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 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 Tribunal held that validity of reopening under Section 148 must be tested on the basis of material available when reassessment...
Income Tax : The Tribunal held that unsigned documents and Tally entries seized from a developer’s premises cannot justify additions without ...
Income Tax : Hyderabad ITAT held that a notice issued under Section 148 after six years from the end of AY 2015-16 was invalid. The Tribunal ru...
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...
Admittedly, the assessee company was dealing in Cement and also engaged in the business of dealing in shares. There is no dispute over the fact that the assessee had taken delivery of shares before selling them. The assessee company had claimed set off of unabsorbed speculation loss relating to assessment year 1995-96 and 1997-98 carried forward in the current assessment year 2003-04.
The offshore supply of equipment from abroad, in common parlance, means that the supply of goods is made outside India. Ordinarily in such a case, the Indian party opens a letter of credit and nominates a bank to issue irrevocable LOC favouring the foreign party.
The assessee is engaged in rendering Business & Management Consultancy and Marketing Services to its various clients against payment of professional fees. The assessee invested Rs 2,00,00,000/ – in 14,38,848.929 units of Sun F &C fund. The dividend of Rs.43,16,546. 70 received on 22.02.2001 was also reinvested in 4,09,151.252 units of the said fund as per the scheme of reinvestment plan.
. Section 132(1) empowers the Director General or Director or the Chief Commissioner or Commissioner or any such Joint Director or Joint Commissioner, as may be empowered in this behalf by the Board to authorize Joint Director, Joint Commissioner or other lower authorities to conduct the search if the former authority has reason to believe that the case falls under clauses (a) to (c) of subsection (1).
The assessee, having been assessed to a loss of Rs. 9 crores, filed an appeal before the Tribunal. S. 253 (6) provides that if the assessed ‘total income’ is “less” than Rs. 1 lakh, a fee of Rs. 500 for filing the appeal is payable while if the income is “more”, a higher fee is payable subject to a maximum of Rs. 10,000. The Tribunal took the view that if the loss was more than Rs.1 lakh
The following Benches will not function during the period 24.08.09 to 28.08.09:- ” A-1, B-1, E-1, J, L, WT & SMC” The cases are adjourned to respective dates. please see separate Notice.
Explanation to s. 37 (1) does not apply to “penalty” which is not of the nature of illegal / unlawful expenditure The assessee became liable to pay “penalty” for overloading wagons under the rules of the Railways. The question arose whether the said “penalty” was disallowable under the Explanation to s. 37 (1) which provides that
Expl. (baa) to S. 80HHC defines the term “profits of the business” to mean the profits under the head “profits and gains” as reduced by 90% of the sum referred to in s. 28 (iiid). The 2nd & 3rd Provisos to s. 80HHC (3) provide that the profits computed there under shall be increased by the said 90% amount computed in the proportion of export turnover
The assessee had borrowed funds for the purpose of investing in shares. The shares were held for capital purposes as well as for investment purposes. In AY 2004-2005, the assessee did not receive any dividend on the said shares and so there was no exempt income. The Special Bench had to consider whether the interest expenditure
4.1 The Assessing Officer from the details filed noticed that the assessee has claimed a sum of Rs.3,24,91,003/- as deferred revenue expenditure. The assessee vide letter dated 15th December, 2005 submitted that a new call center was in the process of being completed, but was not completed during the year.
