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 an assessment order issued against a deceased taxpayer is invalid even if legal heirs participated in proc...
Income Tax : The Tribunal ruled that delayed filing or incorrect disclosure in Form 67 does not automatically disentitle an assessee from claim...
Income Tax : Chennai ITAT held that reassessment notices issued after three years must comply strictly with Section 151(ii) approval requiremen...
Income Tax : The Hyderabad ITAT held that only the actual period lost during the limitation period can be excluded under Explanation-1 to Secti...
Income Tax : The Tribunal ruled that the word purchase under Section 54 must receive a liberal and purposive interpretation. Genuine investment...
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...
While the statute is to be interpreted on the basis of the; plain language or terms of the sections need for interpretation when the words of the statute are ambivalent and do not manifest the intention of the Legislature. As explained above the interpretation canvassed by the assessee will lead to unintended results if the purpose for which the section is introduced is kept in mind. Therefore in our option a purposive approach has to be adopted in interpreting the provisions of sec 80 RR.
The provisions of Explanation to section 73 do not distinguish between the transaction of trading in shares on actual delivery or without delivery basis. Admittedly the assessee does not fall under any of the exceptions provided in the Explanation and hence, the purchase and sale of shares traded during the year under consideration is in nature of speculation business within the meaning of proviso to section 73 of IT Act, 1961.
I have given my careful consideration to the rival contentions. The first issue, in my view, to be addressed in this case is as to the determination of annual letting value of the house property in accordance with the provisions of section 23(1)(a) of the Act. Once that issue is decided, then it will be easy to decide the second issue as to whether the earlier order of the Tribunal in assessee’s own case was necessarily to be followed or not.
But now, we have to consider the alternative claim of the assessee, whether the assessee is entitled for deduction u/s.37(1) of the Act, of donation made in lieu of appeal made by the GOG as the abovementioned amount was paid because Gujarat State was reeling under severe drought and one of the most important assets of the poor people of Gujarat i.e., cattle would be lost which would result in permanent loss to a large number of farmers and others, whose dependence on cattle were substantial. The company made payment to suppliers, who gave fodder directly to various cattle camps as directed by the GOG. The assessee-company paid this amount on the direction of GOG for keeping smooth relation with the gov
This article summarizes ruling of the Delhi Income Tax Appellate Tribunal (ITAT) in the case of DCIT v Dolphin Drilling Pte. Ltd. (Taxpayer) [2009-TIOL-754- 1TAT-DEL]. The ITAT held that the conversion of business income earned in foreign currency into INR, in accordance with Rule 115 (Rule) of the Indian Tax Law (ITL), is to be made by adopting the conversion rate prevailing at the end of the tax year. It also held that the Taxpayer, a company incorporated in Singapore and engaged in the business of hiring out drill-ship in India, is entitled to claim depreciation on the value of the drill-ship.
This article summarizes a recent ruling of the Delhi Income Tax Appellate Tribunal (ITAT) in the case of M/s ONGC Videsh Ltd. (Taxpayer) [2009-TIOL-758-ITAT-DEL] on the issue of allowability of depreciation on participatory right to carry out the hydrocarbon operations, acquired by the Taxpayer, pursuant to a Production Sharing Arrangement (PSA). The ITAT held that the participatory right acquired by the Taxpayer was in the nature of asset, in the form of ‘license’ i.e. license to have an access and to carry out exploration, development and production of hydrocarbon operations. Considering this, it was held that the participatory right is eligible for depreciation under the provisions of the Indian Tax Law (ITL).
The ITAT held that for the computation of MAT, profits disclosed as per the audited accounts should be adopted, provided the accounts are prepared in the prescribed format. If the accounts are not so prepared, the Tax Authority may substitute the amount declared as per the Profit and Loss Account (P&L) with the appropriate amount, regardless of the fact that the accounts are certified as complying with the prescribed format by auditors.
In a recent ruling Delhi Income Tax Appellate Tribunal (ITAT) in the case of Growth Avenue Securities Pvt. Ltd. (Taxpayer) v DCIT [ITA No. 3912/Del/2005] on the issue of inclusion of capital gains in book profits while computing Minimum Alternate Tax (MAT) under the provisions of the Indian Tax Law (ITL), where such capital gains are not chargeable to tax under the normal provisions of the ITL. The ITAT held that any adjustments outside the scope of the MAT computation mechanism, under the ITL, is not permissible and since the exclusion of capital gains is not specifically provided therein, a taxpayer is not entitled to such an adjustment while computing book profits for the purpose of MAT.
For the purpose of Expenditure Tax Act, 1987 the convention center managed by a hotel is an extension of the hotel itself and therefore, rent collection from the convention center shall be eligible for the levy of expenditure tax.
Tribunal has got the power of rectifying a mistake which is apparent from the record itself and even an error of judgment is outside the ambit of section 254(2) of the Act. The oft-quoted judgment of the Hon’ble Rajasthan High court in CIT v. Ramesh Chand Modi [2001] 249 ITR 323[2] distinguishing the judgment of the Hon’ble jurisdictional High Court in the case of Ramesh Electric & Traaing Co. (supra) needs to be examined.
