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 is pertinent to note that the term ‘insurer’ has not been used in sec. 10(10D) and as it is clear that as per provisions of sec. 10(10D) any sum received under Life Insurance Policy including the benefit on such policy is eligible for the deduction. Therefore, it is apparent that there was no intention of the legislature to restrict the benefit of exemption/s 10(10D) only on the insurance policy taken from Indian Insurance Company.
AR invited our attention to the observations of the revenue authorities, wherein, they had observed that the ATMs were just cash dispenser and projector and not a computer aided peripheral. The A.R. has placed certain photographs alongwith short descriptions as to how the ATM functions. From the short descriptions, it can be seen that ATM functions entirely through the functions of a computer.
In our considered opinion, the Assessing Officer has to consider the composite transaction. The first appellate authority was wrong in his finding on applicability of explanation to section 43(5). Thus, we vacate this finding.
We have heard the learned Departmental Representative, whereas assessee was not represented, hence decided exparte. Considering the order of the Assessing Officer and the CIT (A) and various explanations filed before the authorities, we do not see any reason to interfere with the order of the CIT (A).
If the expenditure was incurred for operation and work of existing profit making apparatus, it would be revenue in nature, but in case expenditure was on addition or augmentation of profit making apparatus the nature of the expenditure would be capital.
The ld AR has submitted that the actual rent received by the assessee is not more than the standard rent of the property in question as per Maharashtra Rent Control Act 1999. He has filed the paper book containing 32 pages and submitted that the documents at Sl nos. 3 to 8 of the paper book were not before the lower authorities.
Facts, in brief, as per relevant orders are that on the basis of information received from the office of Addl.DIT (Investigation), Ghaziabad that the assessee deposited cash in his bank account No.785 in Punjab National Bank, BB Nagar, Ghaziabad during the period April, 1998 to March, 2000 while he did not file his returns for the relevant assessment years, a notice u/s 148 of the Income-tax Act, 1961 (hereinafter referred to as the Act) was issued to the assessee on 24th August, 2005 for the AYs 1999-2000 to 2000-2001, after recording reasons in writing.
The case of the assessee is that the assessee could not comply with the provisions of section 54 within the time prescribed for reasons beyond her control, inasmuch as the money, which was blocked by her by paying advances to procure the property, was not realized within the time and, therefore, she could not make any alternative investment within the prescribed time. It is the case of the assessee that the acquisition of the property has been completed in 2001-02 and, therefore, deduction under section 54 may be granted, condoning the period of delay caused in complying with the time-limit prescribed under section 54.
In the case of DDIT, Mumbai V/S M/s. Star Cruises (India) Travel Services P. Ltd. vs. 2009-TIOL-351-ITAT-Mumbai Tribunal has again considered identical situation in which the tax was paid in consequence of the order passed by the A.O. u/s.195(2) in the said case, and also after considering Circular No.769 dated 06.08.1998 and Circular No.790 dated 24.02.2000 issued by the CBDT held that assessee is entitled for interest under sec. 244A of the Act.
It is clear from the finding of the CIT (A) that while deciding the issue of setting off of brought forward loss, the crucial and vital fact of date of filing the return and revised return has been overlooked. In view of these facts, the order of the CIT (A) is not sustainable. We, accordingly, are of the opinion that if the assessee has filed the return well within the time as prescribed u/s 139(1), then the claim of setting off of brought forward loss made in revised return filed within the time limit as prescribed u/s 139(5) cannot be disallowed. Consequently, we set aside this issue to the record of the Assessing Officer for limited purpose of verifying the date of filing of the return and revised return and then allow the claim of the assessee, if the return of income is filed within the period of limitation.
