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...
Insertion of Rule 13E in the I.T.A.T. (Recruitment and Conditions of Service) Rules, 1963, vide Notification No. GSR 389E dated 3-6-2009 prohibiting Retired ITAT President, Vice-President and members to appear before ITAT. No doubt the Ministry, as it were, built a nice palace so that all of us in the ITAT could lead a happy and blissful life hereafter
The main issue involved in these appeals is whether the loss shown by the assessee is assessable under the head income from business as claimed by the assessee company or under the head income from other sources as held by the authorities below.
The expenditure incurred by the assessee by way of payments to the retiring partners is only an application of its income, which is on capital account and not allowable as a deduction.
It is difficult to conceive that items like carpet etc., would fall in the category of items which are considered in the case of Madras Auto Service (supra). In particular, the assessee has not placed any material, either before the tax authorities or before us to show that the lump-sum payment in the form of renovation expenses has benefited the assessee in the form of reduction in the revenue expenditure over a period of years by virtue of low rentals or otherwise.
The assessee co-operative society did not conform to the stipulation and limitation of the types of activities in which a banking company is allowed to engage as per the Banking’ Regulation Act, 1949.
In our-view, the receipts do satisfy the conditions mentioned in section 80R that the services are rendered in his capacity as a teacher or research worker in such Institution, Association of Body. The amounts are not his professional receipts as he has no permission to practise in a foreign country.
The claim of exemption u/s 11 cannot be denied merely based on the flimsy grounds that the assessee serves alcohol to the members and their friends in the club. Serving alcohol is part and parcel of the activities of any club and it is an integral part of the activities of the club.
The argument of the Ministry of Law & Justice that the ITAT could not go into interpretation of Rule 13E is not acceptable because in accordance with the duty of the Tribunal to give a proper hearing to the parties, the Tribunal has inherent jurisdiction to consider whether the parties who are appearing before it are properly entitled under the law to make appearance
The dispute raised in this appeal is whether F & O transaction can be considered as speculative transaction or not. The speculative transactions have been defined in section 43(5) as transactions in which contract for purchase or sale of any commodity including stock of shares is periodically and ultimately settled otherwise than by the actual delivery or transfer of commodity or scrips.
During the course of survey on 05.11.2004, the assessee had agreed to the addition of Rs. 14.06 lakhs on a/c of difference in stock and Rs.0.49 lakhs as difference in cash in hand (total Rs. 15.34000) This addition has accordingly been made in the net profit subject to non-initiation of penalty and prosecution proceedings as stipulated in me statement recorded during survey.
