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...
At the time of hearing, the ld.counsel for the assessee submits that the assessee has filed certain additional evidences i.e. vouchers relating to expenses, balances sheet for the period from 31.3.1999 to 31.3.2005 and bank statement of the assessee showing receipt of Rs.15,00,000/- from M/s Landline Builder Pvt.Ltd. vide sale agreement dated 23.3.1987 appearing at pages 100 to 215 of the assessee’s paper book. He further submits that the above additional evidence goes to the root of the matter, therefore, the same may be admitted and the issue may be set aside to the file of the AO to examine and decide the same afresh after due verification. On the other hand, the ld.DR while relying on the orders of the AO and the ld.CIT(A) submits that he has no objection, if the issue is set aside to the file of the AO for fresh adjudication
Withholding tax proceedings under Section 201 of the Income-tax Act, 1961 (the Act) were barred by limitation, since it has been initiated beyond a reasonable period of four years. Further the Tribunal held that in the absence of period of limitation under Section 201 of the Act prior to an amendment2, a reasonable time period was to be read into it, which was within 4 years from the end of the relevant Financial Year
In this case, the issue which arose before the Honorable Delhi Tribunal was that whether income received by the assessee for provisioning of technical services in connection with prospecting or extraction or production of mineral oil would be taxable under section 9(1)(vii) read with section 115A of the Income Tax Act,1961(‘the IT Act’) or section 44BB of the IT Act.
Unless there is a finding that assessee’s investment is not business activity and the funds are not utilized for the purpose of business, disallowance under section 36(1)(iii) does not arise. There is no disallowance under section 14A in this year as the dividend income was taxable. Therefore, the interest disallowance has to be considered under section 36(1)(iii). If there is income or loss under the head capital gains, the interest disallowance under section 36(1)(iii) pertaining to the investment activity is also to be considered as deduction, while working out the capital gain.
The facts in the case before Hon’ble High Court (supra) are identical to the facts in hand because the assessment order was passed by the AO as per the discussion with CIT and as per the office note dt. 28/12/2006 then the subsequent CIT cannot revise the assessment order. In view of the above discussion, we hold that when the AO has conducted an enquiry and taken a possible view then while exercising the jurisdiction u/s 263, the CIT cannot take a different view.
Indisputably, the documents placed at sl. no. 3 on page no.15-20 of the paper book viz. affidavit of Ms. Anjana Vohra, her confirmation and PAN details were never considered by the AO, having been submitted before the AO after the conclusion of hearing on 23.12.2009. There is no sl. no.4 in the paper book; admittedly sl. nos. in the paper book having been wrongly numbered. Though the ld. CIT(A) referred to the relevant submissions of the assessee in the impugned order and these documents are stated to have been placed before him, he did not record his specific findings in the light of these documents and merely affirmed the order of the AO.
We have heard both the sides, considered the material on record and find that Assessing Officer made the impugned addition and CIT(A) confirmed the same, but inadvertently mentioned about addition of Rs. 90,000/- instead of Rs. 1,50,000. Since addition is on estimate basis and assessee has also given some basis for low withdrawals such as getting facilities from employer, free of cost etc, therefore, assessee deserves part relief. As such, we are of the view that it would meet the ends of justice, if the addition made and confirmed by the CIT(A) is restricted to Rs.90,000/- instead of Rs.1,50,000/-. So, assessee gets relief of Rs.60,000/-.
The assessee has shown long term capital gains and short term capital gains on buying and selling of shares and mutual funds, but, the revenue treated the same as business income based on the claim of the assessee in AY 2004-05 as trading activity of the said transactions. The only dispute between the assessee and revenue is that whether the assessee’s claim of treating the income arising out of selling and buying of shares out of the capital gains is correct or treating the said income is a trading activity as held by the revenue based on the decision in AY 2004-05 is correct.
It has been observed by the AO that waiver of ‘term loan’ is not trading liability, expenditure or loss as envisaged under section 41(1) of the Act. In other words, he has not invoked the provision of section 41(1) of the Act but treated the waiver of principle of amount of ‘term loan’ chargeable to tax under the head ‘income from other sources’
The taxpayer contended that the AO may invoke provisions of the Section 14A of the Act only after conducting necessary enquiries into the factual aspects. However, the Chennai Tribunal held that even in a case where the taxpayer claims that no expenditure was incurred in relation with the exempt income, the statute had provided for a presumptive expenditure which has to be disallowed by force of the statute. It means that even in a case where no expenditure is stated to have been incurred, the AO had to apply Rule 8D of the Rules. Therefore, the statutory presumption under Section 14A of the Act substitutes the requirement of factual evidence and the question of enquiry does not arise.
