rs. 43,16,233/- along with short-term capital gain of Rs. 13,21,932/- (STT paid) and STGS of Rs. 19,865/-.
Assessee submitted that the issue may be restored to the file of the Assessing Officer with a direction to decide the same afresh in accordance with law following the ratio laid down by the Hon’ble Supreme Court in the case of Topman Exports (supra) and compute the deduction u/s 80HHC on DEPB/DFRC licenses in this case as per judgment of the Hon’ble Supreme Court referred to above. We find substance in the above submissions of Shri Sudhir Sehgal and, therefore, we set aside the order of CIT(A) and remand the issue to Assessing Officer with a direction to decide the same afresh keeping in view the decision of Hon’ble Supreme Court in the case of Topman Exports (supra). The Assessing Officer should give an opportunity of being heard to the assessee. For statistical purposes, the appeal is allowed.
