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 agricultural land situated beyond notified municipal limits is not a capital asset under the Income Tax Act...
Income Tax : The Tribunal ruled that mere observations about cash transactions are insufficient to levy penalty under Section 271D. A specific ...
Income Tax : The Tribunal held that amount received on surrender of a pension policy could not be taxed as Income from Other Sources without pr...
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 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...
We have considered the rival submissions and perused the material on record. In our considered view , the reasons advanced by the learned CIT for refusing to grant continuation of recognition u/s 80G(5) are superfluous and do not stand to legal scrutiny within the meaning of section 80G(5).
So far as addition u/s 40A(3) is concerned, the undisputed facts are that assessee has purchased raw hides/skins for the purposes of manufacturing leather and leather products from local producers either directly or through their agents. Even though the Assessing Officer issued letters to various producers and some of these have come back unserved but it does not prove that the producers of the skin from whom assessee had made purchases are non-existent.
The revision u/s. 263 is not like the reopening of the assessment where once the assessment is reopened entire assessment is open before the Assessing Officer to be reconsidered in accordance with law. In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice.
The provisions of the section contemplate to rectify any mistake apparent from record and non-consideration of any argument advanced by either party for arriving at a conclusion is not an error apparent on record, although it may be an error of judgment and the same cannot be rectified u/s. 254(2) of the Act, as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. Ramesh Electric & Trading Co. (1993) 203 ITR 497,502 (Bom).
Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the India-Mauritius double taxation avoidance agreement
Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets’ given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franchises etc.,
13. It may be mentioned that provisions of section 145A were inserted by the Finance Act No. 2, 1998 w.e.f. 1-4-1999. It may be mentioned that prior to assessment year 1998-99 the entire provisions relating to method of accounting were contained in sec. 145 only. As per that sec. The income under the head ‘profits and gains of business’ or ‘other sources’
Apart from said business, the assessee invested in shares and treats shares as investment in his books of account. This itself manifests the intention of the assessee as to whether he proposed into dealing in shares or earn dividend and profit out of such investment. The Assessing Officer was guided more because of the total amount involved rather than the actual intention and the way of carrying on share transaction.
Section 10 provides for the incomes which do not form part of total income, and cl.[i] of sub-sec.[14] of sec. 10 provides that any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause [2] of sec. 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, to t
he letter-cum-certific ate issued by the donors were undated, letter given by Shri Habib-ur Rehman was signed by his wife, the details about the bank account were either not filled in the letters sent by the donors or the numbers of bank account given were incorrect, signatures of Smt Badrun-nisan Hanfi as given on the letter and -as signed on the cheque did not match
