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 held that mere disallowance of deduction claimed under Section 80GGC does not automatically amount to misreporting of...
Income Tax : ITAT Ahmedabad held that no unexplained investment addition could survive where the booked property deal was cancelled and funds w...
Income Tax : The Tribunal held that capital introduced in a partnership firm cannot be treated as unexplained merely on suspicion when confirma...
Income Tax : The Tribunal held that the AO failed to properly verify the genuineness of a cancelled property sale transaction before accepting ...
Income Tax : The Tribunal ruled that the Revenue must establish a direct connection between seized material and the assessee’s taxable income...
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...
Just because Satellite was owned by another company, would not change the colour of payment, which would remain a `royalty’.
A T Kearney Ltd., UK (‘assessee’), a company engaged in the business of providing management consulting services, carried on its business operations in India through its branch office . The assessee deputed highly experienced personnel to train and develop the local expertise to provide services
The ITAT dismissed the appeal of the Revenue and the assessee by holding that the discount on stock options was notional in nature and was not deductible either in the year of grant or in the year when the option is exercised by the employees. In reaching the conclusion, the main consideration by the ITAT was the argument that the difference between market price and grant price is only a notional expenditure. Where ESOPs are granted by overseas parent companies and the difference between market price and grant price is charged to the Indian subsidiary, the allowability of expenditure would require further evaluation.
S. 70, 115AD; A/y 2005-06; in favor of taxpayer:- Taxpayer, a FII, earned short-term capital gains on sale of shares which it bifurcated as pre and post 30 September 2004 (pre and post STT), chargeable to tax at 30% and 10%, respectively under section 115AD. It also suffered short-term capital loss during both these periods. It set-off pre-STT short-term capital loss against pre-STT short-term capital gain and also post-STT short- term capital loss against left over balance of pre-STT short-term capital gain. The Revenue, however, al owed set-off of post-STT short-term capital loss only against post-STT short-term capital gain.
Ss. 2(1A), 115JB; A/y 2005-06; in favor of taxpayer: Profits arising on transfer of rural agricultural land amounts to agricultural income under section 2(1A). Such income cannot be included in the total income under section 10(1). Section 115JB provides that any income, listed under section 10, other than the ones listed in clause (38), shall be reduced from the book profit.
Special Bench of the Income Tax Appellate Tribunal, New Delhi holds that expenditure relating to exempt income to be disallowed even if assessee has not earned any tax-free income.
S. 80HHC; in favor of taxpayer: Post the amendment by Taxation Law Amendment Act, 2005 (effective from 1 April 1998), controversy had arisen as to whether in case of an exporter having export turnover of more than INR100 million (where generally conditions mentioned in section 80HHC cannot be satisfied), the entire sale proceeds of DEPB need to be excluded while calculating the deduction under Section 80HHC or only profit on transfer of DEPB should be excluded.
S. 271(1)(c); in favor of taxpayer : The taxpayer was a trust organized in the US and was a resident of the US. As regards India, it was registered with SEBI as a sub- account of M/s Fidelity Management Resources Co. It filed a return of income declaring short-term capital gains and dividend income. Thereafter, based on an AAR ruling in case of XZY/ABC Equity Fund (2005) (250 ITR 194), the taxpayer filed a revised return of income,
The taxpayer was a banking company. In the current appeal, the Revenue’s grievance was that the CIT(A) had erred in directing that the written back ”provision of bad-debts” was not taxable as ”business income” especial y when a deduction of a sum was already al owed under Section 36(1) (vi a). The AO in the assessment order held that such write off of the provision for bad and doubtful debts was allowed as deduction in the previous years and therefore the current write back should be taxable. The CIT(A), while deciding the case before him, held that in the absence of any specific provision in the Act, an amount of liability written back cannot be taxed as income.
The taxpayer was a wholly owned subsidiary of Denso Thermal Systems, Italy. The taxpayer was engaged in the business of manufacturing certain automobile products and selling the same in India and abroad. For the impugned assessment year, the taxpayer claimed that the royalty paid to its parent company as revenue expenditure. After perusing the details called for, the AO, relying on the decision of CIT vs. Southern Switchgear Ltd. 148 ITR 272 (Mad) held 25% of the royalty claimed as capital expenditure and disallowed the same.
