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 Tribunal ruled that the word purchase under Section 54 must receive a liberal and purposive interpretation. Genuine investment...
Income Tax : The Tribunal ruled that participation by a legal heir does not validate notices and assessment orders issued in the name of a dece...
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 : 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...
V.Swaminatha Iyer & Co. Vs. DCIT (ITAT Chennai) – On going through the facts of the case and the grounds of appeal placed before us, we find that the assessee is aggrieved on two counts namely disallowance of interest to loan creditors and disallowance of salary paid to lady partners. The issue of interest to loan creditors is specifically reflected only in the statement of facts whereas the issue of salary paid to lady partners is reflected only in the grounds of appeal. We are also constrained to state that the amount of interest agitated by the assessee as interest to loan creditors at Rs. 49,534/- is not confirmed as the correct amount at the time of hearing. As a lot of such missing links are here, we remit back the file to assessing authority for de novo consideration after hearing the assessee. The issues agitated may be re-examined by the assessing authority specially taking into consideration the fact that loan credits are brought down from earlier assessment year on which the assessee has been claiming interest in a consistent manner.
DCIT Vs. The United Western Bank Ltd. (ITAT Pune) – Section 234D of the Act provides for charging of interest on excess refund granted to the assessee. Section 234D has been inserted by the Finance Act, 2003 with effect from 1.6.2003. Consequently, it is made out by the assessee that the same is applicable only from the assessment year 2004-05 onwards and not in the earlier assessment years and, therefore, no interest under section 234D could be levied for the instant assessment year. The assessment year before us is 1996-97, which is prior to the assessment year 2004-05.
Sri Suman Bose Vs ITO (ITAT Kolkata) In respect to accrued interest, it is not clear whether the interest is received by assessee on accrual basis or on receipt basis. If the interest received on accrual basis the addition qua this year interest can be made in this year and not of entire interest. In case, interest is received on receipt basis the amount of Rs.24,000/- – Rs.12,600/- can be added in this year. This fact can be verified by the Assessing Officer after providing reasonable opportunity of being heard to the assessee.
ACIT Vs. Shri Ravindrakumar Toshniwal (ITAT Mumbai)- – Tribunal in the case of Mukesh R. Marolia wherein it has been held that off market transaction is not a unlawful activity and there is no relevance in seeking details of share transaction from stock exchange when the sale was not on stock exchange and relying upon it for making addition.
DCIT vs. Eversmile Construction Co Pvt Ltd (ITAT Mumbai)- The Hon’ble Supreme Court in the case of National Thermal Power Company Ltd. Vs. CIT [(1998) 229 ITR 383 (SC)] has held that the Tribunal has the jurisdiction to examine a question of law which arises from the facts as found by the authorities below and having a bearing on tax liability of the assessee notwithstanding the fact that it was not raised before the learned CIT(A).
JDIT-OSD(IT) Vs. Harvard Medical International USA (ITAT Mumbai) The payment in question was purely for the purpose of advising, recommending and assisting in relation to healthcare projects. It was also for conducting education and training programmes. It was also for the purpose of review and giving feed back of various aspects and new cardiac hospital to be set up, recommendation on planned patient care delivery system.
Pneumech Engineers Vs. ITO (ITAT Mumbai) – An order imposing penalty for failure to carry out a statutory obligation is the result of a quasi-criminal proceeding, and penalty will not ordinarily be imposed unless the party obliged either acted deliberately in defiance of law or was guilty to conduct contumacious or dishonest, or acted in conscious disregard of its obligation. Penalty will not also be imposed merely because it is lawful to do so. Whether penalty should be imposed for failure to perform a statutory obligation is a matter of discretion of the authority to be exercised to be exercised judicially and on a consideration of all the relevant circumstances. Even if a minimum penalty is prescribed, the authority competent to impose the penalty will be justified in refusing to impose penalty, when there is a technical or venial breach of the provisions of the Act or where the breach flows from a bona fide belief that the offender is not liable to act in the manner prescribed by the statute.
Bindview India P. Ltd. Vs. DCIT (ITAT Pune)- In light of Pune bench’s decision in the case of Starent Networks (I) P. Ltd. Pune v. DCIT, the assessee’s claim for +/- 5% in order to compute arm’s length price in terms of erstwhile proviso to section 92C(2) of the Act is accepted. Provisions of sub-Rule (4) of Rule 10B are quite explicit and provide for analysing the comparability of an uncontrolled transaction with the international transaction in question on the basis of the data relating to financial year in which the international transaction sought to be tested has been entered into.
A.F. Ferguson & Co. Vs. The Asstt. Commissioner of Income tax – The dispute is regarding allowability of deductions on account of payments made by the assessee to the retired partners and wives of deceased partners while computing the total income. The payments had been made under the provisions of partnership deed.
Expenditure can be disallowed only in the event of non-deduction of tax at source, and not in the cases involving short deduction, TDS not required to be deducted on exchange rate difference if TDS already been deducted at the time of credit of amount
